The employee-led DAO will be in charge of building grants to third-party developers within the MetaMask ecosystem.
Blockchain technology company ConsenSys will spend $2.4 million annually to fund its recently launched MetaMask Grants DAO with the goal of driving further development of the Web3 ecosystem.
The fund is managed by MetaMask employees who manage the decentralized autonomous organization (DAO). The DAO will be responsible for awarding grants to developers working outside of ConsenSys who are creating products and services within the MetaMask ecosystem and the wider Web3 space.
The project will have an initial duration of 12 months to assess its viability and success, and the DAO will process public votes and proposals through SnapShot on the Codefi Activate platform. ConsenSys commits $600,000 per quarter in an effort to drive decentralization and the adoption of Web3 mechanisms and business models.
MetaMask Global Product Lead Taylor Monahan highlighted the focus on decentralized development as a catalyst for continued growth in a statement shared with Cointelegraph:
“Not only will this accelerate the growth of comfortable crypto users, but it will also drive adoption by crypto-curious people with more ways to engage.”
The DAO itself consists of three components. The first is the employee-run DAO, which consists of more than 900 full-time ConsenSys employees. These employees can choose to be members of Grants DAO, 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 people. This committee will be responsible for identifying high potential projects, creating governance proposals and updating external content. They also collect feedback and drive improvements to the DAO.
The final part is a secure multi-signature wallet overseen by ConsenSys who manage the token contract and treasury. It will also sign transactions for the disbursement of funds, as well as coin and burn tokens as employees join or leave the company.
The MetaMask Grants DAO Leadership Committee includes the MetaMask Co-Founders, its Global Product Leader, the Leader of Snaps Studios, the DAO Senior Strategist, as well as the ConsenSys Director of Strategic Initiatives and Director of Product Management.
The financing of the DAO will have two types of assistance. The Leadership Committee Grant is only voted on by its seven members, while the DAO Grants are allocated to the entire DAO to vote.