Gitcoin is a platform that aims to build the future of the open internet. Gitcoin provides a community for builders, creators, and protocols, supporting tools and technologies required for the development of Web3.
GTC is the native Etheerum token of the Gitcoin platform that is used to govern the platform.
Gitcoin has defined its mission to build and fund public goods. To do so, it tries to connect a community of developers and builders to work together and develop the future of the open web.
Through a novel democratic method of funding public goods, i.e., Quadratic Funding, Gitcoin tries to incentivize developers to contribute to developing open internet.
The Decentralized Autonomous Organization (DAO) includes community members who decide where to allocate resources (i.e., GTC tokens). Gitcoin DAO supervises a community treasury of GTC tokens. Moreover, it offers a governance framework for delegates (named Gitcoin Stewards) to take part in key Gitcoin decisions, such as fund allocation, matching pools, and grant collusion.
The project’s ultimate goal is to build Quadratic Land, a digital ecosystem where digital democracy is fully applied, and public goods are funded handsomely.
In Quadratic Land, the rules of economic gravity will be defined again differently. The considerable point is that Quadratic Land is developed by the community it serves. Everyday citizens improve the digital communities where they live.
The following descriptions help us to have a clear image of Quadratic Land:
Gitcoin’s market cap rank has followed an overall negative trend over the last five months. Starting at the rank of 213 on June 11, the rank has consistently worsened, leading to 435 when writing this post. Also, its liquidity score is 40% below the market’s average score, making it a challenging sale in bear markets.
Gitcoin’s price saw lots of ups and downs during the last five months. Following a U-shaped trend between mid-June and late August, it reached the minimum of $5 on July 17 and peaked at $13.64 on August 29. After that, another U-shaped trend was seen, leading to the price of $8.83 on November 7, 2021.
Gaining public attention has the potential to determine the success of a cryptocurrency project. According to our data, Gitcoin’s popularity on Reddit has grown by 152% over the last five months. Also, GTC’s Twitter account followers increased by 52% during the same period, surpassing 68k.
We should wait several months to see what GTC does in terms of ROI.
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