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Gitcoin Launches gtcETH to Support Grants

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On March 8, Gitcoin announced the details of gtcETH (Gitcoin Stacked ETH Index). gtcETH was created in cooperation with the Index Coop community of the Cryptoc…

Gitcoin Launches gtcETH to Support Grants

On March 8, Gitcoin announced the details of gtcETH (Gitcoin Stacked ETH Index). gtcETH was created in cooperation with the Index Coop community of the Cryptocurrency Index Protocol. It is a separate token that can provide funds for Gitcoin Grants through the ETH pledge award. The token will be built based on the Index Protocol, and will include Rocket Pool, Lido and StackWise liquid pledge tokens.

Gitcoin cooperates with Index Coop to launch gtcETH, which can provide funds for Gitcoin Grants through ETH pledge awards

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Gitcoin, one of the leading platforms for funding open-source projects, has revealed details about its new project, gtcETH (Gitcoin Stacked ETH Index). The index was developed in partnership with the Index Coop community of the Cryptocurrency Index Protocol to enable users to support Gitcoin Grants through the ETH pledge award.

The gtcETH token is developed based on the Index Protocol and consists of several liquid pledge tokens, namely Rocket Pool, Lido, and StackWise. All these tokens have already been integrated with the Gitcoin platform, enabling donors to support important projects in the Ethereum ecosystem.

The announcement of gtcETH is significant for several reasons. Firstly, it expands Gitcoin’s range of options for pledging funds, thereby increasing the available capital for Grants by attracting more donors who may be interested in participating in a diversified portfolio. This can lead to more innovations and developments in the Ethereum space, giving rise to new use cases, products, and services.

Secondly, the collaboration with the Index Coop is a significant milestone, as it opens up opportunities for other decentralized finance (DeFi) platforms to participate in the Gitcoin ecosystem. With the index, donors and investors can access a basket of Ethereum-based tokens that represent the underlying value of the ecosystem. This helps to ensure that only high-value and quality projects receive funding.

Finally, the integration of Rocket Pool, Lido, and StackWise tokens highlights how liquid staking solutions can play a critical role in supporting open-source projects. These platforms provide an alternative to traditional staking methods, allowing users to stake their tokens without losing liquidity, which could be a boon for the DeFi sector.

Overall, the launch of gtcETH is another significant step in the evolution of Gitcoin’s mission to fund public goods in the Ethereum ecosystem. By providing more options for pledging donations, collaborating with other DeFi platforms and showcasing the value of liquid staking, Gitcoin has taken a significant stride forward in cementing its position within the community.

In summary, Gitcoin’s new gtcETH token is an innovative way for donors to show their support for open-source projects on the Ethereum ecosystem. With the integration of liquid pledge tokens, the integration with the Cryptocurrency Index Protocol, and the backing of several influential DeFi communities, Gitcoin is poised to become a key player in the development of the Ethereum space.

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