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
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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
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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.
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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
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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.
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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
- Community Approval: Secure the Venus Protocol community approval for the proposed funding mechanisms and allocations.
- 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.
- 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.
