Blockchain technology company ConsenSys will spend $2.4 million annually on its newly launched MetaMask Grants DAO, which aims to foster further development of the Web3 ecosystem.
The fund will be led by MetaMask employees who manage a decentralized autonomous organization (DAO). DAO will be responsible for issuing grants to developers working outside of ConsenSys who are building products and services within the MetaMask ecosystem and his wider Web3 space.
The project will initially run for 12 months to assess its viability and success, with the DAO publicly processing votes and proposals through a snapshot of the Codefi Activate platform. ConsenSys is investing $600,000 every quarter to drive decentralization and adoption of Web3 mechanisms and business models.
In a statement shared with Cointelegraph, MetaMask Global Product Lead Taylor Monahan emphasized the company’s focus on decentralized development as a catalyst for further growth.
“This will not only accelerate the growth of crypto-savvy users, but also provide more avenues for participation and drive adoption for individuals interested in cryptocurrencies.”
The DAO itself consists of three components. The first is his DAO, which is employee-led and consists of his 900+ full-time employees at ConsenSys. These employees can choose to become Grants DAO members and all have equal voting rights.
The second part is a leadership committee, or mini DAO, made up of seven individuals. This committee is responsible for identifying high-potential projects, developing governance proposals, and updating external content. It also collects feedback and drives DAO improvements.
The final part is a secure multi-signature wallet overseen by ConsenSys, who manages token contracts and finances. It also signs payment of funds, mint and burn token transactions when employees join or leave the company.
The MetaMask Grants DAO leadership board includes MetaMask Co-Founder, its Global Product Lead, Snaps Studios Lead, Senior DAO Strategist, ConsenSys Director of Strategic Initiatives and Director of Product Management.
DAO funding includes two types of grants. The Leadership Committee grant is only voted on by her seven members, while the DAO grant is allocated for his entire DAO to vote on.