The cryptocurrency exchange, octopus, announced a donation of $ 150,000 to support open source Ethereum projects on Gitcoin.
Gitcoin is a developer funding platform built on a hybrid model of sponsored donations and direct community support. Through the quadratic funding model, community donations are used as a guide to identify projects that should receive the most balanced funding. The quadratic formula ensures that separate contributions are weighted more than a single large donation. For example, Two people donating 1 Dai will result in a much bigger game than a single person sending 2 Dai.
Kraken’s involvement comes when Gitcoin launches its eighth round of Gitcoin grants (GR8). The total Matching Fund, along with other funding partners, amounts to $ 1 million. including Binance, Synthetix, the Ethereum Foundation, and others.
Only projects in the “Ethereum Infrastructure Technology” category are eligible for the Kraken Pool. This includes many customer teams, wallet technology, and other core infrastructure projects. It is likely that this distinction was introduced because Gitcoin grants can also be given to decentralized content creators or app projectswhat would be outside of Kraken’s stated mission of “Empowering volunteer developers and projects that drive the industry forward.”
The company was previously involved in direct grants to Bitcoin developers and Bitcoin infrastructure companies. So far promised $ 500,000. Funding the Ethereum infrastructure is a first for the exchangewhich, in his opinion, was fueled by the growing maturity of the network.
The Gitcoin Grant Round continues to accept donations through December 17th. Afterwards, the scholarships are distributed according to the corresponding formula.