Binance Smart Chain (BSC) has launched the first $50,000 Quadratic Funding Grant round on DoraHacks’ blockchain developer platform HackerLink.io. The program encourages and supports early-stage developer projects building next-generation decentralized protocols and applications.
The funding mechanism includes two grant pools:
- Direct donations from community contributors.
Distribution of the matching pool will be determined by quadratic voting results from all community contributors. All community contributors will have a direct impact on the allocation of the $50,000 prize pool.
2. A $50,000 matching prize pool* donated by Binance Smart Chain Foundation.
(* The $50,000 matching prize will be issued in the form of BNB equivalent. Once the exchange is confirmed, we will inform you of the exchange rate for the day.)
Project submission and voting time starts on January 20, 2021, and will end on March 15, 2021 12:00(GMT+0). You can submit projects and vote via Hackerlink.io/en/grant.
Who can apply?
Project domains including but not limited to DeFi, DAO, NFT, zk-Rollup, on-chain governance, cross-chain, and more can apply for the program. We also encourage community-driven projects such as podcasts, workshops, content creation platforms to participate.
How to apply?
Who decides the allocation of the grant?
Community contributors can vote for projects using MetaMask and WalletConnect on HackerLink. The distribution will be determined by quadratic voting results from contributors. Contributors can also track votes and view fund matching results in real-time via the Grant leaderboard. All community contributors will have a direct impact on the allocation of the $50,000 prize pool.
Each contributor will receive an NFT to acknowledge their contribution after the round ends.
“We are excited to kick off a series of Grants and hackathons to encourage the developer community to build the next generation of DeFi and dApps,” says Changpeng Zhao (CZ), CEO of Binance. “We believe more innovative ideas will be piloted on BSC in 2021. The developer community is the core of innovation and we plan to nourish it with more developer programs”.
“On-chain governance is an important component of every major public chain ecosystem. Quadratic funding is an effective way to engage the community to support new ideas and early-stage projects built by developers without a limit of time and space.”Says Jiannan Zhang, Founder of Dorahacks.
What is Quadratic Funding? How does it work?
Quadratic Funding Grant is inspired by Vitalik Buterin and GitCoin’s early practice on the Quadratic Funding Mechanism to fund public goods in the Ethereum ecosystem. The funding mechanism includes two grant pools:
A. Direct donations from community contributors
B. A matching prize pool from sponsors
Individual community contributors can vote for their preferred projects to push them ahead in the funding round. The votes cost BNBs, which are directly donated to the respective projects after the round.
With a quadratic funding algorithm, the cost of each vote to a single project from a single contributor will increase, this encourages community contributors to donate to more projects.
To know more about quadratic voting, you can check the Quadratic Funding algorithm by VItalik Buterin.
Looking forward to your application and vote!
After the round ends, there is a 240-hour grace period. During grace period, all projects need to verify identity with HackerLink. After the grace period, all projects that verified identity will be able to redeem community donation and prize pool distribution from projects BUIDL page.
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About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps.
For more information on Binance Smart Chain, please visit https://www.binance.org/#smartChain.
DoraHacks is a decentralized global developer community, hackathon organizer, and venture builder. DoraHacks’ blockchain developer platform HackerLink.io provides tools to incentivize and foster open-source blockchain development, such as grants, bounties, BUIDLs, and hackathons.
For more information on Dorahacks, please visit our website.