In efforts to make the grant distribution process decentralized, the new set of DAO governance methods and the ongoing growth of the ecosystem are a definite cause of Gitcoin maintaining a 100% performance level in the past month.
As more and more innovative ideas are coming into the blockchain industry and the more it starts to become mainstream, the idea of a single mother chain to control all chains has started to lose its power, as the focus has started to shift into the multi cross-chain compatibility side of things.
Gitcoin (GTC) brings together builders, creators, developers, and protocols to help contribute to the advancement of the overall ecosystem and also to work on the future of the idea of an open internet. In accordance with the statistical data shared by TradingView, the value of Gitcoin experienced a massive jump, gaining 103% in value, while the price went from a mere $4.78, recorded on the 20th of July, now to an impressive $9.71 in price, as recorded on the 11th of August. In reaction to this amazing boost in value, many new partners have shown up to take part in Gitcoin’s effort to upgrade the infrastructure of Web3.
To justify this incredible price jump, Gitcoin has revealed a big list of growing partnerships and the new DAO governance methods, which gives community members, the freedom they require on the platform and also have access to a wealthy pool of funds, which will be utilized to work on other projects and also to further enhance the features of existing protocols. The DAO methods also help out in helping community members to decide the future endeavors of a platform, and those members who are not interested in getting involved every day can let only completely trusted members handle their decisions for some rewards in return. There are a variety of DAO workstreams that are present for the community to utilize such as, public goods, dGrants, and a few others.
Because it is open-source, Gitcoin welcomes all sorts of protocols and platforms which are in need of development. Gitcoin helps in the development of such protocols and platforms by hosting many hackathon events and also providing development approvals from the higher-ups.