June 13 edit: Funds have been sent! Verify the transaction here
GM everyone!
The Giveth team is thrilled to announce the successful completion of the Galactic Giving quadratic funding round! This round has been an incredible journey of community support and collaboration to fund verified public goods projects.
Before we dive into the numbers, I’d like to give a HUGE shoutout to our amazing sponsors who made this round possible. We sincerely thank you for your dedication to funding public goods and for helping us raise the matching pool to $50k before the round began. Thank you to Public Nouns, Glo Dollar, Gains, GMX, Kyle, Octant, Arbitrum, Lotto PGF, Open Dollar, Premia, MUX, WOOFi, Rage Trade, & DODO.
Quick Summary
Matching Pool: 50,000 USDGLO on Arbitrum
Round Duration: May 2 - May 16, 2024
Eligible Projects: 96
Total Donors: 4,313
Unique Donors: 1,531
Total Value of Donations: $37,068
Tokens Donated: USDGLO, USDC, ETH, GIV, OP, MATIC, XDAI, ARB, & more!
Eligible Donation Networks: Ethereum Mainnet, Gnosis, Polygon, OP Mainnet, Arbitrum One
The final results including all projects, amounts raised, and matching funds can be found here:
Galactic Giving Results (External)
(Galactic Giving project owners - please double-check your Arbitrum One address!)
Project Eligibility
Projects eligible for funding were verified public goods projects on Giveth that were also nominated by a Giver NFT holder or one of our round sponsors. Projects were required to have an Arbitrum One address on their project profile, as the matching funds would be paid out on Arbitrum.
96 awesome projects participated in the round, and we could not be happier to see how the community supported them while helping to allocate the matching pool, courtesy of our generous group of sponsors. We also want to shout out the $REGEN token team who drove traffic to Giveth which resulted in more donations to the Galactic Giving projects.
Data Analysis/Breakdown
The Galactic Giving round was the first time Giveth utilized a new QF mechanism called Connection-Oriented Cluster Match (COCM). Our team is very excited about this addition as it offers a more pluralistic way to distribute a matching pool and reduces our data analysis overhead cost.
For this round only, matching results were calculated using a combination of “regular” QF and COCM. The formula for a given project’s total match amount is shown below:
Total Matching = (0.8 x COCM match) + (0.2 x QF match)
Thus, every project received 20% of what they would have if we used QF, plus 80% of the COCM match. The team decided on this as we felt there was not enough time to learn about COCM between our announcement and the round, and project owners should be given a chance to learn about a significant mechanism change like this. As a result, we will share more COCM info with projects before the next Giveth QF round.
Here are some interesting takeaways after comparing COCM to “regular” QF for the Galactic Giving Round:
- 21/96 projects received LESS matching funds
- 73/96 projects received MORE matching funds
- 2/96 project received the SAME matching funds
In short, COCM distributed the matching pool more evenly than regular QF, and the vast majority of projects benefited from this new mechanism.
My advice for project owners who want to make the most of this new mechanism going forward is to encourage your community to support more projects than just your own. The more donations an individual makes to different projects, the more likely they are to be seen as “unique” in the eyes of the COCM algorithm, meaning they won’t be clustered in with other donors. This means the money they donate will count for more matching with the added benefit that they might have learned about and supported other projects in the round.
Recurring Donations
Another awesome new feature that was introduced for this QF round is recurring donations! Giveth finished up its integration with Superfluid in April, and shortly after it was announced that any recurring donations made to projects in the QF round would count for matching. This is a truly innovative step forward for Giveth and the public goods funding space as a whole; combining streams with quadratic funding has the potential to reshape how we think about donations and matching going forward. Here are the recurring donation stats:
- 44 donation streams set up for Galactic Giving projects
- $24.61 streamed during the QF round
- Streams used GIV, ETH, USDC, DAI, & OP
Go check out the recurring donations docs to learn more. Note that streams set up now can qualify for matching if they span future QF rounds!
Project Stats
Here are the top 10 projects in the Galactic Giving Round by matching with some additional stats:
-
PCRF - Palestine Children’s Relief Fund
- Matching: 5,000 USDGLO
- Match per donor: $7.05
- Avg donation: $4.78
- Matched donations: 193
- Avg passport score of donors: 9.62
-
- Matching: 3,083.32 USDGLO
- Match per donor: $12.53
- Avg donation: $5.49
- Matched donations: 86
- Avg passport score of donors: 16.66
-
- Matching: 2,955.51 USDGLO
- Match per donor: $37.41
- Avg donation: $7.88
- Matched donations: 42
- Avg passport score of donors: 21.29
-
- Matching: 2,840.58 USDGLO
- Match per donor: $13.92
- Avg donation: $7.84
- Matched donations: 71
- Avg passport score of donors: 15.67
-
- Matching: 2,189.58 USDGLO
- Match per donor: $10.23
- Avg donation: $6.34
- Matched donations: 62
- Avg passport score of donors: 9.66
-
- Matching: 2,154.04 USDGLO
- Match per donor: $4.43
- Avg donation: $3.59
- Matched donations: 127
- Avg passport score of donors: 9.11
-
- Matching: 1,568.23 USDGLO
- Match per donor: $29.59
- Avg donation: $5.46
- Matched donations: 45
- Avg passport score of donors: 24.01
-
Diamante Luz Center for Regenerative Living
- Matching: 1,431.16 USDGLO
- Match per donor: $24.31
- Avg donation: $27.68
- Matched donations: 32
- Avg passport score of donors: 15.80
-
CRYPTOMURALS Street art is a public good
- Matching: 1,335.04 USDGLO
- Match per donor: $35.13
- Avg donation: $24.94
- Matched donations: 24
- Avg passport score of donors: 23.87
-
Skatehive Skateboarding Community
- Matching: 1,136.41 USDGLO
- Match per donor: $14.76
- Avg donation: $9.59
- Matched donations: 37
- Avg passport score of donors: 18.39
Final Remarks & Next Steps
The Galactic Giving Round has been a resounding success, thanks to the dedication and generosity of our community. We sincerely thank all quadratic force members, donors and participants who made this round possible. Also a big praise and shoutout to Umar and Joel from the Gitcoin team who have been extremely supportive throughout our implementation of COCM at Giveth.
This forum post will remain active for at least 3 business days to allow for community feedback and questions regarding the results. Following the advice process, we’ll ratify the results with a vote in Snapshot. Project owners are encouraged to verify their project details (especially their Aritbirum One recipient addresses!) and donation amounts to ensure accuracy.
If you have any inquiries or require further clarification on the matching results, please comment on this forum post or contact me directly.
Stay tuned for more updates and future rounds as we continue to grow the QF program at Giveth!
