As blockchain technology expands with day-to-day usages, the narrative of a single asset dominating the financial space seems to diminish. Also, the general notion of blockchain minimalism appears to end as the market focus on cross-chain and interoperability.
Gitcoin (GTC) is among the crypto project designed to advance the entire financial ecosystem and ensure open internet in the future. Gitcoin comprises protocols, creators, and builders.
TradingView and Cointelegraph Markets Pro stats indicate that GTC’s price has increased by more than 103% from $4.78 on 20 July to $9.71 on 11 August. Such moves came from the project aligning with new participants and its objective to upgrade the Web3 network.
So, why did the project registered such meteoric rises? Well, three reasons support GTC’s impressive performance.
Increased Partner Protocols
Gitcoin’s protocol mission is to build and support the Web3 infrastructure. That comprises developing tools, networks, and technologies that can boost open-source development.
The Gitcoin network can work with multiple platforms and protocols, improving them through development grants and hosting hackathons. Some of the projects associated with the Gitcoin network include Arweave, Casper, Tezos, Nervous Network, and Harmony.
The Gitcoin project has attracted community members necessary for its growth through impressive prizes and development grants to hackathon members.
DAO Capabilities
DAOs (Decentralized Autonomous Organizations) are vital emerging functionalities in the blockchain space. With DAOs, community members can vote on the developments within the network.
Gitcoin appears to enjoy its approach as it sees active members interested in voting for the platform’s proposals and aid in the protocol’s governance.
Members that do not want to participate in the network’s daily decisions may delegate their votes to trusted stewards that could vote on their behalf for a reward.
For now, the Gitcoin community can interact with five distinct DAO workstreams, including ‘memes, merch, marketing,’ dGrants, moonshot collective, anti-fraud, and public goods.
Grants Attracting Developers
The grant pool by Grants attracts new developers and community members. The grants utilize quadratic matching and community support to offer the funds needed by an open-source project. Also, the platform uses the grant money to reward hackathon participants.
Gitcoin community aims to decentralize the grant process soon to ensure a decentralized protocol governed by the community.
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