News
29 June 2020

EIP 1559 set to raise over $60,000 in Gitcoin Grants

EIP 1559 – a proposal to add a fee burning mechanism to Ethereum transactions – has raised nearly $60,000 from Gitcion Grants with two days left for fundraising. Gitcoin Grants operate using quadratic funding, a process where small donations are matched on a more even scale compared to larger donations. An individual grant is rewarded by the number of individuals who fund the project rather than the amount raised from a small number of individuals. For example, at the current rate donating 1 DAI matches the EIP -1559 grant with 108 DAI whereas donating 1000 DAI only matches 272 DAI.

Why it matters: - In a world where money buys everything, quadratic funding is an experiment to demonstrate how more democratic funding might be possible. It’s a funding mechanism where a large number of people can out raised a few individuals. - EIP - 1559 has received over 262 contributors signaling a strong desire by the Ethereum community to pass this EIP. Gitcoin Grants may be an effective signaling tool in the future for determining community sentiment on new proposals or experiments.

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