Gitcoin Monthly

December 2024

Agenda today

• Allo GMV
• Kudos
• Eth Denver + retreat updates
• 2024 Year in Review
• 2-3 Year Vision
• 2025 planning updates
• Where we were
• Where we’re going
• Q1 Rocks

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What is the current Allo GMV?

Follow and turn on notifications!

https://x.com/gtc_goaltracker

Harry! The templates he made are so versatile and so pleasant and easy to work with.

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Also thankful to him for being open to feedback and being a 10/10 collaborators

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Kudos to Kurt for the Recap!

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• Nina

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Shoutouts to Sov and Kurt!

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• Aditya

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KUDOS!

Meg! Thank you for your leadership and enthusiasm in planning for 2025. Year of abundance!

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-Rena

Nina - the GOAT in SM. You’ve made Gitcoin twitter so much fun.

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-Rena

ETHDENVER/OFFSITE UPDATE

Notion is live!

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TLDR:

• 2/23-2/26: Hackathon (ETH Denver + Gitcoin)
• 2/27: Schelling Point
• 2/27-3/2: ETH Denver Conference
• NOTE: Team offsite has been delayed to March/April in Mexico City (tentatively)! Denver attendance will be dependent on event management but in the case you want to attend, it would count as your one event per year!
• Form for those who are interested here! Offsite form coming soon to identify best dates!
• Ping Jess/Rena with any questions!
• ETH Denver tickets are already available (and are free!) Register at www.ethdenver.com

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2024 in review

2024 was a year of massive change at Gitcoin.

• New org structure
• New focus on grants and grants = growth
• New leadership team
• We have 27 contributors across Foundation, DAO, and Grants Lab – only 11 of those were here in 2023

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We accomplished a lot!

• Revamp of Gitcoin Grants program (and more yet to come)
• Launch of Retrofunding + MACI
• Won 4 Optimism Grants
• Ran 105 grants rounds across 13 chains (none on Ethereum mainnet)
• Distributed funding using 8 different mechanisms
• Funded 1,719 builders

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And we fell short on our goals

• Projected accomplishment of $11M of $15M GMV goal
• Stopped at the finish line across several big deals (Arbitrum, Eigenlayer, Coti, zkLinks)
• Brand narrative repositioning and speed of product development fell short of our desires this year

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2024 P&L (GL)

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P&L Notes

• Total Grants Lab spend: $4.2M
• Total revenue (not strictly GL): $1.1M
• Hey, I thought you said 700k a few weeks ago?
• I did! Much of our revenue is held in OP + ETH and those token prices have risen significantly.
• Need to establish GAAP for native token revenue.

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2024 Expenses (GL)

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Notes

• Largest area of expense is headcount
• Red + orange bars are Allo 2.1 work (Wonderland + audit)

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2024 Revenue

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Notes

• Services revenue was very bumpy this year – we need to get this consistently producing for 2025
• Large spikes driven by closing X and Y deals
• Recognize all revenue immediately even when budget is consumed over many months

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• We will get some nice retrofunding rewards from OP in December, not yet accounted for

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• Grants – OGC and OP voting UIs

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2-3 Year Vision

2-3 yr Vision [doc]

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TLDR: 2025 goal: fund what matters (but better faster & cheaper than ever before)�mission: empower communities to fund what matters�opportunity: with billions in tokenized ecosystems today and exponential growth expected as the world tokenizes, we provide the tools these ecosystems need to achieve their goals. starting with EVM growth, we aspire to one day enable capital allocation in real-world applications. �stats: SAM is $100m/yr but TAM could one day be $trillions/year.

why us?

1. Trusted leader
2. At the frontier
3. Category king
4. Your friendly neighborhood gitcoin grants
5. Results oriented
6. Legitimacy
7. Conviction in purpose

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2025 Org Goals

$30M

Gitcoin Goal

Funding Distribution*

*This isn’t GMV – why?

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Fund What Matters

Allo: building breadth of cap allo mechanisms + network

Grants: cutting edge of the multi-mechanism future, creating builder community

Grants Lab: Growing adoption, creating enterprise-grade tools

Customer feedback + unmet needs

Net-new mechanisms for experimentation

Proven mechanisms for enterprise success

Builder community for partner ecosystems

Grants Lab Goals

By the end of 2025, distribute $25M of grants, generating at least 5x returns ($125M) in measurable ecosystem growth for our partners.

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Generate $2M in revenue to extend our runway + ground for future growth.

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DAO Goals

• Governance Excellence (Decentralization & Clarity) - Ratify an updated DAO Constitution, onboard stewards, and create transparent processes through dashboards and retrospectives.
• Builder Engagement (Global Expansion & Support) Attract builders to DAO initiatives through GCPs, RFPs, and funding rounds; align with governance and event goals.
• Regional Outreach (Events & Innovation) Target LATAM, APAC, and SEA to engage underserved regions and empower builders through hands-on opportunities.

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GG Goals

• 50% Builder retention
• Funding: Distribute $4.29M+ annually across four rounds, maintaining OSS as the cornerstone of the Grants Program, alongside stronger builder incentive programs.
• Improve Community Round Scalability & Decentralization
• Progressively allocate funding increases per round to engage more emerging builders and fund more grassroots projects.
• Builder Engagement
• The more a grants program invests resources and time into their builders, the higher the ROI is of that program. That is why we will implement a builder-first approach within Gitcoin Grants moving forward.
• Funding Mechanism Innovation
• Position Gitcoin Grants at the forefront of a funding innovation

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2025 Gitcoin Treasury Spend

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Notes

• Citizen’s Grants - Owockis $6.9M over 4 years
• Current Treasury - $25.3M (17.8M Post Budget)
• Mix of GTC/USD/RAD/ETH
• Runway of ~2.6 Years @ current spend
• Diversification of this after Matching Pool trial w/ Avante Garde
• Currently 5.76M in GTC/USD in Treasury Diversification wallet (will be further diversified - goal of 7-8M)

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2025 Budget (Foundation)

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Notes

• The Foundation has a runway until 2026
• Covers (most) legal, operational, financial expenses
• We need members in Cayman (headcount) to act as intermediaries
• Spend down over 50% from 2024

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2025 Budget (DAO)

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Notes

• No revenue, the DAO is an operating cost
• Token grants from contributors included in this
• Budget for DAO coordinator
• Events are lightly covered for ad hoc but will go through proposal process
• Governance related costs (community council) live here
• Security and mod costs have been moved from Foundation to DAO

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2025 P&L (GL)

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P&L Notes

• This covers Grants Lab exclusively

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• All revenue produced by Grants Lab is returned to the Gitcoin Treasury. GL revenue belongs to the wider organization and should be used to fund what is most impactful to the organization.

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• In 2025, GL looks to cover 50% of its expenses with revenue. Looking forward to 2026, we want to hit breakeven.

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• Costs stay flat throughout the year and revenue builds substantially QoQ.

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2025 Expenses (GL)

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2025 Expenses Notes

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• There are two open headcount budgeted currently: Principal Data Analyst + Sales Lead. Other than that, we do not anticipate hiring any new heads in GL in 2025. This may be re-evaluated if we hit or exceed our revenue targets and need additional resources in Grant Ops.

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• One audit for Allo is budgeted in August (miscellaneous.) We will move to a GCP cost model for events to allow for better & more holistic cost tracking.

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• We will continue working with both Raid Guild and Wonderland at current rates (Wonderland = 2 eng). Additionally, we have budgeted for a small monthly cost for PR as we look to increase buzz around our partnerships.

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2025 Revenue Forecast (GL)

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2025 Revenue Notes

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• Approx 70% of our revenue is forecasted from services, representing roughly a 6.5% take rate of total grants distributed ($25M)
• Roughly $500k comes from existing customers with the remaining $1M from new customers

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• Grants represent $350k in revenue ($380k booked in 2024). This is split between predicted rewards from Optimism retrofunding ($75k, 35k OP booked in 2024) and $275k in misc grants (210k OP booked in 2024.)

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• Product experiments represent ~$350k in revenue, up from 14 ETH in 2024. We did very limited experimentation with product revenue in 2024 (GG22 attestations) and look to grow this in 2025, particularly for GG rounds.

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Gitcoin 2025 Rocks - Q1

• Launch multi-mechanism Gitcoin Grants.
• Demonstrate the impact of new funding mechanisms vs QF by publishing a thorough data-backed analysis of the potential ecosystem impact and how we will measure it.

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• Launch the Builder Onboarding & Incentive Program.
• Enroll at least 50 builders who apply for both GG + partner rounds within their first 90 days.

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Gitcoin 2025 Rocks - Q1

• Capitalize on OGC momentum to distribute $1M in grants through the tool

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• Land one major new enterprise partner at $3m+/year

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• Create the category of capital allocation and galvanize a network of talent, capital, and other resources to better, faster, cheaper, capital allocation. Position this network to support their category kings (Allo/Gitcoin). This quarter we will focus on defining the category, educating the market, and owning the narrative. Success will be measured in people saying Allo back to us and adopting Allo.expert.

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2025 Planning: Allo

Allo GTM Learnings

Future of Allo (Ed/Owocki)

1. Where we’ve been
1. QF => Multi Mechanism
2. Conviction for design space, not conviction for our solution
3. The world has changed. What's winning in market is lean/narrow experiments with up & coming founders at the helm.
2. Where we’re going
• Protocol First => Product First
• Onchain always => Onchain when its needed
• Faster OODA Loops => faster iteration => more success in market

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What does this practically look like?

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2025 Planning: Allo Lab

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Network First Strategy

1. Multi-Mechanism Future: Gitcoin is considering funding mechanisms beyond Quadratic Funding (QF), like Retro Funding and Protocol Guild models, Futarchy, AI Agent funding mechanisms.
2. Hard to do with current setup: given limitations with bandwidth / resourcing.
3. Network Focus: A "network-first strategy" prioritizes building a robust, interconnected community of devs.
4. Dev First: Focus on enabling developers to build the coolest funding infra around Gitcoin (not just in it)
5. ​

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Category Creation Strategy

Category creation establishes a new market segment to lead and differentiate.

10 steps:

• Spot an Untapped Need – Identify unmet problems or gaps.
• Define the Category – Create and name the space.
• Educate the Market – Teach why the category matters.
• Own the Narrative – Be the voice and leader of the category.
• Deliver Excellence – Provide a product that defines the category.
• Build an Ecosystem – Foster partnerships and communities.
• Leverage Network Effects – Make adoption valuable as more people join.
• Capture First-Mover Advantage – Move fast to dominate early.
• Create Barriers to Entry – Build defensibility with IP, scale, or loyalty.
• Evolve Constantly – Stay relevant through innovation.

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Allo Lab

We know we need a diff approach. not sure what it is yet, here is a sketch of directionally where were going.

Tentative Offerings

1. Intelligence
1. original research on cap allocation
2. (multi-channel: books, podcasts, websites, video, code, ai agents)
2. Software
• Very Forkable Simple Grants App
• We build MVPs very lean ($30k + 2 months)
• Intake process via Mechanism Evaluation Framework
• We recruit founder/developers that building funding infra..
3. Investments
• Fund (!?!?!)

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Goals

📈Network based building

Past:

1. GL
2. Raid Guild

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Future:

1. GL
2. Raid Guild
3. Allo Lab
4. GP Dev Guild
5. Other builders augmenting GL

📉Time to Market

Past:

1. 2 years late to Retro Funding
2. 1 year late to Futarchy

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Future:

1. Lean MVP when opportunity is hot.

📉Cost to Market

Past:

• $1m+ custom build

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Future:

• Lower Cost builds
• Thought leader builds

📈Economic Partnerships augmenting Technology integrations

�Future:

• Invest in OSO
• Invest in Butter
• Invest in (other innovative builder)

📉Pressure on GL Partner Tools Team

Past:

• Responsible for everything.

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Future:

• Responsible for some things.

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Questions

Thank You