Sei Creator Fund Concludes Successful Inaugural Round, Allocates $250,000
Rebeca Moen Jul 17, 2024 02:39
The Sei Creator Fund's first round, powered by Gitcoin Grants Stack, has concluded, distributing a $250,000 matching pool to 63 projects.
The Sei Creator Fund has successfully completed its inaugural round, distributing a $250,000 matching pool to various projects within the Sei ecosystem, according to Sei.
Sei Creator Fund Overview
Launched on June 4, 2024, the Sei Creator Fund is a $10 million initiative aimed at supporting projects that contribute to the Sei ecosystem. The first round utilized Gitcoin Grants Stack and Quadratic Funding (QF) to allocate a $250,000 matching pool to projects focused on decentralized content platforms, NFT marketplaces, social platforms, and more.
The funding round saw participation from 2,707 unique voters who supported 63 projects across these categories. The innovative funding method implemented, known as Connection-Oriented Cluster-Matching (COCM), aimed to ensure fair and Sybil-resistant distribution of funds.
Key Metrics
- Total Matching Pool: 862,500 SEI
- Total Raised by Crowd: $38,371.68 (15.35% of the matching pool)
- Number of Unique Voters: 2,707
- Number of Unique Projects: 63
- Median Donor Contribution: $1.24
- Average Donor Contribution: $14.17
- Maximum Donor Contribution: $17,139.76
These metrics highlight the high level of community engagement and the diverse range of projects within the Sei ecosystem.
Funding Distribution Methodology: Cluster-Matching QF
The Sei Creator Fund employed an upgraded version of traditional QF, known as Connection-Oriented Cluster-Matching (COCM), to ensure a fair distribution of funds. Developed by Gitcoin, this method addresses potential issues of collusion and over-coordination in funding rounds. The COCM methodology groups donors into clusters based on similar donation patterns, calculating matching amounts for each unique community combination.
Benefits of Cluster-Matching QF
- Collusion Resistance: Reduces the impact of potential collusion or coordinated voting efforts.
- Encouraging Diverse Support: Rewards projects that appeal to a wide range of communities.
- Balancing Independence and Cooperation: Acknowledges existing community structures while rewarding broad appeal.
Gitcoin's Role in Pioneering COCM
Gitcoin has been at the forefront of developing and implementing Cluster-Matching QF. This approach was introduced during Gitcoin Grants Round 18 (GG18) and has been refined over time. By using this method, the Sei Creator Fund ensures a fair and effective distribution of funds, balancing rewards between projects with many unique supporters and those with diverse, interconnected support bases.
Milestone Tracking Using GAP
The Sei Foundation has partnered with Karma GAP to keep grantees accountable and help them share their progress with the community. Grantees are required to use Karma GAP to create milestones and provide updates. All participating projects will be synced to the GAP platform, allowing grantees to log in with their wallets to add milestones and post updates upon completion.
To be eligible for future rounds, grantees must share their progress and explain how they utilized funds via milestone tracking.
Project Spotlight
The top ten projects by total matching funding are:
- crossover: 72,029.91 SEI
- S3 Labs: 64,288.63 SEI
- YRRRRR LABZ! (SEI FUCKERS): 59,168.59 SEI
- dob: 55,294.63 SEI
- Remo's World: 47,492.54 SEI
- Massdrop: 46,864.87 SEI
- Frensei: 41,581.15 SEI
- Popo The Cat: 34,742.79 SEI
- Seipex Finance: 34,285.24 SEI
- Katz: 24,653.59 SEI
These projects demonstrated strong community support and alignment with the Sei ecosystem's needs, reflecting the broad range of initiatives the Sei Creator Fund supports.
Impact and Vision
The Sei Creator Fund aims to support a diverse range of projects, building an ecosystem that caters to various user needs and use cases. As part of the larger $10 million initiative, the fund anticipates more projects will emerge, pushing the boundaries of decentralized content platforms, NFT marketplaces, social engagement, and more.
Looking Ahead
Following the success of this inaugural round, future rounds will continue to build on this momentum, supporting more projects and further expanding the Sei ecosystem. Creators, developers, and innovators are encouraged to look for upcoming opportunities to contribute to the Sei ecosystem.
Get Involved
- For projects: Stay tuned for announcements about the next funding round.
- For community members: Keep supporting projects that excite you and help shape the future of the Sei ecosystem.
- For everyone: Join the Sei Community Grants Telegram Group to stay updated and connect with other creators and supporters.
Thank you to everyone who participated - project creators, voters, and the Sei community. Stay tuned for more updates as the Sei ecosystem continues to grow.
Image source: Shutterstock