The GCC Public Goods Fund, in collaboration with the Asian Ethereum network Pagoda, has launched the first-ever Asia Round on Gitcoin, with a total prize pool of $75,000.

The prize pool for this Asia Round, in addition to the $25,000 provided by GCC, has also received a $50,000 matching donation from the official Gitcoin, bringing the total prize pool to $75,000! The maximum matching amount for a single project can reach $7,000.

Why Launch Asia Round?

With a population of 4.6 billion and over 2,300 languages, Asia boasts a huge market, an active developer community, robust infrastructure, high internet penetration, and a young population driven by innovation. It is undoubtedly the next frontier that the crypto world must expand into.

The nature of open-source and permissionless nature of cryptocurrency protocols naturally align with digital public goods. As the only public goods donation fund in the Chinese-speaking community, GCC has initiated four Chinese-speaking community rounds on Gitcoin, mobilizing approximately 8,000 donations and raising over $58,000, with over $100,000 in matching funds.

However, the concept of digital public goods is still unfamiliar within and outside the industry in Asia. With numerous languages and diverse cultures across Asia, it adds obstacles to the popularization, construction, and expansion of digital public goods.

GCC, in collaboration with Pagoda and various local communities and media from over a dozen countries and regions including China, Thailand, Singapore, Malaysia, Vietnam, Japan, South Korea, and the Philippines, has jointly launched the first-ever Asia Round in Gitcoin's history. Through this pioneering initiative, we hope to unleash the potential of innovators, builders, and projects of public goods in Asia.

Application Period: July 24th 12:00 UTC - August 14th 23:59 UTC

Donation Period: August 7th 12:00 UTC - August 21st 23:59 UTC

Application Link

Join the Telegram Community (After joining the group, please speak in the GG21 Task Group channel)

If you submit a project before August 6th, you will receive feedback on whether you have been selected before the donation period begins. However, if you submit between August 6th and 14th, you will receive feedback no later than August 15th, which may affect the progress of project fundraising.

What Projects Are We Looking For?

In defining public goods, we will mainly refer to the Public Goods Report released by GCC in December last year, focusing on its non-permissioned and positive externalities. To participate in this Asia Round, projects must meet the following basic criteria:

1. Projects must support or directly promote the construction of the Asian public goods ecosystem; or the project must have at least one core founder who identifies as Asian and promotes the construction of public goods in a specific region or field.
2. Projects must clearly articulate the problems to be solved, the solutions, financial plans, and have an excellent team or community to execute.
3. Projects must have been operational for at least 3 months, and must demonstrate tangible progress in achieving their established goals, and have at least one minimum viable product (MVP) that can be showcased to the public.
4. If it is found that the applying project encourages or facilitates Sybil attacks or other forms of malicious manipulation of the funding platform or the Gitcoin community, it will be disqualified from this round of funding.
5. Projects must comply with Gitcoin's core rules and eligibility requirements.

Projects that expand in the following areas will be given priority:

1. Development of the Asian developer community

Projects and activities aimed at cultivating the local Ethereum ecosystem developer community.

1. Advocacy and improvement of policies

Dedicated to improving the policy environment for blockchain development in the Asian region through advocacy, government public relations, and other means.

1. Innovative protocols and tools for public goods funding allocation

Efficiently and neutrally raising and distributing funds for public goods builders and projects in the Asian region.

1. Privacy and anti-censorship

Aimed at enhancing the ability of users in the digital world to protect their privacy and resist censorship.

How Does Matching Work?

What is Quadratic Funding?

Quadratic funding matches funds for a project to receive a certain amount of donations and subsidies. The calculation formula is very special, where for a given project, the square root of each donation received is first taken, these square roots are added together, and the square of the sum is then output as the total amount matched to the project.

What is Signal Booster?

In order to balance public and expert opinions, this Asia Round has innovatively introduced the Signal Booster mechanism. Of the $75,000 matching pool, $5,000 will be evenly distributed among 10 Signal Booster members, including members from the GCC Investment Committee, Asia Round partner communities, and core media members. These 10 members will independently decide how to allocate the $500 in donations and publicly disclose their donation strategy on social networks.

How is the matching impact calculated?

1. For this Asia Round, we have set a minimum threshold of $3. If your donation is less than $3, the project will still receive your donation, but it will not be included in the calculation of the matching amount.
2. Starting from GG20, the official Gitcoin has updated the rules for Gitcoin Grants donations using the Gitcoin Passport, no longer using previous on-chain credentials to calculate Passport scores to confirm the impact factor, but based on the wallet's previous transaction and donation records. This means that wallet addresses without previous donation records may not be included in the calculation of the matching amount, but the project will still receive your donation.

If your project meets the above requirements, do not hesitate to apply for a matching donation of up to $7,000! (Related Link)

If you wish to join as our partner media or community, you can also join the Telegram group and inquire in the GG21 Task Group channel.

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