The Galactic Giving Round Results are here!
Story by Kieran O
The Galactic Giving Round has been an incredible journey of community support & collaboration to fund verified public goods projects.
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.
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.
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.
Innovating QF Rounds
The Galactic Giving round was the first time Giveth utilized a new QF mechanism called Connection-Oriented Cluster Match (COCM) 1. 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 42 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)
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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.
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 4! 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 4 to learn more. Note that streams set up now can qualify for matching if they span future QF rounds!
Big Thank You & 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.
Stay tuned for more updates and future rounds as we continue to grow the QF program at Giveth!
