The Sei Creator Fund, launched on June 4, 2024, has successfully concluded its first round of funding, distributing a $250,000 matching pool to various projects within the Sei ecosystem. Powered by Gitcoin Grants Stack and utilizing Quadratic Funding (QF), this inaugural round marks a significant milestone for the $10 million initiative aimed at supporting innovative projects in the blockchain space.
The Sei Creator Fund was established to nurture and support projects that contribute to the Sei ecosystem. This ecosystem includes decentralized content platforms, NFT marketplaces, social platforms, and more. By providing financial support, the fund aims to foster innovation and development within the blockchain community.
The first funding round saw enthusiastic participation from 2,707 unique voters who supported 63 projects. The innovative funding method used, known as Connection-Oriented Cluster-Matching (COCM), ensured a fair and Sybil-resistant distribution of funds.
The Sei Creator Fund employed an upgraded version of traditional QF known as Connection-Oriented Cluster-Matching (COCM). Developed by Gitcoin, this method addresses potential issues of collusion and over-coordination in funding rounds. The COCM methodology groups donors into clusters based on similar donation patterns, calculating matching amounts for each unique community combination.
Gitcoin has been at the forefront of developing and implementing Cluster-Matching QF, refining it over time to ensure a fair and effective distribution of funds.
To ensure accountability and transparency, the Sei Foundation has partnered with Karma GAP for milestone tracking. Grantees are required to use Karma GAP to create milestones and provide updates. All participating projects will be synced to the GAP platform, allowing grantees to log in with their wallets to add milestones and post updates upon completion. This process helps keep the community informed about the progress and utilization of funds.
The Sei Creator Fund aims to support a diverse range of projects, building an ecosystem that caters to various user needs and use cases. As part of the larger $10 million initiative, the fund anticipates more projects will emerge, pushing the boundaries of decentralized content platforms, NFT marketplaces, social engagement, and more.
Creators, developers, and innovators are encouraged to look for upcoming opportunities to contribute to the Sei ecosystem. For those involved, the fund invites projects to stay tuned for declaration about the next funding round, community members to keep supporting exciting projects, and everyone to join the Sei Community Grants Telegram Group to stay updated and connect with other creators and supporters. Thank you to everyone who participated—project creators, voters, and the Sei community. Stay tuned for more updates as the Sei ecosystem continues to grow.
Following the success of this inaugural round, future rounds will continue to build on this momentum, supporting more projects and further expanding the Sei ecosystem. Creators, developers, and innovators are encouraged to look for upcoming opportunities to contribute to the Sei ecosystem.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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