DEFIMARKETDEVELOPMENT

Gitcoin's seventh round of fundraising platform kicks off: Yearn and others sponsor the highest amount matching fund ever, with added feature to save on gas fees.

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Gitcoin

Gitcoin is a fundraising platform built on top of Ethereum. What sets it apart is its use of Quadratic Funding, where the number of donors is more important than the amount donated. In essence, proposals with support from more people will receive more funding. For example, a project that receives one dollar from a thousand people will receive more matching funds than a project that receives a thousand dollars from one person.

If you want to learn more, it is recommended to start with the article "Quadratic Funding" on Blocktrend.

Sponsors like yearn Finance Join In! Matching Fund Exceeds Previous Records

Gitcoin's seventh round is open for fundraising proposals from September 15th to 7 AM Taiwan time on October 3rd. You can submit your grant proposals and receive sponsorships.

According to the official announcement, this round's matching fund is the largest ever, with the popular DeFi platform yearn Finance sponsoring with $155,000, along with contributions from other institutions totaling over $400,000.

For example, the paid media outlet Bankless has eight sponsors and has received 877 DAI, with an additional matching fund of 90 DAI. Before you make a donation, the system will inform you that your donation amount will also affect the number of matching funds for that project.

Bankless also explains on their page the services they offer and details what they have done after participating in the past two rounds of fundraising, and what they plan to do after raising funds in this new round.

New Feature in Round 7: Save on Gas Fees with Province Sponsorship

For users looking to sponsor multiple projects, the additional expenses can add up, especially with the current high Ethereum gas fees.

In the seventh round, Gitcoin has added the option of zkSync, a technology that allows fixed fees for sponsoring more than five grants, serving as an Ethereum layer 2 solution.

Ethereum founder Vitalik also tweeted that he sponsored about 13 projects using zkSync, which is much cheaper than using the Ethereum main chain.

Furthermore, the new round also supports linking the sponsor's Twitter account, allowing sponsors to showcase their involvement in Gitcoin activities using their Twitter identity.