Proposal for Octant x Gitcoin QF Round

[Sov]

Hi all! We just dropped our application for the Public Goods Ecosystem Collaboration Proposal and we are excited at the possibility to collaborate on running a round for our shared communities.

I am including here an outline of our application for the community to see. I am happy to help with any questions or comments.

Thanks for your consideration!

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1. Introduction and Background:
Gitcoin, a pioneer in supporting open-source projects and decentralized communities, proposes a strategic partnership with Octant to implement a Quadratic Funding (QF) round. This initiative targets teams funded by both Octant and Gitcoin, focusing on developer tooling and Web3 infrastructure projects from the recent GG20 round.

2. Problem Statement:
There is a need for sustained support of impactful projects in the web3 space. Many innovative projects struggle with ongoing funding and community support, hindering their development and impact.

3. Goals and Objectives:

• Primary Goal: To foster innovation and growth in the web3 ecosystem by funding impactful projects.
• Specific Objectives:
  • Support projects that have shown significant contributions to the web3 ecosystem.
  • Encourage community engagement and support through a matching funding mechanism.
  • Strengthen the collaboration between Octant and Gitcoin.

4. Project Plan:

• Funding Overview:
  • Gitcoin will match 1 ETH for every 1 ETH contributed by Octant, up to 15 ETH.
• QF Mechanism:
  • Description: Quadratic Funding democratizes financial support, empowering the community to back the projects they believe in. This approach emphasizes the importance of broad community support, making it a highly inclusive funding model.
    Implementation:** Run a QF round to select projects aligning with Octant and Gitcoin’s objectives, amplifying community contributions through a matching mechanism.
• Project Selection:
  Criteria:** Projects must be previous Octant and Gitcoin grantees and focus on developer tooling and/or Web3 infrastructure.
  • Application Process: Transparent and detailed application process to ensure fairness in project selection.
• Community Involvement:
  • Engagement: Encourage community participation in the funding process.
  • Voting: Community contributions will determine fund distribution using the quadratic funding formula.
• Timeline and Milestones:
  • Detailed timeline for application, selection, funding distribution, and project reporting phases.

5. Budget and Financial Plan:

• Total Matching Pool: Up to 15 ETH from Gitcoin, with Octant contributing at least 1 ETH for each matched ETH.
• Breakdown of Funding Allocation:
  • QF matching pool distribution based on community voting and project impact.

6. Evaluation and Metrics:

• Impact Measurement:
  • Number of projects supported.
  • Community engagement metrics.
  • Long-term benefits and sustainability of funded projects.
• Criteria for Success:
  • Demonstrated community benefits and impact.
  • Achievement of project milestones.
  • Positive feedback from the community and stakeholders.

7. Sustainability and Future Plans:

• Long-Term Viability:
  • Ongoing monitoring and support for funded projects.
  • Strategies for ensuring projects continue to deliver value to the community.
• Future Collaboration:
  • Plans for future QF rounds and other collaborative initiatives between Octant and Gitcoin to further support the Web3 ecosystem.

Action Items:

1. Approval: Seek Octant’s approval for the QF matching proposal.
2. Planning: Collaboratively define the criteria, application process, and timeline.
3. Execution: Launch the QF round with transparent management and oversight.