Gitcoin (GTC) is building and funding digital public goods. Gitcoin pioneered the use of quadratic funding and is the largest independent platform to fund open source projects of the crypto ecosystem via Gitcoin Grants.
Gitcoin will utilize a fork of Compound’s governance framework, in which all proposals feature a 1% minimum proposal threshold, a 2.5% quorum and require a 51% majority to pass.
In order for a vote to be proposed on-chain, the proposer must hold at least 1% of the total token supply. In order for that vote to pass, at least 2.5% of the total token supply must vote on the proposal with 51% of the votes in favor of the winning decision.
GTC token holders can either request for voting rights and thus become a steward, or delegate their voting power to stewards. The governance process consists of (i) arbitration on Discord and the forum, (ii) off-chain voting and (iii) on-chain voting.
GTC is Gitcoin's platform governance token. Initially, GTC can only be used to decide over parameters of Gitcoin Grant Rounds (e.g. round size or ratification), but it is foreseen for GTC to play an increasingly central role in the Gitcoin DAO.
Note that the project has completed a retroactive airdrop for 15% of the total token supply. The token allocation is as follows:
Retroactive Airdrop: 15%
Gitcoin DAO: 50%
Existing Stakeholders: 35%
As at June 11th 2021, the total token supply of GTC is 100,000,000 and the current circulating supply is 14,097,336 (~14.1% of total token supply).
Learn more about GTC token distribution here.
A Platform to Fund Open-Source Projects.
Jun 11th, 2021