The collaboration between the Metis Foundation and Gitcoin has culminated in the establishment of a $4 million annual grant initiative aimed squarely at developers.

This non-profit organization is committed to creating a central hub for the Web3 community, focusing on a platform based on blockchain technology designed for creators to launch an annual grants initiative valued at $4 million. The primary goal of this is to encourage innovation and growth within the Metis ecosystem. Metis Foundation , collaborated with Gitcoin The application window for this funding round is now open, offering participants the chance to secure 3,000 METIS tokens, equivalent to $100,000 USD, through a quadratic funding mechanism. This application phase will conclude on September 13, while donations will be accepted between September 19 and September 26.

The initial Gitcoin-hosted Quadratic funding is an engaging method of crowdfunding where donations from community members are treated as votes, influencing the allocation of a larger fund. This system ensures that projects are rewarded based on the number of unique contributors, allowing supporters to express backing for initiatives they consider valuable.

The Metis Foundation and Gitcoin are looking for applications from innovative projects focused on themes like Memecoins, games, and beyond.

This funding round seeks to highlight impactful initiatives that have garnered community interest. Selected projects may qualify for funding through both retroactive support and direct grants.

The organizations invite submissions from projects centered on topics such as Real World Assets (RWAs) and Liquid Staking Token Finance (LSTfi). Participants are encouraged to explain how their project intends to deliver value to the Metis community and its users.

To participate, projects must first create a Builder profile on Gitcoin. After setting it up, they can present their applications, detailing their mission, team composition, previous funding ventures, and roadmap plans. The Metis team will assess these proposals to confirm their eligibility. Successful projects will receive funding via Gitcoin and ongoing support, along with milestone tracking. Memecoins , Games, Real World Assets Metis operates as a Layer 2 scaling solution developed and sustained by the Metis Foundation. Leveraging optimistic rollups, it effectively manages smart contract execution and data storage off the main blockchain, functioning above networks like Ethereum. Additionally, it features an Ethereum Virtual Machine (EVM)-compatible environment, known as the Metis Virtual Machine (MVM), which allows developers and users to build and interact with applications in an environment akin to Ethereum. This capability makes it easier to migrate existing projects and code from Ethereum seamlessly.

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Metis Alisa, a passionate journalist at Cryptocurrencylistings, specializes in the realms of cryptocurrency, zero-knowledge proofs, and investments, all while keeping a close watch on the expansive world of Web3. With her sharp insight into rising trends and technologies, she provides thorough coverage designed to inform and engage readers navigating the ever-changing landscape of digital finance.