Gitcoin and Prime agree on Mutual Grant to empower DAO2DAO coordination tooling
This agreement aligns the interests of Prime and Gitcoin to accelerate collaboration between both DAOs
On December 13th, 2021, Prime and Gitcoin officially aligned their interests through a Mutual Grant Agreement of $250K worth of $GTC for 500k $D2D. This signifies a monumental shift in DAO2DAO (D2D) coordination and the tooling we will build for it.
This partnership between Prime and Gitcoin is the first step for both DAOs to collaborate on building tools that will upgrade the coordination capabilities of Decentralized Autonomous Organizations — specifically D2D coordination.
Abstract
PrimeDAO is a collective of Web3 builders and DAOists dedicated to researching and building next-generation coordination tools to create a mesh ecosystem of co-ownership among DAOs.
Gitcoin’s mission to build and fund digital public goods has led it to become a natural home for coordination across Web3. Gitcoin also builds tools for the DAO-era of capital and culture, which aligns with PrimeDAO’s goals.
Together, Prime and Gitcoin will unite their ecosystem of DAOs for building coordination tools that will usher in a new era in DAO2DAO collaboration. Furthermore, Gitcoin will help develop, use and expand upon PrimeDAO’s current suite of products.
We are excited about this collaboration as Gitcoin and PrimeDAO have synergistic goals. Gitcoin has expanded the reach and impact of Public Goods Funding while providing the web3 community space for well-intended collaboration and building. Prime has been advancing tools for collaboration and coordination, acting as a service hub for DAO’s, contributors, and the Prime team to come together and create tooling. Therefore we believe this partnership will significantly accelerate D2D collaboration for Web3.
This relationship complements Gitcoin & Prime in the following ways:
- Enabling Gitcoin to have a direct stake in the future direction of PrimeDAO via 0.5% allocation of their governance token into the Gitcoin Treasury
- Collaborating on building DAO 2 DAO tooling to usher in the next era of coordination
- Benefiting from the expertise in coordinating public goods funding of the Gitcoin community
Community Feedback
The Gitcoin Forum discussed the agreement and passed the proposal by the Gitcoin DAO on December 13th.
From the work I’ve done with the Prime DAO folks in the past I can definitely confirm that they’re one of the most mission and values aligned groups out there. — Scott Moore, Co-founder of Gitcoin
The proposal passed unanimously with 3.36 million GTC committed
I’d like to see this pass. The tools PrimeDAO is building are ones GitcoinDAO needs and the rest of the ecosystem as well — Disruption Joe, FDD Workstream Lead
The agreement was discussed in the Prime Forum and passed the proposal on December 9th.
Beyond being excited about this collaboration — Gitcoin has spearheaded the whole Public Goods space and it’s incredibly exciting to work closely with them! — Luuk Weber, Strategic Lead at PrimeDAO
Agreement Breakdown
Gitcoin receives 250K USD worth of PrimeDAO’s $D2D governance token at $0.50 per token for a total of 500K $D2D tokens, equating to 0.5% of PrimeDAO treasury. Prime receives 250K USD worth of GitcoinDAO’s $GTC governance token at a price.
To ensure long-term alignment, Gitcoin will hold no less than 50% of the tokens received through 2023 and act as a meta-delegate in the Prime DAO ecosystem.
Specification
The passing of this proposal would transfer $250,000 USD worth of $GTC to 0x567d220B0169836cBF351DF70A9c517096ec9De7, PrimeDAO’s specified Treasury address.
500K $D2D, a 0.5% allocation, would be transferred to 0xde21F729137C5Af1b01d73aF1dC21eFfa2B8a0d6, Gitcoin’s multisig address for easier delegation / voting.
Get Primed!
We’ve never been more confident that DAO2DAO interactions will drive the future of crypto networks. It has never been a more exciting point to get involved in Prime and reshape DAO coordination.
If you are committed to enabling DAO 2 DAO innovation and are interested in collaborating with or getting involved in Prime, jump into our Discord now, and let’s get connected!
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