In the spirit of ETHDenver, Colorado-based company – Gitcoin – has announced that they’ll be doubling down on their notorious CLR matching.
Today at @EthereumDenver I announced @gitcoin is doubling down on CLR Matching.
In addition to Quarterly Gitcoin Grants CLR, we **will also be running weekly MINI CLR Rounds**.
We are one small step closer to BUIDLing a generation that can work by & for the open internet! ✊ /1 pic.twitter.com/u2vtTw3JYi
— Ξwoki’); DROP TABLE ‘transactions’; — (@owocki) February 15, 2020
For those unfamiliar with CLR matching, the grant-based bonus program leverages quadratic funding to match donations relative to the number of contributions over a predefined period of time.
The last round of CLR matching aggregated $200k in donations, with:
- $143,642 in funds committed by the Ethereum Community.
- 5,936 contributions were made to 230 open-source Ethereum projects
- 1,115 unique Ethereum community members participated in the funding round
The matching was met with enthusiasm from the Ethereum community, as every $1 in donations amounted to nearly more than double the initial contribution.
Today, Kevin Owocki – a cofounder of Gitcoin – announced that they will now be introducing weekly CLR matching in tandem with the more formal CLR rounds.
Why Does This Matter?
When it comes to funding open-sourced initiatives, programs like Gitcoin’s CLR matching are crucial in providing largely underfunded projects with capital to further their development efforts.
While the formal CLR rounds are a fantastic push every couple months, the introduction of weekly CLR matching provides more frequent users of Gitcoin with another medium (estimated ~$200/week) to enhance their earnings on the platform.
As far as logistics, weekly Gitcoin matchings will:
- Be funded by Gitcoin’s 10% bounty fee.
- Be eligible for any earning on the platform (Grants, Tips, Bounties, etc)
- Utilize auto-payouts to select winners every week.
Why Should I Care?
When it comes to making an impact in the development community, programs like CLR matching incentivize helpful behaviour through innovative social experiments. The ultimate goal is to incentivize a community social norm of micro-tipping, with payments as little as 0.01 ETH.
With the introduction of weekly matching, Gitcoin can stress test radicle new CLR mechanisms in a quick, iterative low stakes way. This also means that CLR matching will ALWAYS be running in some capacity, taking the power of giving to an ever-present level.
What to Expect
In the coming weeks, it’s likely that Gitcoin will announce Round 5 of CLR Matching which will almost definitely be the largest capital pool to date.
In tandem with new mechanisms like anti-signalling to further align community sentiment, there’s no doubt that the coming round will be the most excited yet.
To stay up on all things Gitcoin and CLR matching, keep an eye on the official Twitter here.
Cooper is the Editor of DeFi Rate and an active contributor to leading DeFi media outlets like The Defiant, DeFi Pulse, and Bankless. He works with early-stage teams through Fire Eyes DAO to incubate governance models and grassroots community development. He is an ambassador to Set Protocol and an author of a weekly publication called Token Tuesdays. To stay up with Cooper, follow him on Twitter.