This was the big news in the ReFi space this week:
Octant and Climate Coordination Network (CCN) will work together on a climate-themed funding round.
If you care about climate action, this one's for you. Since we started @OctantApp we've been funding public goods and open-source projects, and we've been working on bigger plans to be able to bring positive and lasting change.
6 epochs later, 65+ projects funded, and $6M…
6 epochs later, 65+ projects funded, and $6M…
98
If you're not familiar with Octant, the premise is rather simple: take a portion of the revenue earned from staked ETH and redirect it to funding a community-selected list of Web3 projects that benefit the public good. Through six rounds, 65+ projects have received $6 million in funding.
Imagine that for a second. A holder of revenue-generating assets voluntarily deciding to forsake significant profit for the betterment of an industry. It sounds too good to be true given our obsession with wealth accumulation. And while $6 million may not be much in the grand scheme of things, Octant is providing a framework for being better wealth stewards. There's a certain stablecoin issuer earning billions in reserve revenue that should be taking notes.
Now imagine that profit being directed towards grassroots climate projects. What you have is the model for a regenerative flywheel in which impactful projects can get access to consistent funding. Just the thought of something like this working at scale is enough to given one hope for the future of the climate. For now, though, we'll have to make do with a single funding round in which CCN will curate the projects and the Octant community will vote.
The great news for climate projects is that there should be a lot more funding to go around than in a typical CCN Climate Solutions round on Gitcoin. Comparatively few projects will get accepted, yes, but those that do stand to benefit greatly and, hopefully, scale their impact.
Of course, with increased funding comes increased scrutiny. We may finally get a chance to really test out the impact verification infrastructure that has been put in place over the last year or two.
All in all, this feels like an important milestone for Web3 climate impact and ReFi. It will take joint effort to ensure put our best foot forward for the wider Web3 space and beyond. We'll be keeping a close eye on how things progress.
Glo Dollar x Optimism Builders Gitcoin Round
Only a couple of days left in the Glo Dollar x Optimism Builders round! We keep a good chunk of our current treasury in USDGLO and think everyone else should do the same to support public goods!
If you have some funds to spare, we'd appreciate some love. 💚
https://explorer.gitcoin.co/#/round/10/96/10
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