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The team aims to distribute $1 billion over the next “several years,” it said.\n<\/p>\n
Ethereum-based crowdfunding platform, Gitcoin, announced today<\/a> its main focus in 2024 will be its Grants program, creating a new unit dubbed Grants Labs to pave the way.<\/p>\n Allo Protocol<\/a>, a Gitcoin-focused community resource allocation protocol, will oversee Grants Labs. The new unit aims to distribute $1 billion over \u201cseveral years,\u201d and is tasked with encouraging development for Grants Stacks, a smart-contract enabled grants program.<\/p>\n The organization will also prepare to launch its Passport<\/a> program, a proof-of-humanity and reputation project, according to today\u2019s announcement.<\/p>\n With more than $56 million deployed since 2019, Gitcoin<\/a> is considered one of the top funding allocators in the crypto ecosystem. Narrowing down their focus aims to strengthen that position, furthering growth in digital public goods and the broader Ethereum<\/a> ecosystem.<\/p>\n Gitcoin said its new \u201cend game\u201d is to create verified, reputation-backed networks in Web3<\/a>. It wants to provide transparency and accountability in grants decision-making, while also measuring their impact.<\/p>\n Gitcoin is also preparing to spin out Passport, which is considered by the team as the largest driver of token utility for the project.<\/p>\n The crowdfunding platform said it will move forward with shuttering the Public Goods Network (PGN), a L2 designed to support public goods, as announced<\/a> last month.<\/p>\n Gitcoin has also announced Citizen Grants, a bottoms-up approach heralded as laying the groundwork for more community-led participation.<\/p>\n Token holders will now vote and ratify budget requests coming out next week.<\/p>\n <\/p>\nGitcoin’s End Game <\/h2>\n