In a significant move to foster innovation within the SEI ecosystem, Sei and Gitcoin have announced the launch of the Sei Creator Fund, which will support the rollout of SEI v2. According to the official Sei blog, this initiative aims to accelerate the growth and development of the SEI ecosystem through multiple rounds of funding, beginning with a $250,000 matching pool.
Quadratic Funding Mechanism
The first round, dubbed ‘The Kickoff,’ starts on June 4th and employs a quadratic funding (QF) mechanism. QF is a unique crowd-funding approach where community members’ donations act as votes to allocate funds. This method pools small donations from many contributors and matches them with larger amounts from a central fund provided by the SEI Foundation. Unlike traditional funding models, QF rewards projects based on the number of contributors rather than the size of individual donations, thus promoting community participation and shared ownership.
Gitcoin’s Proven Track Record
Gitcoin has established itself as a leader in funding Web3 projects, having allocated over $60 million and garnered 4.2 million donations while onboarding more than 300,000 developers into the crypto ecosystem. With the Sei Creator Fund, the SEI community can now actively participate in directing grant funding and shaping the future of the ecosystem.
Creator Fund Rounds and Eligibility
The Sei Creator Fund will operate in multiple rounds, each with specific criteria, deadlines, and funding limits. Each round will utilize the Gitcoin Grants Stack, combining quadratic and retroactive funding mechanisms to democratize the grant program.
Eligible participants include creators, builders, or innovators contributing to the SEI ecosystem. Projects that can apply range from decentralized content platforms and NFT marketplaces to Web3 creative tools and infrastructure. Proposals must demonstrate community engagement, technical feasibility, and ethical standards, among other criteria.
Evaluation Process
A committee led by SEI representatives, in collaboration with Gitcoin, will review proposals. Projects will be evaluated on their adherence to the eligibility criteria, potential impact, and alignment with the objectives of each funding round. The goal is to onboard as many projects as possible to support diverse initiatives within the SEI Creator Economy.
How to Apply
Interested parties can create a profile on Gitcoin’s Builder platform and apply through the Grants Stack. Applications for the first round open on Tuesday, June 4th, at 9 AM EST. The application process aims to be straightforward, enabling both new and existing projects to seek funding effectively.
How to Vote
Community members can participate in the voting process by reviewing live applications and donating to their preferred projects starting June 4th at 9 AM EST. Each donation acts as a vote, guiding the allocation of the $250k matching pool.
Significant Milestone for SEI
This initiative marks a major milestone for the SEI ecosystem, leveraging Gitcoin’s extensive experience in funding Web3 projects. Notable projects that have benefited from Gitcoin’s funding include Uniswap, 1inch, and WalletConnect.
For further details, visit the official Sei blog [source name]here.
Image source: Shutterstock
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