The team aims to distribute $1 billion over the next “several years,” it said.
Ethereum-based crowdfunding platform, Gitcoin, announced today its main focus in 2024 will be its Grants program, creating a new unit dubbed Grants Labs to pave the way.
Allo Protocol, a Gitcoin-focused community resource allocation protocol, will oversee Grants Labs. The new unit aims to distribute $1 billion over “several years,” and is tasked with encouraging development for Grants Stacks, a smart-contract enabled grants program.
The organization will also prepare to launch its Passport program, a proof-of-humanity and reputation project, according to today’s announcement.
With more than $56 million deployed since 2019, Gitcoin is considered one of the top funding allocators in the crypto ecosystem. Narrowing down their focus aims to strengthen that position, furthering growth in digital public goods and the broader Ethereum ecosystem.
Gitcoin’s End Game
Gitcoin said its new “end game” is to create verified, reputation-backed networks in Web3. It wants to provide transparency and accountability in grants decision-making, while also measuring their impact.
Gitcoin is also preparing to spin out Passport, which is considered by the team as the largest driver of token utility for the project.
The crowdfunding platform said it will move forward with shuttering the Public Goods Network (PGN), a L2 designed to support public goods, as announced last month.
Gitcoin has also announced Citizen Grants, a bottoms-up approach heralded as laying the groundwork for more community-led participation.
Token holders will now vote and ratify budget requests coming out next week.