Blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly launched MetaMask Grants DAO aimed at driving further development of the Web3 ecosystem.
The fund will be led by MetaMask employees who will manage the decentralized autonomous organization (DAO). The DAO will be responsible for issuing grants to developers working outside of ConsenSys that are building products and services within MetaMask’s ecosystem and the wider Web3 space.
The project will initially run for 12 months to assess its viability and success, with the DAO processing votes and proposals publicly through SnapShot on the Codefi Activate platform. ConsenSys is committing $600,000 per quarter in an effort to drive decentralization and adoption of Web3 mechanisms and business models.
MetaMask’s global product lead Taylor Monahan highlighted the focus on decentralized development as a catalyst for further growth in a statement shared with Cointelegraph:
“Not only will this accelerate growth for crypto-comfortable users, but this will also boost adoption for crypto-curious individuals with more paths to participate in.”
The DAO itself is made up of three components. The first is the employee-led DAO which consists of more than 900 full-time ConsenSys employees. These employees will be able to opt-in to be Grants DAO members, all of whom have equal voting rights.
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The second part is a leadership committee, or mini-DAO, made up of seven individuals. This committee will be responsible for identifying high-potential projects, creating governance proposals and updating external content. They will also gather feedback and drive improvements to the DAO.
The final part is a secure multisignature wallet overseen by ConsenSys that will manage the token contract and treasury. It will also sign transactions for fund disbursement as well as mint and burn tokens as employees join or leave the company.
The leadership committee of MetaMask Grants DAO includes the co-founders of MetaMask, its global product lead, Snaps Studios lead, senior DAO strategist, as well as ConsenSys’ director of strategic initiatives and product management director.
The funding of the DAO will feature two types of grants. The Leadership Committee Grant will be voted on solely by its seven members, while DAO Grants will be allocated for the entire DAO to vote on.