Since 2019 Gitcoin has been an invaluable tool for communities seeking to build open source software, with over $58m in funding going to thousands of projects.
Not only does Gitcoin help builders and creators in web3 ecosystems but it also harnesses the power of quadratic funding to support cause rounds which have included Support for Ukraine, Crypto Advocacy, Diversity, Equity and Inclusion and Climate Solutions.
In the most recent round, GR13, $460K in matching funds were allocated to 96 climate-related projects for a total amount funded (donations plus matching funds) of $700K.
The web3 community seems to be excited about the potential for “refi” and crypto to help fund climate solutions. What gets even more exciting is when you start seeing the ways web3 technology and open source design principles can be used to supercharge climate solutions. This is when we can start imagining a world focused on regeneration.
What kind of climate solutions are there in GR14?
There are a mix of web3 and non-web3 projects in the grants round focused on different kinds of climate solutions projects. We created these collection so you can explore them further:
- Nature based solutions to clean the ocean, preserve our biodiversity, draw down carbon through forest, ocean and agricultural projects
- Clean energy and decentralized grids to share the power and cut oil and gas emissions
- ReFi projects to create stronger more transparent markets for carbon credits that really exist
- Decentralized science, and open source hardware to create better process and a realm of connections that lay the foundations for important collaborations
- Support for Indigenous communities and activists and innovators who have been doing much of the heavy lifting for us all holding back the expansion of fossil fuel dependence
- Arts and culture to enrich hearts and souls and create a stronger vision for the future
The Gitcoin Grants funding platform gets people excited about donating to public goods, participating in a groundbreaking coordination mechanism for humanity and becoming part of a generous and impactful community. It also capitalizes on another core benefit of crypto—removing the middleman to simplify the process of getting money directly to where it can be most useful. This means builders can secure project resources in proportion to their value creation, no matter their country, their education or their background.
The number of gifted people that have participated in the Gitcoin grants process from both a ‘funding’ and a ‘funded’ point of view has expanded rapidly over the past few years. Innovative projects have been supported through crowdsourcing as well as through the magic of quadratic funding where, not only does the total amount contributed to projects influence the amount allocated from the matching pool, but perhaps even more importantly, as a way to harness the wisdom of the crowd: the number of contributions projects receive casts an even longer shadow.
We want to give a big thank you to our partners that make this grants round possible. Momus.eth, Ocelot, Filecoin-Green, Regen Network and Kimball Musk. Thank you all for being visionary leaders supporting the cutting edge of innovation in the climate solutions space. You are having a big impact.
As described by Gitcoin’s cofounder, Kevin Owocki, “Quadratic Funding optimizes for the preferences of the poor and the many instead of the rich and the few.” When coupled with the global reach and regenerative, transparent capabilities of Web3, this powerful funding tool serves to help realign incentives between those who create and maintain public goods and those who value and use them.
With increasing threats to our future from climate disruptions such as the recent wildfires in Europe, Australia and North America, record breaking heat waves, floods and droughts, not to mention the potentially irreversible changes to biodiversity and ecosystems all around the world, climate solutions are among the most critical of public goods that need to be well funded and well coordinated.
Our hope is not only that we create new funding mechanisms for innovative climate solutions but that we also help spread better tools and ideas for decentralized decision making and coordination. It makes things much more difficult living in a world that is so polarized at the same time we try to face an immense challenge requiring globally coordinated action.
It’s exciting to be a small part of these solutions, working on changing things for the better and making a healthier future for all of us.