ConsenSys, a blockchain technology company, will spend $2.4 Million annually to fund its MetaMask Grants DAO that aims at further developing the Web3 ecosystem.
MetaMask employees will lead the fund and manage the decentralized autonomy organization (DAO).. The DAO will issue grants to developers who are not part of ConsenSys and are creating products or services in MetaMask’s environment and wider Web3 space.
To assess the viability and success of the project, the DAO will first run for 12 months. The DAO will process votes and proposals through SnapShot on Codefi Activate. ConsenSys will contribute $600,000. per quarter to help drive decentralization, adoption and adoption of Web3 mechanisms.
In a statement that was shared with Cointelegraph, Taylor Monahan, MetaMask’s global Product Lead, highlighted the importance of decentralized development as a driver for growth.
“This will not only accelerate growth for cryptocomfortable users but it will also increase adoption for cryptocurious individuals with more ways to participate in.”
The DAO itself is composed of three components. The first component is the employee-led DAO, which is made up of more than 900 ConsenSys employees. These employees can opt in to become Grants DAO members. All of them have equal voting rights.
The second section is a mini-DAO leadership committee made up seven people. This committee will be responsible to identify high-potential projects and create governance proposals. They will also collect feedback and drive improvements for the DAO.
ConsenSys will oversee the final part, which is a multisignature secure wallet that will handle the token contract as well as the treasury. It can also sign transactions to fund disbursement and mint and burn tokens when employees join or leave the company.
The MetaMask Grants DAO leadership committee includes MetaMask’s co-founders, Snaps Studios lead, senior DAO strategist, and ConsenSys director of strategic initiatives.
Two types of grants will be available for funding the DAO. The Leadership Committee Grant will only be voted upon by its seven members. DAO Grants will then be available for all DAO members to vote on.