Gitcoin Grants Stack Partnership

Venus Governance Venus - Governance Proposals
1

Executive Summary

In support of Venus’ Ethereum mainnet deployment, Gitcoin would like to propose a strategic partnership with Venus Protocol, focusing on implementing quadratic funding (QF) and direct grant mechanisms.

The aim is to enrich the Venus ecosystem by fostering innovative projects through community-supported and direct funding pathways. The total funding ask is $150,000—$50,000, with $150,000 allocated for the QF round and $100,000 for direct grants.

Proposal Details

Funding Overview

  • Total Funding Ask: $150,000, divided into two main components:
    • Quadratic Funding Round: $50,000 allocated to support the community-driven selection of projects.
    • Direct Grants: $100,000 dedicated to providing direct financial support to high-potential projects.
    • Fees: Gitcoin requests a 10% fee ($15K total) from the requested amount to help design and implement these initiatives.

Quadratic Funding Mechanism

  • Description: Quadratic Funding (QF) democratizes financial support, empowering the Venus community to vote with their contributions to back the projects they believe in. This approach emphasizes the importance of broad community support, making it a highly inclusive funding model.

  • Implementation: Venus and Gitcoin will initiate a QF round with a funding pool of $50,000. Developers and project teams are invited to participate, and the community’s contributions will determine the distribution of funds based on the quadratic funding formula.

Direct Grants Mechanism

  • Description: Direct grants offer targeted financial support to projects demonstrating exceptional potential, innovation, or strategic importance to the Venus ecosystem. This focused approach ensures that critical initiatives receive the necessary resources to thrive.

  • Implementation: A selection process will be established to award $100,000 in direct grants to deserving projects. Evaluation criteria will include the project’s innovation level, potential ecosystem impact, and alignment with Venus’s strategic objectives.

Expected Outcomes for the Venus Ecosystem

  • Stimulated Innovation and Growth: The allocation of $150,000 in combined funding will significantly contribute to driving innovation, attracting talent, and fostering growth within the Venus ecosystem.
  • Increased Community Engagement: This initiative promotes active participation and gives Venus Protocol users a stake in the ecosystem’s development by involving the community in the funding process, particularly through the QF round.
  • Strategic Enhancement: The direct grants mechanism ensures that projects of strategic importance receive the support needed, aligning with Venus’s long-term vision for ecosystem expansion.

Conclusion

By proposing a collaboration with Gitcoin to implement quadratic funding and direct grants. This partnership aims to leverage community engagement and strategic funding to support innovation and growth within the ecosystem.

Action Items

  1. Community Approval: Secure the Venus Protocol community approval for the proposed funding mechanisms and allocations.
  2. Collaborative Planning: Work jointly with Gitcoin to finalize the operational details, including application processes, evaluation criteria, and timelines for the quadratic funding round and direct grants.
  3. Implementation and Oversight: Launch the initiatives with the specified funding, ensuring transparent management and oversight to achieve the desired impact on the Venus ecosystem.

Questions and Comments are welcome. We are excited to move forward with this partnership.

12 Likes
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This is a good proposal that can help Venus protocol gain popularity.

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3

Let’s do it bro, lfg

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4

well, it seems interesting

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5

Could you show us an example of previous collaboration? it sounds very interesting

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6

Sure, thanks for the question and for your interest. We have a long history of collaborating with all kinds of communities for these kinds of initiatives. You can see many of the case studies on our blog.

Some notables recent ones I would callout would be:

7

This is an excellent proposal as it will greatly help the protocol to have more impact within the Ethereum ecosystem and, above all, popularity.

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The proposal is intended to support innovative and high-potential projects in support of the deployment of Venus on the ETH network :zap::muscle:

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it’s hard to cast the opinion unless we will have some good projects/devs/ideas there.

The gitcoin 10% fee seems a bit high anyway.

I rely on opinion of more experienced people in that space.

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As a follow-up to the previously discussed strategic partnership between Venus Protocol and Gitcoin, we request the transfer of funds to initiate the grant.

Funding Request:

  • Total grant amount: $150,000 in stablecoins (USDC, USDT, or DAI)
  • Gitcoin fee: $15,000 for designing, setting up, implementing, and managing the rounds

Fund Transfer and Management:

  • Venus Protocol will transfer the entire grant amount of $150,000 to a multisig wallet address provided by Gitcoin within 30 days of receiving the address.
  • Gitcoin will allocate 10% of the total amount received ($15,000) for operational expenses related to the QF round management and execution.

Gitcoin will handle the design, setup, implementation, and management of the rounds atop Gitcoin Grants Stack. The Venus Protocol team will approve grantees, ensuring alignment with strategic goals and ecosystem development priorities.

The funding rounds will focus on projects contributing to the Venus ecosystem’s growth and development within the following themes:

  1. Venus Stablecoin Adoption
  2. Lending and Borrowing Innovations
  3. DeFi Integrations
  4. Developer Tools and Libraries
  5. Venus Governance and Community Engagement

We kindly request the Venus community’s approval to proceed with this strategic initiative. Upon approval, the Venus Protocol and Gitcoin teams will collaborate to finalize the round details, promote the round, and execute the funding process outlined.

4 Likes
11

The idea looks great, and I believe it will contribute to the growth of the venus protocol. I therefore support the proposal.

12

totally agree! We’re glad to cooperate with gitcoin. Making noise!!

1 Like
13

let’s do this, more opportunities for the community is one of our goals.

1 Like