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$250k Creator Fund Launched by Sei and Gitcoin to Energize SEI Ecosystem

In a groundbreaking move to stimulate innovation within the SEI ecosystem, Sei and Gitcoin have introduced the Sei Creator Fund, designed to support the deployment of SEI v2. According to the official Sei blog, this initiative seeks to accelerate the SEI ecosystem’s growth and development through multiple funding rounds, beginning with a $250,000 matching pool.

Quadratic Funding Mechanism

The first round, aptly named ‘The Kickoff,’ kicks off on June 4th and leverages a quadratic funding (QF) mechanism. QF is a unique crowdfunding method where community members’ donations serve as votes to allocate funds. This method aggregates small contributions from numerous donors and matches them with substantial amounts from a central fund provided by the SEI Foundation.

Unlike traditional funding models, QF rewards projects based on the number of contributors rather than the size of individual donations, fostering community participation and shared ownership.

Gitcoin’s Proven Track Record

Gitcoin has established itself as a leader in funding Web3 projects, having allocated over $60 million and attracted 4.2 million donations while onboarding more than 300,000 developers into the crypto ecosystem. With the Sei Creator Fund, the SEI community can now actively participate in directing grant funding and shaping the ecosystem’s future.

Creator Fund Rounds and Eligibility

The Sei Creator Fund will operate through multiple rounds, each with specific criteria, deadlines, and funding limits. Each round will utilize the Gitcoin Grants Stack, combining quadratic and retroactive funding mechanisms to democratize the grant program.

Eligible participants include creators, builders, or innovators contributing to the SEI ecosystem. Projects eligible for funding range from decentralized content platforms and NFT marketplaces to Web3 creative tools and infrastructure. Proposals must demonstrate community engagement, technical feasibility, and ethical standards, among other criteria.

Evaluation Process

A committee led by SEI representatives, in collaboration with Gitcoin, will review proposals. Projects will be evaluated on their adherence to eligibility criteria, potential impact, and alignment with each funding round’s objectives. The goal is to onboard as many projects as possible to support diverse initiatives within the SEI Creator Economy.

How to Apply

Interested parties can create a profile on Gitcoin’s Builder platform and apply through the Grants Stack. Applications for the first round open on Tuesday, June 4th, at 9 AM EST. The application process aims to be straightforward, enabling both new and existing projects to seek funding effectively.

How to Vote

Community members can participate in the voting process by reviewing live applications and donating to their preferred projects starting June 4th at 9 AM EST. Each donation acts as a vote, guiding the allocation of the $250k matching pool.

Significant Milestone for SEI

This initiative marks a major milestone for the SEI ecosystem, leveraging Gitcoin’s extensive experience in funding Web3 projects. Notable projects that have benefited from Gitcoin’s funding include Uniswap, 1inch, and WalletConnect. By harnessing this proven model, the Sei Creator Fund is poised to drive significant innovation and growth within the SEI ecosystem.

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