Gitcoin Unveils gtcETH Token for Collaborative Funding of Grants

03/08/2023 03:02 • Blockchain Briefs • 133 views

On March 8, Gitcoin announced the details of gtcETH (Gitcoin Stacked ETH Index). gtcETH was created in cooperation with the Index Coop community of the Cryptocurrency Index Protocol. It is a separate token that can provide funds for Gitcoin Grants through the ETH pledge award. The token will be built based on the Index Protocol, and will include Rocket Pool, Lido and StackWise liquid pledge tokens.

Gitcoin cooperates with Index Coop to launch gtcETH, which can provide funds for Gitcoin Grants through ETH pledge awards

Analysis based on this information:

Gitcoin, a decentralized platform for web3 grants and funding, has recently unveiled gtcETH, a new token aimed at supporting Gitcoin Grants through the ETH pledge program. Gitcoin has collaborated with the community of the Cryptocurrency Index Protocol called Index Coop to achieve this endeavor.

According to the announcement, gtcETH will be built based on the Index Protocol and will be a separate token. The token includes Rocket Pool, Lido and StackWise liquid pledge tokens, thereby creating a diversified pool of funds for Gitcoin Grants. The underlying aim is to enable funding for public goods in the web3 ecosystem and attract more contributions from stakeholders within the Ethereum community.

The announcement brings relief to developers and contributors who are concerned about the declining value of Gitcoin Grants matching pool. Earlier this year, funding from the quadratic funding-based platform declined by 95% following the surge in Ethereum gas costs. gtcETH aims to fill this void with more funds to enable developers to continue building decentralized apps and contributing to the blockchain space.

Further, gtcETH can be used to buy tokens from Gitcoin’s CLR (Contribution Ranking) program, which is an algorithmic funding distribution model. Since the CLR program is heavily dependent on Ethereum tokens, gtcETH presents a new source of funding for participants in the grants program.

The collaboration between Gitcoin, and the community of the index protocol is a significant development for decentralized funding. It also marks a crucial step towards enhancing public goods, especially as blockchain technology continues to gain acceptance beyond the financial sector.

In conclusion, the introduction of gtcETH presents a significant opportunity for Gitcoin Grants, as it provides a new funding source for developers and contributors to build open source projects on the Ethereum blockchain. The collaboration between Gitcoin and the Index Coop community is an example of the collective efforts towards enhancing the web3 ecosystem.

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