Binance Smart Chain (BSC) has launched the first Quadratic Funding Grant round on HackerLink, a blockchain developer platform by DoraHacks. The program encourages and supports early-stage developer projects building next-gen decentralized protocols and applications.
Co-host HackerLink.io has successfully integrated with BSC and allows program applications from January 20, 2021. All registrations submitted on HackerLink will be attached to Smart Contracts. Interested community contributors can donate for prize pools and vote for top projects – all of which will be transparent and visible through smart contracts deployed on the Binance Smart Chain Mainnet.
What is Quadratic Funding? How does it work?
Quadratic Funding Grant is inspired by Vitalik Buterin and GitCoin’s early practice on the Quadratic Funding Mechanism to fund public goods in the Ethereum ecosystem. The funding mechanism includes two grant pools:
A. Direct donations from community contributors
B. A matching prize pool from sponsors
Individual community contributors can vote for their preferred projects to push them ahead in the funding round. The votes cost BNBs, which are directly donated to the respective projects after the round.
With a quadratic funding algorithm, the cost of each vote to a single project from a single contributor will increase, this encourages community contributors to donate to more projects.
“On-chain governance is an important component of every major public chain ecosystem. Quadratic funding is an effective way to engage the community to support new ideas and early-stage projects built by developers without a limit of time and space.”Says Jiannan Zhang, Founder of Dorahacks.
Binance Smart Chain Foundation has donated $50,000 for the matching prize pool. The distribution will be determined by quadratic voting results from contributors. Therefore, all contributors will have a direct impact on the allocation of the $50,000 matching pool.
Project submission and voting time will start on January 20, 2021, and end on March 10, 2021. To apply for the BSC Quadratic Funding Grant, head over to HackerLink and submit your applications here.
Who can apply?
Project domains including but not limited to DeFi, DAO, NFT, zk-Rollup, on-chain governance, cross-chain, and more can apply for the program. We also encourage community-driven projects such as podcasts, workshops, content creation platforms to participate.
How to apply?
How to Vote and Contribute?
Community contributors can vote for projects using MetaMask and WalletConnect on HackerLink. Contributors can also track votes and view fund matching results in real-time via the Grant leaderboard. Each contributor will receive an NFT to acknowledge their contribution after the round ends.
For more details, check out the BSC Grant Round 1 guidelines here.
Alongside the Grant, Binance Smart Chain will also work with DoraHacks upon a series of Global Hackathons. 10 global Hackathons will be held in 10 blockchain developer and innovation-centric cities and countries, including Austin, Nashville, Chicago, Boston, Denver, San Fransisco, Berlin, Beijing, Singapore, and Bangalore, aiming to engage with active blockchain developers, nurture new projects, co-invest in projects that want to go further and play major roles in the BSC ecosystem. This program will also encourage other players and ecosystem partners from the Binance community to jointly support new developers’ projects, enrich and further build a strong BSC ecosystem. Checkhere for more information.
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About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps.
For more information on Binance Smart Chain, please visit https://www.binance.org/#smartChain.
DoraHacks is a decentralized global developer community, hackathon organizer, and venture builder. DoraHacks’ blockchain developer platform HackerLink.io provides tools to incentivize and foster open-source blockchain development, such as grants, bounties, BUIDLs, and hackathons.
For more information on Dorahacks, please visit our website.