Quick take:
- The program will initially run for 12 months.
- ConsenSys will back developers building within the MetaMask ecosystem with $600,000 quarterly.
- The company will continue the program on a rolling basis if it proves viable with $2.4 million invested annually.
ConsenSys is extending its backing for web3 builders with a new MetaMask Grants DAO. A DAO (decentralised autonomous organisation), is an entity whose leadership is determined based on a tokenomics voting mechanism built on the blockchain.
The blockchain software technology company is committing $2.4 million for the employee-led DAO. The program will back developers building within the MetaMask ecosystem.
MetaMask, a subsidiary of ConsenSys, is one of the leading Ethereum-based crypto wallets. It is also one of the most widely used wallets for transacting in non-fungible tokens (NFTs). An NFT is a cryptographic file created on the blockchain to represent proof of ownership of a digital collectible, an artwork, digital merchandise, a music track, or a video clip.
The fund will be managed by MetaMask employees with the DAO tasked with issuing grants to MetaMask-based developers working outside of ConsenSys. In March, the company raised $450 million at a $7 billion valuation, with part of the capital committed to expanding the MetaMask ecosystem.
According to the announcement, the program will initially run for 12 months, with ConsenSys investing $600,000 per quarter. If it proves a success, ConsenSys plans to back the grant program with $2.4 million per year.
The DAO’s voting process and results will be published publicly via the SnapShot on the Codefi Activate platform.
The Grants DAO is part of ConsenSy’s plans to accelerate the adoption of Web3 mechanisms and business models in the mainstream.
Commenting on the announcement of the program, MetaMask’s global product lead Taylor Monahan told Cointelegraph: “Not only will this accelerate growth for crypto-comfortable users, but this will also boost adoption for crypto-curious individuals with more paths to participate in.”
The DAO’s structure features three components, which include a 7-member leadership committee, a multi-signature wallet that will be managed by ConsenSys, and the employee DAO, which is composed of more than 900 full-time ConsenSys employees.
The committee is tasked with creating governance proposals and identifying investment opportunities for the Grants DAO. It is comprised of co-founders of MetaMask and its global product lead, Snaps Studios lead, senior DAO strategist, as well as, ConsenSys’ director of strategic initiatives and product management director.
The Grants DAO will be offered in two tranches, with The Leadership Committee Grant voted in by the seven committee members, while DAO grants will be voted in by the entire DAO.
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