ConsenSys, a blockchain technology company, announced the launch of MetaMask Grants DAO.
This employee-led, fully-funded Decentralized Autonomous Organization (DAO) structure issues grants “to developers outside of ConsenSys, who are building impactful experiences within the MetaMask ecosystem.”
It is “open to any meaningful project that adds value to the MetaMask ecosystem.”
With a $600,000 budget per quarter, or $2.4M total budget per year, the MetaMask Grants DAO program is “a radical step towards further decentralization and a commitment to embrace Web3 mechanisms and business models at ConsenSys.”
Voting and proposals “will take place publicly through SnapShot on the Codefi Activate platform.”
The project will “initially run for 12 months but may be extended if successful.”
Taylor Monahan, Global Product Lead at MetaMask, said:
“Making MetaMask the most extensible wallet in the world requires decentralizing efforts to build it out further and empower its communities. Not only will this accelerate growth for crypto-comfortable users, but this will also boost adoption for crypto-curious individuals with more paths to participate in.”
The DAO consists of three parts:
- An employee-Led DAO, the heart of the DAO, made up of all 900+ full-time ConsenSys employees with the potential to add external partners in the future. They will all be able to opt-in to be a Grants DAO member with equal voting rights.
- A leadership committee (mini-DAO) made up of seven individuals. The leadership committee is responsible for finding high-potential projects, creating governance proposals, updating external content, and gathering feedback and driving improvements to the DAO.
- A secure multi-signature wallet. Overseen by ConsenSys, it will manage the token contract and treasury. In addition, it will be accountable for signing transactions for the disbursal of funds and minting/burning tokens as employees join or leave the company.
The leadership committee of MetaMask Grants DAO comprises of:
- The Co-founders of MetaMask
- MetaMask Global Product Lead
- MetaMask Lead for Snaps Studios
- MetaMask Senior DAO Strategist
- The Director of Strategic Initiatives at ConsenSys
- The Director of Product Management at ConsenSys
The DAO’s funding will be split across two types of grants:
- Leadership Committee Grants – These grants will be allocated to the Leadership Committee to vote on. Any Leadership Committee member can make a proposal.
- DAO Grants – These grants will be allocated for the entire DAO to vote on. Proposals with a simple relative majority will pass. Further information please on the governance is available here.
MetaMask, the world’s leading self-custodial Web3 wallet, was “launched with grant funding support soon after Ethereum in 2016.”
Alongside the entire community, MetaMask has “learned a lot from its rich history in the ecosystem serving as the portal to web3 and can now offer that insight to up-and-coming Web3 projects.”
The team said they “encourage developers worldwide to apply for a grant and help build out the MetaMask ecosystem visiting the MetaMask Grants DAO site to learn more and apply.”
Exploring Web3 mechanisms is “core to the DNA of ConsenSys which has been experimenting with how to incorporate increasingly decentralized operations into a mature software company, as showcased by recent initiatives such as Bankless DAOlationship, Merge Regenesis NFT drop, and VillageDAO.”
As covered, ConsenSys claims to be “a leading Ethereum and decentralized protocols software company.”
They enable developers, enterprises, and people worldwide “to build next-generation applications, launch modern financial infrastructure, and access the decentralized web.”
Their product suite, “composed of Infura, Quorum, Codefi, MetaMask, Truffle, Diligence and our NFT platform, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets.”
Ethereum is “the largest programmable blockchain in the world, leading in business adoption, developer community, and DeFi activity.”
On this “trusted,” open source foundation, they are “building the digital economy of tomorrow.”