Sei Creator Fund Concludes Successful Inaugural Round, Allocates $250,000

Rebeca
Moen

Jul
17,
2024
02:39

The
Sei
Creator
Fund’s
first
round,
powered
by
Gitcoin
Grants
Stack,
has
concluded,
distributing
a
$250,000
matching
pool
to
63
projects.

The
Sei
Creator
Fund
has
successfully
completed
its
inaugural
round,
distributing
a
$250,000
matching
pool
to
various
projects
within
the
Sei
ecosystem,
according
to
Sei.

Sei
Creator
Fund
Overview

Launched
on
June
4,
2024,
the
Sei
Creator
Fund
is
a
$10
million
initiative
aimed
at
supporting
projects
that
contribute
to
the
Sei
ecosystem.
The
first
round
utilized
Gitcoin
Grants
Stack
and
Quadratic
Funding
(QF)
to
allocate
a
$250,000
matching
pool
to
projects
focused
on
decentralized
content
platforms,
NFT
marketplaces,
social
platforms,
and
more.

The
funding
round
saw
participation
from
2,707
unique
voters
who
supported
63
projects
across
these
categories.
The
innovative
funding
method
implemented,
known
as
Connection-Oriented
Cluster-Matching
(COCM),
aimed
to
ensure
fair
and
Sybil-resistant
distribution
of
funds.

Key
Metrics

• Total
  Matching
  Pool:
  862,500
  SEI
• Total
  Raised
  by
  Crowd:
  $38,371.68
  (15.35%
  of
  the
  matching
  pool)
• Number
  of
  Unique
  Voters:
  2,707
• Number
  of
  Unique
  Projects:
  63
• Median
  Donor
  Contribution:
  $1.24
• Average
  Donor
  Contribution:
  $14.17
• Maximum
  Donor
  Contribution:
  $17,139.76

These
metrics
highlight
the
high
level
of
community
engagement
and
the
diverse
range
of
projects
within
the
Sei
ecosystem.

Funding
Distribution
Methodology:
Cluster-Matching
QF

The
Sei
Creator
Fund
employed
an
upgraded
version
of
traditional
QF,
known
as
Connection-Oriented
Cluster-Matching
(COCM),
to
ensure
a
fair
distribution
of
funds.
Developed
by
Gitcoin,
this
method
addresses
potential
issues
of
collusion
and
over-coordination
in
funding
rounds.
The
COCM
methodology
groups
donors
into
clusters
based
on
similar
donation
patterns,
calculating
matching
amounts
for
each
unique
community
combination.

Benefits
of
Cluster-Matching
QF

1. Collusion
   Resistance:
   Reduces
   the
   impact
   of
   potential
   collusion
   or
   coordinated
   voting
   efforts.
2. Encouraging
   Diverse
   Support:
   Rewards
   projects
   that
   appeal
   to
   a
   wide
   range
   of
   communities.
3. Balancing
   Independence
   and
   Cooperation:
   Acknowledges
   existing
   community
   structures
   while
   rewarding
   broad
   appeal.

Gitcoin’s
Role
in
Pioneering
COCM

Gitcoin
has
been
at
the
forefront
of
developing
and
implementing
Cluster-Matching
QF.
This
approach
was
introduced
during
Gitcoin
Grants
Round
18
(GG18)
and
has
been
refined
over
time.
By
using
this
method,
the
Sei
Creator
Fund
ensures
a
fair
and
effective
distribution
of
funds,
balancing
rewards
between
projects
with
many
unique
supporters
and
those
with
diverse,
interconnected
support
bases.

Milestone
Tracking
Using
GAP

The
Sei
Foundation
has
partnered
with
Karma
GAP
to
keep
grantees
accountable
and
help
them
share
their
progress
with
the
community.
Grantees
are
required
to
use
Karma
GAP
to
create
milestones
and
provide
updates.
All
participating
projects
will
be
synced
to
the
GAP
platform,
allowing
grantees
to
log
in
with
their
wallets
to
add
milestones
and
post
updates
upon
completion.

To
be
eligible
for
future
rounds,
grantees
must
share
their
progress
and
explain
how
they
utilized
funds
via
milestone
tracking.

Project
Spotlight

The
top
ten
projects
by
total
matching
funding
are:

1. crossover:
   72,029.91
   SEI
2. S3
   Labs:
   64,288.63
   SEI
3. YRRRRR
   LABZ!
   (SEI
   FUCKERS):
   59,168.59
   SEI
4. dob:
   55,294.63
   SEI
5. Remo’s
   World:
   47,492.54
   SEI
6. Massdrop:
   46,864.87
   SEI
7. Frensei:
   41,581.15
   SEI
8. Popo
   The
   Cat:
   34,742.79
   SEI
9. Seipex
   Finance:
   34,285.24
   SEI
10. Katz:
    24,653.59
    SEI

These
projects
demonstrated
strong
community
support
and
alignment
with
the
Sei
ecosystem’s
needs,
reflecting
the
broad
range
of
initiatives
the
Sei
Creator
Fund
supports.

Impact
and
Vision

The
Sei
Creator
Fund
aims
to
support
a
diverse
range
of
projects,
building
an
ecosystem
that
caters
to
various
user
needs
and
use
cases.
As
part
of
the
larger
$10
million
initiative,
the
fund
anticipates
more
projects
will
emerge,
pushing
the
boundaries
of
decentralized
content
platforms,
NFT
marketplaces,
social
engagement,
and
more.

Looking
Ahead

Following
the
success
of
this
inaugural
round,
future
rounds
will
continue
to
build
on
this
momentum,
supporting
more
projects
and
further
expanding
the
Sei
ecosystem.
Creators,
developers,
and
innovators
are
encouraged
to
look
for
upcoming
opportunities
to
contribute
to
the
Sei
ecosystem.

Get
Involved

• For
  projects:
  Stay
  tuned
  for
  announcements
  about
  the
  next
  funding
  round.
• For
  community
  members:
  Keep
  supporting
  projects
  that
  excite
  you
  and
  help
  shape
  the
  future
  of
  the
  Sei
  ecosystem.
• For
  everyone:
  Join
  the
  
  Sei
  Community
  Grants
  Telegram
  Group
  to
  stay
  updated
  and
  connect
  with
  other
  creators
  and
  supporters.

Thank
you
to
everyone
who
participated
–
project
creators,
voters,
and
the
Sei
community.
Stay
tuned
for
more
updates
as
the
Sei
ecosystem
continues
to
grow.

Image
source:
Shutterstock