Announcing: Metis Quadratic Funding #1 Launches Over 3,000 METIS (worth 100k USD) Round on Grants Stack

We are excited to announce the Metis Quadratic Round #1, the first round on Grants Stack hosted on the Metis network. This curated round will spotlight many innovative projects focused on driving development within the Metis ecosystem, backed by a matching fund of over 3,000 METIS (worth 100,000 USD). The donation period is set for September 10th-26th, 2024. This programmatic approach involving the community reflects our commitment to Metis’ vision of creating a shared network ownership for better scalability and decentralization on the Ethereum network. 

Key Dates:

• Project Onboarding: August 29th- September 13th, 2024 (Curated Round)
• Donations Open: September 10th-26th, 2024
• Total Funding: Over 3,000 METIS (worth 100,000 USD)

Introduction

We're thrilled to introduce the Metis Quadratic Funding #1, running from August 29th- September 13th, 2024, 2024, on Gitcoin Grants Stack.

This collaboration represents a significant advancement in decentralized funding within the Metis ecosystem. Following the launch of the Metis Foundation Fund of $100M, which aims to support Web3 founders and startups, this round will see the revitalization of Metis’ grants program—a step towards full decentralization. By partnering with Gitcoin Grants Stack, Metis is reinforcing its commitment to nurturing innovation and infrastructure within its community.

During this curated round, Web3 startups will submit their proposals between August 29th and September 13th, 2024, with a guaranteed review date on September 10th. From September 10th to 26th, the community will have the opportunity to review these proposals and donate to the projects they find most promising, harnessing the power of decentralized, community-driven funding through Quadratic Funding (QF).

For more details, please visit the following links from Metis:

• Metis X Space
• Gitcoin Launch Blog
• Set Your Reminder: Metis Quadratic Funding Round - Decentralized Community Funding with Gitcoin

Understanding Quadratic Funding

Quadratic Funding (QF) is a powerful mechanism that amplifies and fairly distributes a pool of funds through crowdfunding. It allows community members to donate in a way that their contributions act as votes, influencing the allocation of available funds. Under QF, a project's share of the matching funds increases with the number of unique supporters, rather than the total amount raised—meaning the broader the support, the larger the portion of funds the project receives.

To learn more about Grants Stack, visit gitcoin.co/grants-stack.