The Chinese Public Goods Fund GCC and the Asian Ethereum Network Pagoda jointly launched the first Asia Round in Gitcoin's history. In addition to the $25,000 provided by GCC, the prize pool also received a $50,000 matching donation from Gitcoin officials, bringing the total prize pool to $75,000! The maximum matching donation amount for a single project can reach $7,000.
Why launch Asia Round?
With a population of 4.6 billion and more than 2,300 languages, Asia has a huge market, an active developer community, a solid infrastructure, a high Internet penetration rate, and a young population driven by innovation. It is undoubtedly the next frontier that the crypto world must expand into.
The open source and permissionless nature of cryptocurrency protocols is a natural fit for digital public goods. As the only public goods donation fund in the Chinese-speaking world, GCC has launched four Chinese-speaking public goods community rounds on Gitcoin, mobilizing a total of about 8,000 donations, raising more than $58,000, and matching donations of more than $100,000.
However, throughout Asia, the concept of digital public goods is still unfamiliar to both the industry and the public. Asian countries have many languages and different cultures, which adds obstacles to the popularization, construction and expansion of digital public goods.
GCC has joined hands with Pagoda and a number of local communities and media in Asia, from more than a dozen countries and regions including China, Thailand, Singapore, Malaysia, Vietnam, Japan, South Korea, and the Philippines, to jointly launch the first Asia Round in Gitcoin's history. We hope to unleash the potential of Asian public goods innovators, builders, and projects through this groundbreaking move.
Application period: July 24, 12:00 UTC - August 14, 23:59 UTC
Donation period: August 7 12:00 UTC - August 21 23:59 UTC
Apply for a link
Join the TG community (please speak in the GG21 Task Group channel after joining the group)
If you submit your project before August 6, you will receive feedback on whether it has been selected before the donation period begins; but if you submit between August 6 and 14, you will receive feedback no later than August 15, which may affect the progress of your project fundraising.
What projects would we like to see?
For the definition of public goods, we will mainly refer to the public goods report released by GCC in December last year, focusing on its permissionlessness and positive externalities. To participate in this Asia Round, the project must meet the following basic conditions:
The project must support or directly promote the construction of Asia's public goods ecosystem; or at least one of the core founders of the project identifies himself as Asian and promotes the construction of public goods in a certain region or field.
The project must clearly articulate the problem to be solved, the solution, the financial plan, and have a great team or community to execute it
Projects must have been in operation for at least 3 months and must demonstrate tangible progress towards their stated goals and have at least a Minimum Viable Product (MVP) that can be shown to the public.
If the application project is found to have encouraged or facilitated Sybil attacks or other forms of malicious manipulation of the funding platform or the Gitcoin community, it will be disqualified from this round of funding.
Projects must comply with the Gitcoin Core Rules and eligibility requirements.
Projects must comply with the Gitcoin Core Rules and eligibility requirements.
Priority will be given to projects that expand in the following areas:
Building a community of Asian developers
Projects and activities aimed at cultivating the local Ethereum ecosystem developer community
Policy lobbying and improvement
Committed to improving the policy environment for blockchain development in Asia through lobbying, government public relations, etc.
Innovative protocols and tools for allocating funds for public goods
Raise and allocate funds for public goods builders and projects in Asia in a credible, neutral and efficient manner
Privacy and censorship resistance
Aims to enhance the ability of digital world users to protect their privacy and resist censorship
How to match donations?
What is quadratic fundraising?
Quadratic Fundraising works by "matching" funds for projects so that they receive a certain amount of donations and subsidies. The calculation formula it is based on is very special, that is, for a given project, first take the square root of each donation amount it receives, add these square roots, and finally take the square of the sum and output it, which is the total funding matched to the project.
What is Signal Booster?
In order to balance public opinion and expert opinion, Asia Round innovatively introduced the Signal Booster mechanism. From the $75,000 matching donation pool, $5,000 will be equally distributed to 10 Signal Booster members, who will come from the GCC Investment Committee, Asia Round partner community and media core members. The 10 members will independently decide how to allocate the $500 in donations and publicize their donation strategies on social networks.
How is the impact of matching donations calculated?
For this Asia Round, we have set a minimum threshold of $3. If your donation is less than $3, the project will still receive your donation, but it will not be counted in the calculation of the matching donation amount.
Starting from GG20, Gitcoin officially updated the rules for Gitcoin Passport for Gitcoin Grants donations. The previous Passport score calculated based on various on-chain credentials will no longer be used to confirm the influence factor, but will be measured based on the wallet's previous transaction records and donation records. In other words, donations from wallet addresses with no past donation records may not be included in the calculation of the matching donation amount, but the project party will still receive your donation
If your project meets the above requirements, don't hesitate to apply for a matching donation of up to $7,000! (Related link)
If you wish to become our partner media or community, you can also join the TG group and consult in the GG21 Task Group channel.