In a move to support the decentralized future, ConsenSys has announced that it will be committing $2.4M annually to launch the MetaMask Grants DAO. This new initiative will help fund projects that are building on the Ethereum blockchain. The goal is to encourage innovation and promote growth within the ecosystem.
“Our hope is that by committing these resources, we can help accelerate the adoption of Ethereum and power the decentralized future,” said MetaMask CEO Dan Finlay.
The DAO will be managed by MetaMask employees and will be responsible for issuing grants to developers working on projects within the MetaMask ecosystem. This includes projects that are built on the Ethereum blockchain or that are working to advance the Web3 space.
So far, ConsenSys has committed $1M to the fund and is looking to raise an additional $1.4M from other sources. If you’re interested in supporting this initiative, you can learn more about how to contribute here.
There will be a trial run for the project over the next 12 months to assess its viability and success. During this time, the DAO will be processing votes and proposals publicly through SnapShot on the Codefi Activate platform.
This is just one of many ways that ConsenSys is working to drive decentralization and adoption of Web3 mechanisms and business models. The company is also behind the ConsenSys Grants program, which has awarded over $1M to Ethereum projects since 2017.
With this latest commitment, ConsenSys is reaffirming its dedication to supporting the Ethereum community and helping to build a decentralized future. The amount per quarter, $600,000, is significant and will help to fund a wide range of projects. This should go a long way in promoting innovation within the ecosystem.
Metamask’s global product lead Taylor Monahan had this to say about the move:
“Our focus on supporting decentralized development is a core part of our mission to enable an accessible, composable, and resilient Web3 ecosystem. We’re excited to see what the next year brings for this growing community.”
The DAO has three parts, one part is led by the more than 900 full-time ConsenSys employees. The employees will have the ability to opt-in to be Grants DAO members all of whom have the right. to vote. The second part is a leadership committee made up of seven individuals. This group is responsible for identifying high-potential projects, creating governance proposals, and updating external content thus gathering feedback and making improvements. The last section is the Technical Advisory Board (TAB). which will be responsible for providing broad oversight of the DAO’s technical work. The TAB includes members from across the Ethereum ecosystem including Parity Technologies, Gnosis, MakerDAO, and Status.
Finally, there is the secure multi-sig wallet that will be overseen by ConsenSys. This wallet manages the token contract and treasury. It also signs transactions for fund disbursement as well as mints and burns tokens when employees join or leave the company.
The leadership committee of MetaMask Grants DAO includes the co-founders of MetaMask, its global product lead, Snaps Studios lead, senior DAO strategist, as well as ConsenSys’ director of strategic initiatives and product management director.
The funding of the DAO will feature two types of grants. The Leadership Committee Grant will be voted on solely by the leadership committee. These funds can be used for things like hosting events or workshops and compensating core maintainers.
ConsenSys is a market-leading blockchain technology company that is building the infrastructure, applications, and practices that enable a decentralized world. ConsenSys’ comprehensive suite of tools helps developers build decentralized applications (DApps), realize the power of Ethereum’s smart contracts, and unlock the promise of Web3 technologies. ConsenSys solutions are being used by enterprises across industries including financial services, healthcare, supply chain, and others. Headquartered in Brooklyn, New York, ConsenSys has more than 900 employees in over 30 countries around the world. consensys.net
MetaMask is a digital identity wallet that allows users to manage their digital identities on the Ethereum blockchain. With MetaMask, users can store their private keys in a secure, browser-based extension and use them to sign transactions on the Ethereum network. MetaMask also allows users to access dApps on the Ethereum network without having to run a full Ethereum node. metamask.io”
ConsenSys Commits $2.4M to Support the Decentralized Future
With a $600,000 budget per quarter, or $2.4M total budget per year, the MetaMask Grants DAO program is a radical step towards further decentralization and a commitment to embrace Web3.
Did you enjoy this Solanews article? If so please feel free to check out our other articles as well. As usual none of our articles should be taken as financial advice.