Gitcoin

What is Gitcoin?

Since 2017, Gitcoin has been dedicated to developing tools that empower communities to build, fund, and protect projects that hold significance for them. Positioned as both a movement and a DAO (Decentralized Autonomous Organization), Gitcoin is guided by contributors, community members, and GTC (Gitcoin Token) holders who share a belief in the rejuvenating impact of supporting public goods. Through the Gitcoin Grants Program, over $50 million has been distributed to early-stage builders, supporting projects in diverse sectors such as DeFi, climate, and open source.

Gitcoin extends its impact through initiatives such as gtcETH, Moonshot Bots, and Metalabel Release, showcasing its commitment to diversifying exposure, contributing to public goods, and commemorating groundbreaking concepts like Quadratic Funding.

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Recent Video Interview

Main points of the interview:

• Gitcoin bridges open-source sustainability with cryptocurrency incentives.
• Platform integrates GitHub issues with crypto bounties to support software development.
• Partnerships with ConsenSys amplify bounties on projects like MetaMask and Truffle.
• Aimed at empowering open-source communities, Gitcoin facilitates learning and collaboration in the Web 3 ecosystem.

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Gitcoin's Core Products

Grants Stack

Gitcoin Grants Stack is a revolutionary protocol-enabled solution designed to simplify the creation, management, and expansion of grants programs for any community. With a focus on customization, it offers a streamlined approach tailored to the unique needs of each ecosystem. This comprehensive grants solution removes the complexities associated with running a grants program, covering everything from deployment and application management to the efficient allocation of funds.

Allo Protocol

The Allo Protoco is a set of smart contracts developed by Gitcoin to facilitate the democratic allocation and distribution of capital. While initially designed to power Grants Stack, Allo extends its utility beyond grants and quadratic funding. It addresses a crucial issue within the crypto space – the challenge of effectively allocating the capital raised. Despite the availability of various tools like token drops, NFTs, and staking, a significant portion of funds often remains stagnant in treasuries, leading to contentious debates over funding decisions in governance forums.

Allo Protocol provides communities with a versatile toolset to experiment with capital allocation. Communities can choose mechanisms like Quadratic Funding, define eligibility criteria for projects and voters, and decide on the distribution methods, whether lump sum or milestone-based payments. The goal is to empower communities to explore different ways of allocating and distributing capital, fostering growth and achieving their missions.

The use cases for Allo Protocol are diverse, ranging from grants tooling and bounties to creating circular economic systems, quadratic funding, mechanism design, and experimentation, including wrapped voting. This flexibility allows communities to tailor their approach based on their specific goals and needs.

Gitcoin Passport

Gitcoin Passport, another integral component, serves as a valuable tool for establishing trust in web3 environments. Operating as a decentralized identifier (DID) associated with Ethereum addresses and stored on the Ceramic network, Passport enables users to present evidence of their authenticity without compromising personal information. Verified Credentials, supported by cryptographic signatures, validate that users granted access to specific apps while meeting predefined criteria.

Developers can integrate Passport into various programs and apps within the web3 ecosystem, addressing use cases such as Sybil resistance for faucets, bundlers, and airdrops, gating access to content or communities, prioritizing votes, and proving trustworthiness. Passport stands as a versatile solution for managing access, promoting transparency, and establishing trust within the dynamic web3 landscape.

The Gitcoin Journey

Since its founding in 2017, Gitcoin has evolved to become a pivotal force in supporting the development of open source projects and monetizing open source software through bounties. The publication of Vitalik's Quadratic Funding paper in 2018 laid the foundation for Gitcoin Grants, which has, to date, generated over $50 million in funding, supporting 3.8 million unique donations across 3,715 projects.

GTC Token and Governance

The GTC token plays a crucial role in enabling community ownership and decentralized stewardship of Gitcoin's products, protocols, and programs. It can be staked for Proof of Humanity (PoH) on Passport and is integral to governing Gitcoin's work, including decentralizing grants, managing disputes, and overseeing the treasury.

Gitcoin Team Background and Partnerships

Kevin Owocki and Scott Moore founded Gitcoin. Since its inception, Gitcoin has transitioned from a monolithic platform to a suite of modular protocols. The platform now embraces a spectrum of mechanisms, including Quadratic Voting, Direct Grants, and Retroactive Public Goods Funding.

Gitcoin enjoys a diverse array of partnerships, namely Yearn, Mask, Momus, Ethereum Foundation, Kraken, Frax, EPNS, Kimbal Musk, Polygon, Coinbase, ENS, Badger, Balancer, Aragon, a16z, ForceDAO, Anoma, Unlock Protocol, Stefan George, Stakefish, Zora, and many more.

Project Development

In Gitcoin's nineteenth Grants round (GG19) in December 2023, the organization navigated a transformative journey, maintaining its core values while transitioning towards a suite of decentralized products. GG19 aimed to enhance program quality, user experience, transparency, and promote progressive decentralization. This edition showcased the power of collective intelligence in capital allocation, distributing an impressive $1,094,662 across 471 innovative projects.

Notably, GG19 featured an unprecedented 9 community and 9 independent rounds concurrently, setting a new Gitcoin record. Across three program rounds, 57,363 unique donors contributed to 268K contributions, raising $494K. Specific rounds, such as Ethereum Infrastructure, Web3 Community and Education, and Web3 Open Source Software, each attracted significant support with detailed results available in corresponding spreadsheets. The success of GG19 underscores Gitcoin's commitment to fostering collaboration and supporting impactful initiatives within the decentralized space.

Gitcoin Price Analysis

As of November 24 2024 Gitcoin has a marketcap of $51M. This is {{percentagefromath}} from its all time high of $22.37. In terms of its tokenomics, there's a total supply of 100M with 61% currently outstanding. Keep in mind Gitcoin has a fully diluted value of $84M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.