Spicy 🌶 Round 7 Review
A massive thanks to everyone who contributed to clr.fund's stellar round 7!! The contributor cap was most definitely met coming in hot at 512 contributors.
So how about this matching pool?
We started with a $8k matching pool (double the previous round's pool) which pulled in a whopping $10,512 of contributions; $6,399 in direct contributions and $4,173 in matching pool contributions.
Projects to highlight:
A big congrats to some of our earliest clr.fund recipients, who have been active with clr.fund from our first free rounds:
BrightID, Hardhat, Turbo-geth (now called Erigon), WalletConnect, Rotki and Trueblocks.
Shoutout to the following projects which were the top 5 of the round (not including clr.fund)
- BrightID: 1594.66 WXDAI
- Rekt: 965.597 WXDAI
- WhalerDAO: 942.065 WXDAI
- WalletConnect: 944.435 WXDAI
- ETHDenver: 951.779 WXDAI
Why this matters?
We think this is super cool because it shows the efficiency of quadratic funding. On average, $1 contribution to a project earned it an additional $2 in matching funds. As is the case with quadratic funding, the larger the matching pool, the more that individual contributions to projects are amplified. Â What was great to witness happening in round 7 was the effect of the $8k matching pool and the pulling in of significant contributions off the back of that. The total raised in round 7 reinforces the contribution to matching ratio as an expression of the power of quadratic funding. We are truly jazzed that this formula can make tangible impact in the Ethereum ecosystem.
Calculating
As this round was heftier, it took 72 hours to actually compute the proofs and another 48 hours to publish the proofs on-chain and finalize the round. We realize this will become more of an issue as we continue to scale. This is due to each new contributor, new recipient, or new message increasing the time it takes to generate a proof. Fortunately, this is something that the MACI devs are hard at work tackling.
The next version of MACI
Before the next round, we'll be upgrading to the latest MACI version, which should mean we can do away with the cap on the number of participants. Yay!
New versions of MACI will make significant improvements to how rapidly we can generate proofs. In the meantime, more CPU power equals faster proof generation.
We'll also look to add smoother native asset support as well as support for more wallet types. There is the possibility that we will also migrate to a rollup, which will mean redeploying and testing everything.
Wen Round 8?
In case you're frothing at the chance to get involved in Round 8, it won't be too long until that goes live. Clr.fund will need a few weeks as there are some changes that need to happen, but keep an eye out here in the blog and on our Twitter account for an announcement.
Contributors put in $10,512 to a variety of Ethereum’s public goods projects.
More importantly though, everything worked without a hitch. We successfully tested the latest updates to MACI (which increased the hard limits on the number of messages and protects against issues with generating a valid proof) and successfully used the optimistic registry contract for recipient curation (a registry where anyone can submit a recipient, with a bond, while our multi-sig contract has veto rights).
Where to now?
Clr.fund Round 8 will have a duration of 3 weeks.
Didn’t see some of your favorite projects in round 8? It’s because we used a new registry contract. To add an item to the registry, simply head over to clr.fund/#/recipients and submit the project’s details, along with a small bond to protect against spam.
To learn more about or to contribute to clr.fund, check out our constitution and join our forum or Telegram.