Sei Creator Fund Round #2: Creative Media and IP Development

Funding Amount: $250,000 USD worth of SEI (price taken at round close)

Sei Creator Fund Overview

The Sei Creator Fund, a $10 million initiative, launched its first round on June 4th, 2024, marking a major milestone in nurturing the Sei ecosystem. In The Kickoff Round, a $250,000 matching pool supported 63 projects, with 2,707 unique voters participating. The overwhelming response demonstrated strong community engagement and set the stage for future rounds. Today we’re announcing the start of Round #2, utilizing Quadratic Funding (QF) through Gitcoin Grants Stack. This round offers a $250,000 matching pool to support projects and individuals contributing to Sei’s creator ecosystem. 

Round #2 Details

Topic: Creative Media and IP Development

Focus Areas and Eligibility Criteria:

1. IRL Video Content: Videos, vlogs, live streams, etc.
2. Podcast Hosting: Twitter Spaces and YouTube.
3. Video + Animations: Informative content and entertainment.
4. Storytelling: Lore and IP around Sei and its ecosystem.

Notes:

• Must be new content series and media.
• Referral Bonus: 3,000 $SEI if the referee places in the top 10 (applicant must include referral in their application).
• GAP milestone tracking is required to participate (further info below).

Application Details:

• Applications go live at noon EST on Wednesday, July 31st.
• Applications close at noon EST on Monday, August 12th.
• Voting and donations will open shortly after on the Gitcoin Platform

Access Sei’s Gitcoin dashboard to apply & vote here.

Emphasis: Consistency is crucial for creators to gain momentum in their initiatives and establish a strong brand presence.

How to apply

1. Create a profile on Builder (if you do not already have one)
2. Apply on Gitcoin’s Grants Stack 
   1. (Guide)

How to Vote

1. Review Applications: When donations open at noon EST on July 31st, review live applications as they come in at Gitcoin Explorer.
2. Donate to Grantees: Donate to the grantees of your choice (add to cart -> check out with allocating $SEI). (Guide)
   1. Note: Gitcoin pools small donations from many people and matches them with the larger $250k central fund, provided by the SEI Foundation

Milestone Tracking using GAP

The Sei Foundation has partnered with Karma GAP to keep grantees accountable and help them share their progress with the community. Grantees are required to use Karma GAP to create their milestones and provide progress updates. All participating projects will be synced to the GAP platform. Grantees can log in with their wallets to add milestones and post updates upon completion. You can learn more about GAP and how to use their platform here.

Requirement: To be eligible for future rounds, grantees must share their progress and explain how they utilized funds via milestone tracking.

Steps:

1. Connect Gitcoin Profile to GAP: Log in to GAP with the same wallet used for your Gitcoin profile. (All participating projects are automatically synced to the GAP platform)
2. Set Milestones: Upload your project milestones to GAP. (For example, if you’re a content creator, outline your content milestones with a timeline)

Understanding Quadratic Funding (QF)

Quadratic Funding (QF) is a crowd-funding mechanism where community members make donations (big or small) that act as votes on where to allocate funds. QF pools small donations from many people and matches them with a larger amount of funding from a central fund, provided by the SEI Foundation. It uses a unique mathematical formula that rewards projects based on the number of people who have donated, not just the size of the donations. This approach captures community needs, fosters shared ownership, and incentivizes smaller contributors.

Cluster-Matching QF

Cluster-matching QF is an evolution of the traditional QF model, designed to address the challenge of potential collusion or over-coordination in funding rounds. Here's how it works:

1. Identifying Clusters: The mechanism considers the projects you vote for as signals of the communities you belong to. It then groups donors into clusters based on similar donation patterns.
2. Calculating Matching Amounts: Instead of treating each donor as entirely independent, COCM calculates matching amounts for each unique community combination.
3. Rewarding Diversity: Projects supported by a broader range of communities (clusters) receive more significant matching funding. This approach ensures that grants benefiting diverse groups receive the highest level of support.

Benefits of Cluster-Matching QF:

• Collusion Resistance: By grouping similar donors, COCM reduces the impact of potential collusion or coordinated voting efforts.
• Encouraging Diverse Support: Projects that appeal to a wide range of communities are naturally rewarded, promoting a more balanced and diverse ecosystem.
• Balancing Independence and Cooperation: COCM doesn't eliminate cooperation; instead, it seeks to find a middle ground where existing community structures are acknowledged while rewarding broad appeal.

Impact and Vision

By supporting projects across various categories, we're building an ecosystem catering to a wide range of user needs and use cases. As part of the larger $10 million Creator Fund initiative, we anticipate seeing even more projects emerge, pushing the boundaries of what's possible in decentralized content platforms, NFT marketplaces, social engagement, and more.

Submission Details

Applications for the second round of grants open at noon EST on Wednesday, July 31st. Any teams or individuals contributing to the Sei Creator ecosystem that meet the eligibility criteria can apply.

This initiative represents a significant milestone for the Sei ecosystem, leveraging the largest and longest-running Web3 grants program to foster innovation and development. Notable projects that have benefited from Gitcoin's funding include Uniswap, 1inch, and WalletConnect.

We look forward to seeing the incredible projects that will emerge from the Sei Creator Grants Program and invite all eligible creators to apply and contribute to the growth of our ecosystem.

Questions?

We’re here to help. If you have any questions, feel free to join the dedicated Telegram Group: Telegram Group.

About Gitcoin

Gitcoin creates technologies and opportunities that empower communities to fund, build, and protect what matters. Through its Grants Program, Gitcoin has distributed over $60 million to early-stage builders championing public goods initiatives in decentralized finance (DeFi), climate, open sourcing, and more. Core products include Grants Stack, an end-to-end grants management solution, and Allo Protocol, a decentralized capital allocation tool.

Note: This announcement is for informational purposes only and does not constitute financial advice. Please conduct your research and evaluation before participating in any project.

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