GM Round Operators as well as others who are planning to be one, or just wondering how this magical process works!
Today we will walk you through How to Create a Quadratic Funding Round on Gitcoin Grants Stack.
First you have to go to manager.gitcoin.co and connect your wallet to access the Manager. The Manager is the central hub for creating and managing programs, and distributing funds across various rounds and voting mechanisms.
Once you've connected your wallet, the next step is to choose the blockchain network for your program. This is a critical choice as all rounds within your program will be hosted on the selected chain. Think of the program as a container that can hold multiple rounds, each with its unique criteria.
However, it's important to note that the chain of the applicant projects doesn't need to match your program's chain. For instance, a project created on the Optimism chain can still apply to a round set up on the Polygon chain. In this tutorial, we'll use the Public Goods Network (PGN) for demonstration purposes.
Now click on the “Create Program” button at the top menu. In the “Create a Grant Program” page, start by naming your program - perhaps something relevant to your community or the specific cause you're championing. Next to the name field, you'll see “Program Chain” set to your wallet’s current chain. To switch chains, just change it in your wallet.
In the second section of this page, you will add round operators as represented by their unique wallet addresses. These are individuals who will have access and related permissions to the program. It’s important to note that once a program is created, you will not be able to add more operators, and removing an operator could incur substantial transaction fees.
When you click on the “Save” button, the application will prompt you to sign a transaction in your wallet. Upon confirmation of the transaction, your program will be created on the blockchain and you will be redirected to the “My Programs” page. Here you can see your newly created program.
Click on any program and you will be taken to that program’s details page. You can see the name of your program, shortened wallet addresses of round operators, and the number of round operator wallets. If it is your first time on this page, you will be asked to start a round.
Gitcoin has two grant distribution mechanisms you can choose from:
Direct Grants for distributing grants in a designated pattern.
Quadratic Funding for distributing grants with a quadratic methodology.
We will create a Quadratic Funding Round today, so select “Quadratic Funding” and click on the “Create Round” button.
This will take you to the “Create a Round” page. Here, the first field will be the name of your round.
Let’s set a scenario to make this more relatable. Picture this: out of the blue, a special round is announced, exclusively for those who have been part of the Greenpill Round Managers Training Cohort and the Round Manager Writers Cohort. In this scenario, we could name our round “Greenpill Round Managers Round”.
This name captures the essence of our community, and clearly explains the mission of the round. Here you can also see what Program Chain is used for this round, which is a disabled field.
The next two fields focus on applicant support. First, we have the “Support Input” field, where you'll choose how you want to receive support requests. For simplicity, let’s proceed with “Email” as our input type.
Make sure you enter a valid email address here. This step ensures that applicants know exactly how to reach out to your team if they need any help or guidance.
Moving on, we have 2 types of dates to decide on: application dates and round dates.
Between the start date and the end date, applicants will be able to access the application form. The start date of your round can not be the current date. Round dates determine the period in which donations will be made. Round dates don’t necessarily start after the application window ends. You could have your round starting on, say November 12, even while applications wrap up on November 15. In fact, by checking the “Enable rolling applications” field, right under the start date, you can accept applications until the round ends. Keeping this feature on helps in several cases where you might need to make last minute changes.
The two radio buttons at the bottom are used to set your round either as a public or private round. If you set the round to public it will be listed on explorer.gitcoin.co under the “Explore Rounds” tab along with other public rounds.
If you decide to keep it private, only the people with the link to the round page will be able to see it.
Click “Next”, and start filling in the “Funding Settings”. On this page, we will start by selecting our payout token, and the available amount of the selected token for the matching funds. Select the token you want to use for the payouts. Tokens in the drop-down list might vary based on the selected program chain. Then, enter the amount of this token you’ve got set aside for the matching funds.
“Matching Cap” section consists of a “Yes” or “No” selection as well as an input field. If you click yes, the input field will be enabled for you to input the percentage of the matching cap you want. This figure will cap the percentage of your overall matching pool that a single grantee can receive. You can adjust the matching cap later from the “Round Details” dashboard.
If we set the matching cap to 10%, a maximum of 10 projects could be fully funded in a given scenario, assuming equal distribution of funds. However, if we lower the cap to 5%, each project will stop receiving funds after reaching this limit, allowing more than 10 projects to benefit from the remaining 50% of the pool. This approach enables broader support, i.e. reaching a larger number of projects.
In the next section, you will determine whether you want to use a “Minimum Donation Threshold” for each donation to be eligible for matching. Setting a $1 threshold helps prevent spams, and encourages more thoughtful donations. It’s a simple yet effective way to ensure each contribution is meaningful.
The last option to set on this page is “Sybil Defense”. Gitcoin offers sybil protection via Gitcoin Passport. Gitcoin Passport is an identity verification application that acts as an aggregator of decentralized society credentials, proving your trustworthiness without the need to collect personally identifiable information. This process transmits more Sybil resistance out to the entire ecosystem.
Also, starting with the Gitcoin Grants 19, Grants Stack will have a new Passport Sliding scale system in place, which adjusts the matching amount your donations are eligible for based on your Gitcoin Passport score. You can read Gitcoin Passport documentation for detailed information.
When you click “Next”, you’ll be taken to the “Round Eligibility” page. Information entered here is crucial as it will be the first thing applicants see before starting their application.
It’s important to make this information clear and concise, outlining the key eligibility criteria and any other essential details that applicants need to know. This could include the scope of the project, target participants, funding limits, or specific requirements they must meet. Here’s how the “Round Eligibility” page will appear to the applicants.
Moving on, we arrive at the “Review Information” page. This is where Project Owners will compile the necessary details to complete their application. It’s important to pay close attention here because some of the information provided, especially personal identifiable details, will be stored, and may be publicly visible.
The page is divided into three key sections, starting with the “Project Information” on top. In this section, we collect crucial details about the project. It’s where applicants will provide the project’s name, website, and a brief description. While the project logo and banner are optional, including them can offer a visual representation of the project and help it stand out.
Second is the “Project Socials” section, which is all about connectivity. Applicants will have the option to include their project’s Twitter and GitHub links here. We can adjust these fields to be mandatory or optional, depending on the round’s scale and requirements. For larger rounds, requiring social media details can offer an additional layer of Sybil protection. In smaller rounds, organizers might opt to make these optional, as tailored to the needs of their specific round.
The third and last one is the “Application Questions” section. Here, we will create the questions that applicants will need to answer in their application.
While the payout wallet address is fixed, other questions can be modified or new ones might be added. As a side note, it’s important for applicants to know that if the program is running on a chain like PGN which doesn’t support Safe Wallets yet, they should use an EOA wallet instead.
When you’re ready to add or modify questions, click on the “Add” or “Edit” button. This will open up a pop-up window, and let you select the question type and populate the necessary fields corresponding to it.
The form also lets you control options to mark questions as mandatory or optional, aligning with what you require from applicants. For added confidentiality, encryption is available for responses. Selecting encryption, however, will prevent the information from being visible on the explorer, safeguarding the applicant’s privacy. After configuring your questions and settings, simply hit “Add” to lock in the updates.
Once the final step of setting up your round is completed, you can launch it by clicking the “Launch” button.
This action will prompt you to confirm a blockchain transaction. Once confirmed, congrats! Your round is officially deployed, and you’ll be redirected to the “Program Details” page.
On the program details page, you’ll find a list of your running rounds. To access the details of your newly created round, click on it. You will land on the “Round Details” page, which serves as the operational hub for round managers.
Here, round operators manage various aspects of the round such as reviewing, accepting, or rejecting applications, editing round settings as needed, viewing important round statistics and results, or funding the round contract.
At the end of the round, tokens can be distributed to the applicants from the “Fund Grantees” section. And leftover funds can be reclaimed by the round operators using the “Reclaim Funds” section.
It’s important for round operators to understand that any changes made after the initial deployment of the contract will require a new transaction. That transaction is necessary to update the contract’s state on a new block in the blockchain. Operators should factor in this need for additional transactions when planning updates or changes to the contract post-deployment.
Before we wrap up, here is another pro tip to keep in mind: consider handling application approvals and rejections in bulk! This strategy simplifies the process, and significantly reduces the number of transactions you need to perform, which can be a real advantage in terms of time and cost management.
With this final piece of advice, you’re now equipped with some key strategies for effectively managing your quadratic funding round.
In closing, we hope you find this guide useful for guidance on the creation of a Quadratic Funding Round on Gitcoin Grants Stack. It is designed to assist you through each step of the process, ensuring a smooth experience. Should you have any further questions or need assistance, feel free to reach out for support.
Best of luck with your funding round!
Sorumluluk Reddi Beyanı
Bu sitede yer alan içerik mali yatırım veya vergi tavsiyesi değildir. Bu bülten tamamen eğitim amaçlıdır ve yatırım tavsiyesi ya da herhangi bir varlığın satın alınması-satılması veya herhangi bir finansal karar alınması yönünde bir talep değildir. Bu bülten vergi tavsiyesi değildir. Muhasebecinizle konuşun. Kendi araştırmanızı yapın.