[DRAFT][GF: Phase 1 Proposal] Giveth - Cycle #10

TL;DR

Optimism is missing a donation platform.

Giveth has the best donation platform the world has ever seen, the only one to pay people to donate, and we have big plans to make it much more than that.

We would like to add Optimism to our DApp so all our projects can collect donations on Optimism. We would incentivize donations made on Giveth using Optimism with our own token (Not OP!!).

We wouldn’t sell any OP, only put it in a 50/50 LP with GIV and hold it as protocol owned liquidity.

We are asking for 400,000 OP so that the LP position would be big enough to matter, we will also put up an equal dollar amount of GIV.

Project name:

Giveth

Author name and contact info:

Griff Green - Founder - griff@giveth.io | Discord: griff (:purple_heart:, :purple_heart:)#8888 | Telegram: @griffgreen

Yass - Partnerships - yass@giveth.io | Discord: Yass#3392 | Telegram: @yass92

I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant:

Yes

L2 recipient address:

0x4D9339dd97db55e3B9bCBE65dE39fF9c04d1C2cd (giv.eth)

Which Voting Cycle are you applying for?:

8

Grant category:

Governance Fund (Phase 1)

Is this proposal applicable to a specific committee?

Not really… but if any the Tooling committee

Project description (please explain how your project works):

Giveth is incredibly aligned with Optimism in using web3 to evolve our coordination around Public Goods! Our community is focused on Building the Future of Giving using blockchain technology. Our intention is to support and reward the funding of public goods by creating open, transparent and free access to the revolutionary funding opportunities available within the Ethereum ecosystem.

We would like to add our Donation Application (https://giveth.io) to the Optimism chain so that every project on Giveth can raise funds with Optimism. On our DApp, 100% of donations go directly to the project and Donors to verified projects are rewarded with GIVbacks. Making a project to raise funds with Giveth is simple and permissionless, however to be part of the GIVbacks program and reward your donors with GIV, projects have to submit an application for our verification team to review to ensure they are truly a Public Goods project.

The GIVeconomy is what really sets us apart from just being another donation application, below is a quick run-through of the major pieces of our ecosystem.

GIV - A transferable ERC-20 token that lies at the heart of the future of giving (native to Mainnet). (LAUNCHED :white_check_mark: )

GIVbacks - The entry point to the GIVeconomy. Donors to verified public goods projects, get GIV tokens in return. This flips the script on tax deductible donation, creating a decentralized and borderless way of incentivizing donations. (LAUNCHED :white_check_mark: )

GIVgarden - Giveth’s token holder DAO. GIV token holders are able to propose and vote on how to use the Giveth community treasury using Conviction Voting. (LAUNCHED :white_check_mark: )

rGIV DAO - The equivalent of other economy’s foundation, this is a unique reputation DAO, any contributor who has been actively participating in our community for over 3 months can join. This DAO mostly handles the day-to-day operations and stewards the GIVeconomy smart contracts. (LAUNCHED :white_check_mark: )

GIVpower - Donors can lock their GIV tokens for GIVpower and use them to boost/curate projects and public goods on the platform. Projects with more GIVpower are ranked higher and in turn, reward their donors with more GIVbacks. Locking is live, boosting is fully developed and being tested now, it should roll out in an upcoming release (LAUNCHING :construction:)

GIVfi - Latent donations on the platform can be used to generate a low-risk yield while waiting to be disbursed. This yield is split between buying GIV tokens on the open market and the projects themselves (via GIVsavings), enabling nonprofits to have a defi saving account . (PHASED ROLL OUT - 2023)

GIVmatching - Top-ranked public goods and for-good projects on the platform will have the opportunity to have their donations matched via a collectively funded matching pool. We are collecting funds for the matching pool at donation.eth and will work with the Grants 2.0 system when it comes out (Q2 2023).

GURVES - The holy grail of public goods funding. Giveth projects can evolve into DAOs with their own micro-economy collateralized by GIV in a Bonding Curve. This is still very much in the research phase in partnership with Commons Stack, but is the Giveth endgame, turning the donation platform into an investment platform. (TBA)

We also have NFT projects, several integrations, partnerships, and community projects in the pipeline.

Project links:

Additional team member info (please link):

Please link to any previous projects the team has meaningfully contributed to:

TheDAO

White Hat Group

Aragon

Status

iden3

Polygon Hermez

1hive

xDai - now Gnosis Chain

Commons Stack

Token Engineering Commons

brightID

dappnode

General Magic

Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):

Since our launch at the end of December last year, we have helped raise over $1 million to verified projects on our platform, and over $500k in the last 3 months.

We have some of the GIVeconomy stats here, however it is missing a few of the newer pools:
https://dune.com/metacrypto/giveconomy

Competitors, peers, or similar projects (please link):

There is no competition in funding Public Goods!

But at our core right now, we are a donation platform so some similar projects are:

Clr.fund
The Giving Block

We believe we complement these projects well as we are running our benefits for donating 24/7 as opposed to quarterly rounds and have integrated The Giving Block Projects on Giveth.

Is/will this project be open sourced?

Yes we are radically open source.

Optimism native?:

We will make our DApp work on Optimism, Mainnet and Gnosischain

Date of deployment/expected deployment on Optimism:

2-3 months after this grant passes

Ecosystem Value Proposition:

  • What is the problem statement this proposal hopes to solve for the Optimism ecosystem?

Optimism is sorely missing a donation platform. If someone wants to donate some of their profits to a for-good project, they must bridge to mainnet first. Giveth wants to change that!

Not only can Giveth bring hundreds of already verified Public Goods projects to the Optimism network, we can also integrate and enhance the retroPGF system.

We can enable projects on Giveth to raise funds on Optimism and any donation to verified projects on Optimism would get up to 75% of their donation back in GIV tokens through our GIVbacks program.

GIVbacks is a Public Goods lego that could plug in nicely to the Retroactive Public Goods Funding program. Any funding to a verified project would receive GIVbacks. For example if a project (outside of the Optimism team) is providing an alternate RPC, they could qualify as a verified project and donations to support them would be eligible for GIVbacks.

Learn more about GIVbacks here:

Giveth enables anyone working to produce public goods to raise funds with crypto, hopefully soon that will also be with funds on Optimism!

But this is just the beginning. Giveth hopes to help projects evolve past donations and sacrifice. Public goods are not just a feel-good, heartwarming act of kindness. They are a $25 Trillion global industry, and in our opinion the most overlooked web3 opportunity. We have the opportunity to disrupt this sector with web3 tooling & Giveth is positioned to lead the way. Check out this awesome video from Devcon with Griff describing this opportunity at length, while also giving a shout out to OP and RPGF.

Given the crypto market outlook, user and nonprofit adoption growth, and innovations in fundraising, crypto has the potential to become the most powerful philanthropic force on the planet in the years ahead. In 2021, in just the US, the largest source of charitable giving came from individuals, who gave $326.87 billion, representing 67% of total giving (National Philantropic trust). Charitable Giving Statistics | NPTrust

Crypto donations is witnessing incredible growth. The total annual volume of crypto donations grew by 1,558% or more than 16x from 2020 to 2021. Source: theGivingBlock. Giveth can bring this growth to Optimism.

Has your project previously applied for an OP grant?

Not really, we were part of the first retroactive public goods funding round before Optimism launched but haven’t applied for a grant since the token was created.

Number of OP tokens requested:

400,000 $OP

Did the project apply for or receive OP tokens through the Foundation Partner Fund?:

No

If OP tokens were requested from the Foundation Partner Fund, what was the amount?:

0

How much will your project match in co-incentives? (not required but recommended, when applicable):

100% of the incentives will come from our token, we will incentivize donors to donate on OP with GIV tokens and not use OP tokens for incentives. Instead we will make a liquidity pool with the OP and GIV.

Proposal for token distribution:

Our GIVbacks program is incredible, it is the web3 replacement for tax deductible donations. No tax rebates, no government involvement at all. Instead, when people donate to verified projects on Giveth, they get up to 75% of their donation back in GIV tokens.

Learn more about GIVbacks here:

We propose that we continue to use GIV tokens to reward Donors for their donations on Optimism, as we do on Mainnet and Gnosis Chain, and instead we use 100% of the OP tokens requested to create a 50/50 liquidity pool with GIV tokens on Sushiswap.

The intention is to create a win-win partnership where both projects get the benefit of extra liquidity on Mainnet, and we do not have to sell any OP. If people prefer OP rewards to GIV rewards, they can trade the GIV for OP.

:exploding_head: Assuming prices stay stable, this distribution approach would create demand and deeper liquidity for OP instead of sell pressure as is the norm with these proposals. :exploding_head:

10 Likes

Good proposal. Better fit RPGF

This might be the most obviously Optimism aligned proposal I’ve seen yet. I completely get why this is hard to put under a particular category, the OP would be used for LP, but the platform isn’t remotely DeFi… but whatever it is classified under, it definitely seems like something I’m excited to support. Hopefully it won’t be too long before CLR.fund and Gitcoin follow suit.

I’ve only used Giveth on xDAI/Gnosis, so am I correct in assuming that your OP implementation would be the same functionality, with the same grants available to fund, effectively just with a different payment method?

Also, can you confirm if GIV is deployed yet to Optimism, and if so what the contract address is?

Lastly, just wondered why SushiSwap? I applaud the choice, as in the interests of decentralization I think it is better if liquidity doesn’t all accumulate on the biggest platforms and Sushi has a pretty small presence on Optimism, but I’m just interested in what your reasoning was?

6 Likes

I agree, I didn’t know the project Griff and I was looking into it yesterday.
I believe that @Griff and his team could be an asset to the OP community by sharing their experience.
Besides that, exploring the griff platform I found some interesting projects that may be outdated and I’m sure there is much human value we need to attract to OP

1 Like

I’ve only used Giveth on xDAI/Gnosis, so am I correct in assuming that your OP implementation would be the same functionality, with the same grants available to fund, effectively just with a different payment method?

Exactly. Each project would have the ability to collect funds on Optimism, just as they do today on Mainnet and Gnosis.

Also, can you confirm if GIV is deployed yet to Optimism, and if so what the contract address is?

It is not on Optimism yet. We will work on bridging it next week and I will update here when we get a token address.

Lastly, just wondered why SushiSwap? I applaud the choice, as in the interests of decentralization I think it is better if liquidity doesn’t all accumulate on the biggest platforms and Sushi has a pretty small presence on Optimism, but I’m just interested in what your reasoning was?

We want a constant product 50/50 pool, and I think with their name recognition and this proposal passing:

more TVL will accrue to Sushiswap than is there now; Simply put, we are trying to skate to where the puck is going. The other DEXs either don’t use the standard 50/50 constant product pool or don’t have sooooo much more TLV that it’s worth the gamble.

At least that was my assessment! This is just a draft proposal, we are very open to feedback and if there is a better DEX out there that we should use, I’m all ears!

1 Like

Super cool project, excited to see what comes of the bonding curve!

Could you explain a little more about how things would work on non-mainnet chains. So the official listings are on mainnet, people can donate their funds to those projects on Optimism then receive GIV on Optimism in return.

Will the staking features be available on OP or will people need to bridge back to mainnet to contribute to stake and participate in the different governance functions? Also where do you see the projects launching their DAO’s once the bonding curve is in place? Would they choose a chain for that functionality? Wondering if some of the OP incentives could be used to get projects to launch their DAOs here on Optimism.

The project itself doesn’t live on any chain right now, we have no smart contracts currently involved in the donation process (as of right now, we are excited to work with Gitcoin on Grants 2.0 so we are sort of waiting (and trying to help) for that to launch so we don’t end up building our own silo’d system).

So for now, when you create a project you input an address for each chain and then when someone donates to your project, they send tokens directly to that address.

We use web2 tech to record the donations and then at the end of the 2 week round, we add up all the donations (checking for completed transactions) and then send out GIV to the donors, irrelevant of what chain they chose.

This GIV is distributed as a stream on Gnosis Chain. It would be difficult to distribute the GIV on OP sadly. But it should be easy to partner with ELK finance to bridge from Gnosis to OP and skip mainnet gas costs completely.

The bulk of the GIVeconomy actions (Staking, voting, etc) happens on Gnosis Chain, thats where we launched around the same time as optimism and needed the infra that was already in place on Gnosis, so right now changing costs would be high for the other pieces of the GIVeconomy that exist.

But Giveth is Chain Agnostic, we want to build our future products on all the chains, and we could even do Regen Farms now on Optimism if there was demand. I am hopeful that when we get to the point that non-profits can launch their own Gurve, that it could work on any chain.

1 Like

Awesome! Very happy to see this proposal, GURVES BABY!

1 Like

Discussion is also happening in our thread on the Optimism discord:

To keep the info flowing, here is what is being said:

1 Like

I would love to see Giveth on Optimism. I think this is such a natural partnership for public goods and I think it’s awesome that the requested OP will be used to provide liquidity.

3 Likes

Grassroots demand confirmed:

2 Likes

A Giveth x Optimism partnership is the most mission-aligned and obvious coalitions! :handshake:t4: :100: we need more alliances like this to join forces to accelerate the adoption of public goods in web3!

1 Like

I don’t see this proposal up for voting in snapshot for cycle 8. What does it stand?

2 Likes

For proposal to go for voting on Snapshot , 2 delegates with at least 0.5% of voting Power must state their support here.

1 Like

Let’s first get the feedback figured out and we can easily recommend it for the next round. There is no point sending proposals that are not ready for a vote since it can’t be modifed once voting has started.

There was still some more discussion with @Griff explaining the various ways the proposal could go in discord so I am posting them here to be easier to follow.

4 Likes

A no-brainer. @Griff and the Giveth team are at the super top of actually using the web3 to make IRL impact.
Optimism will hugely benefit from having Giveth onboard, as Giveth has designed a path to onboard normies into web3 that happens gradually instead of violently telling the person to create a wallet now or you miss the whole web3!

Besides all that, when is Optimism or any other fund going to see a proposal that says: “we are not going to sell the tokens received but put them to work and create demand!!”??

Give a heart to Griff, and vote FOR.

1 Like

Thanks for the proposal! Wanted to flag that Token House delegates are currently in a Reflection Period, which will be followed by 2 Special Voting Cycles.

This means that the next opportunity for grant proposals to be reviewed will be at the start of Season 3, which is set to begin on January 19th.

We appreciate your patience as we’re taking this time to work through some changes that we hope will improve the proposer experience in Season 3.

1 Like

Thx for the update @lavande!