Platform that provides public interest in the Ethereum ecosystem GitcoinGitcoin Labs, the main software development unit, has decided to close. One of the founders of the platform Kevin OwockiHe said that it is effective in making profitability in the decision of the decision is not realistic under the current conditions.
Gitcoin Labs is closing, in the focus Grant program
“Grants Lab’s financial burden has gone beyond existing financial resources, Ow said Owocki, one of the founders of Gitcoin, on the X account. Gitcoin’s senior executives and Grants Lab leader after talks, the second half of the year will not be offered a new budget said.
The remaining funds after the closure will be used to pay the severance payments of employees to be affected by work. Gitcoin’s main network presence Gıt coin This news lost about 2 percent in the middle of the news.
Company officials emphasized that the support for existing technologies will not end immediately, and that the transition process is being worked for trouble -free.
Gitcoin is especially one of the founding partners of Ethereum Vitalic BotterIt is known as a platform that supports open source projects and public interest at the “Quadratic Funding” method developed with the contribution of the ‘Quality Funding ”method. So far, it has gained an important place in the web3 world by distributing more than $ 60 million funds.
Restructuring Process: New Gitcoin Vision
Owocki said that they are hopeful despite the closure and that Gitcoin would continue with a smaller but more oriented team. In the new era, weight Gitcoin Grants The program will be strengthened and the effective management of the current asset portfolio.
With the restructuring process that started about a year ago, the platform adopted a more capital -oriented strategy while maintaining the community -oriented structure. In February 2024, several DAO united, Layer 2 Public Goods Network was closed and investment in more profitable projects was started. This new change is seen as a continuation of this transformation.
Gitcoin, also at the same time Grants Stack The donation, which bears the name, will also close the management tool. However, the Allo Protocol, developed for democratic capital allocation, is also terminated. But the authentication solution Human PassPort The system will be preserved and will continue to be supported.
Gitcoin, partners and users “the technologies you use will not disappear immediately” message, while the transition process will provide all kinds of support will be provided, he said. It was announced that the work on how to make the technology cycle and which solutions will continue.
Gitcoin Grants Program Leader Mathilda DV “Today is a big turning point for us today. It’s a hard day, but I’m hopeful of the future,” he said. Grarts stack stressed that the Gitcoin Grants Program will continue to strengthen.
The project was also very strong in terms of fund resources. According to the statements, the financing of the Gitcoin Grants Program is guaranteed to “up to 2029”.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
