- Gitcoin partners with SEI to launch SEI v2 and the SEI Creator Fund.
- The first round, “The Kickoff,” started on June 4th with a $250k matching pool using quadratic funding.
- The SEI Creator Fund will support various projects through multiple funding rounds.
Gitcoin, a leader in funding Web3 projects, is partnering with SEI to celebrate the launch of SEI v2. This collaboration aims to bolster the growth and development of the SEI ecosystem through the innovative SEI Creator Fund. The fund will offer multiple rounds of funding to support various projects within the SEI ecosystem.
The Kickoff: First Round of Funding
The inaugural round, titled ‘The Kickoff,’ commenced on June 4th with a $250k matching pool, utilizing the quadratic funding (QF) model. QF is a unique crowdfunding mechanism where community donations act as votes, determining the allocation of funds. This method pools small donations from numerous contributors and matches them with a larger central fund from the SEI Foundation. The formula used in QF rewards projects based on the number of donors rather than the size of donations, promoting community engagement and shared ownership.
Gitcoin Legacy in Web3 Funding
Gitcoin has established a significant presence in the Web3 space, having allocated over $60 million and receiving 4.2 million donations. The platform has successfully onboarded more than 300,000 developers into the crypto ecosystem. The SEI Creator Fund leverages this experience, allowing the community to have a direct impact on grant funding and the future of the SEI ecosystem.
Gitcoin SEI Creator Fund Rounds
The SEI Creator Fund Program will feature multiple rounds, each with distinct criteria, deadlines, and funding limits. Utilizing Gitcoin’s Grants Stack, the program will combine quadratic and retroactive funding mechanisms, democratizing the grant process and ensuring broad community participation.
Eligibility Criteria
Creators, builders, and innovators aiming to impact the SEI ecosystem are encouraged to participate. The SEI Creator Fund provides an opportunity to bring projects to life with the support of a foundation dedicated to decentralized creativity. Whether you are ideating, realizing a creative vision, or expanding an existing project, this fund is designed to support you.
Contributions to the SEI Ecosystem
Eligible projects must contribute to the SEI ecosystem’s growth and development in several key areas, including:
- Decentralized content platforms
- NFT marketplaces and tools
- Social platforms and fan engagement
- Decentralized crowdfunding
- Web3 creative tools and infrastructure
- Creator DAOs and collectives
- Web3 content discovery, creation, and curation
- Web3 skill-sharing and education
Both new and existing projects that create value for the SEI community and platform users are eligible for funding.
Community Engagement and Impact
Successful projects will actively engage with the SEI and broader Web3 community. Proposals should include plans for community outreach, social media presence, and strategies to drive user adoption and participation.
Technical Feasibility and Roadmap
Proposals must present a clear and feasible roadmap with detailed milestones and deliverables. Demonstrating the team’s expertise and ability to execute the project successfully is crucial for funding consideration.
Funding and Budget Requirements
Proposals should outline how the funds will be utilized to maximize the project’s impact within the SEI ecosystem. Clear and transparent budget plans are essential for the application process.
Ethical and Community Standards
The SEI Creator Fund upholds strict ethical standards. Projects must avoid discrimination, hate speech, and any harmful or misleading content. Manipulative practices, including Sybil attacks, are prohibited. Projects must accurately represent their affiliation and intentions, with incentives for donations disallowed. Grants cannot be used for direct promotions or sales, and projects with significant external funding may be reconsidered to ensure fairness. Compliance with all applicable laws and regulations is mandatory.
Gitcoin Proposal Evaluation Committee
A committee led by SEI representatives, in collaboration with Gitcoin, will review proposals. Projects will be evaluated based on adherence to the eligibility criteria, potential impact, and alignment with the funding round’s objectives. The committee aims to support a diverse range of initiatives within the SEI Creator Economy.
Apply for Gitcoin SEI Creator Fund
To apply:
- Create a profile on Builder (if you do not already have one).
- Apply on Gitcoin’s Grants Stack.
- Follow the provided guide for application details.
Gitcoin Donation Process
When donations open on June 11th at 12 PM EST, community members can review live applications at the provided Gitcoin explorer link. Supporters can donate to their chosen grantees, adding their contributions to the cart and checking out with allocated $SEI.
Submission Details
Applications for the first round of grants opened on Tuesday, June 4th at 9 AM EST. Eligible teams or individuals contributing to the SEI Creator ecosystem are invited to apply.
Conclusion
The collaboration between Gitcoin and SEI marks a significant milestone for the SEI ecosystem. Leveraging the extensive experience of Gitcoin’s grants program, the SEI Creator Fund aims to foster innovation and development. Notable projects that have benefited from Gitcoin’s funding include Uniswap, 1inch, and WalletConnect. The SEI Creator Grants Program promises to bring forth incredible projects, and all eligible creators are encouraged to apply and contribute to the growth of the SEI ecosystem.
Disclaimer
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from any company.
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