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Solana Community Rallies Behind Cubik Grants, Donating $24,280 in First Week

The initiative aims to make supporting open-source projects on Solana accessible to everyone.

March 20, 2024 by Sheldon

Cubik, a Solana-based platform, has seen a remarkable outpouring of support for its inaugural Cubik Grants Round 1. Over 700 individuals have contributed $24,280 in just the first seven days, demonstrating the Solana community's enthusiasm for this community-driven funding initiative. The program supports over 40 projects focused on a wide range of areas, including developer tools, DAOs, infrastructure, and climate solutions.

The initiative's unique Quadratic Funding (QF) model empowers the community by amplifying the impact of individual contributions. Projects with broader support receive proportionally larger allocations from the grants matching pool. Cubik Grants Round 1 began with a $50,000 matching pool, generously supported by major players like the Solana Foundation, Squads, Solblaze, and Symmetry.

Community Enthusiasm & Founder's Vision

Irffan Asiff, the founder of Cubik, expressed his thoughts on the overwhelming response from the community in an exclusive interview with SolanaFloor: "Our goal is to support Solana builders; building on Solana is not easy there are not many projects which generate enough revenue to support the infra cost and other costs required to maintain those projects. Grants are not accessible to everyone. Our goal is to make grants a community initiative compared to a single foundation or organization responsible for it."

He further outlined Cubik's long-term ambition: "Long term, we want to solve the problem of open-source and digital public goods sustainability for the Solana community. As we grow, we will have more and more projects and builders in the ecosystem that will need support. "

Airdrops for participants?

Similar to Gitcoin Grants on Ethereum, where donors are sometimes rewarded with tokens from protocols distributing their tokens to the community, Solana projects could incentivize participation in Cubik Grants Rounds with airdrops. This approach has the potential to significantly boost participation and accelerate funding for critical open-source public goods projects, fostering a more engaged and collaborative Solana ecosystem. By rewarding Cubik Grants participants, Solana projects would not only support essential open-source infrastructure development but also contribute to a thriving Solana community.

Shaping the Future of Solana

Cubik Grants represents a major step towards a decentralized funding model within the Solana ecosystem. The strong early support from the community underscores the widespread desire for a funding approach that prioritizes the projects most valued by the community. This success could have far-reaching implications for the future growth and development of the Solana ecosystem.

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