Blockchain technology company ConsenSys announced that it will establish the MetaMask Grants Decentralized Autonomous Organization (DAO) with an annual budget of $2.4 million to support developers who are creating within the MetaMask ecosystem.

“With a $600,000 budget per quarter, or $2.4M total budget per year, the MetaMask Grants DAO program is a radical step towards further decentralization and a commitment to embrace Web3 mechanisms and business models at ConsenSys. Voting and proposals will take place publicly through SnapShot on the Codefi Activate platform,” the blockchain firm said in a statement.

The MetaMask Grants DAO, according to ConsenSys, is an experimental, employee-led program that awards grants to outside developers in every country to create inside the MetaMask ecosystem but outside the ConsenSys platform.

With its dry run for 12 months, the DAO will have three parts:

• The Employee-Led DAO will be made up of more than 900 full-time employees of ConsenSys. According to the firm, there is a potential that external partners will also be part of this DAO.
• The Leadership Committee (mini-DAO) meanwhile will be made up of seven individuals. The leadership committee is responsible for finding high-potential projects, creating governance proposals, updating external content, gathering feedback, and driving improvements to the DAO. The seven members will be the Co-founders of MetaMask, the MetaMask Global Product Lead, the MetaMask Lead for Snaps Studios, the MetaMask Senior DAO Strategist, the Director of Strategic Initiatives at ConsenSys, and the Director of Product Management at ConsenSys.
• The Secure Multi-Signature Wallet on the other hand will be in charge of signing transactions for the disbursal of funds and minting/burning tokens as employees join or leave the company.

Meanwhile, ConsenSys clarified that the funding of MetaMask Grants DAO will be split into two: the Leadership Committee Grants, which will be allocated to the Leadership Committee to vote on; and the DAO Grants, which will be allocated for the entire DAO to vote on.

“DAOs can be good for all sorts of stuff. But maybe nothing so much as giving money away! We’re excited to give back and help some projects grow that have had trouble getting funding other ways,” said Dan Finlay, MetaMask co-founder.

Last February, ConsenSys revealed its acquisition of deep-rooted Ethereum interface MyCrypto today “to further improve the security of all the products and create a cohesive user experience across desktop, mobile, extension, and browser wallets.”

The firm also partnered with Asset Reality, an end-to-end solution for recovering, managing, and accessing seized crypto and complex assets, to give support to MetaMask users, especially those that become victims of scams. The service will be available globally, including across MetaMask’s most active markets in the United States, the UK, the Philippines, India, Vietnam, Brazil, France, Germany, and Nigeria.

“MetaMask, the world’s leading self-custodial Web3 wallet, was launched with grant funding support soon after Ethereum in 2016. Alongside the entire community, MetaMask has learned a lot from its rich history in the ecosystem serving as the portal to Web3 and can now offer that insight to up-and-coming Web3 projects. We encourage developers worldwide to apply for a grant and help build out the MetaMask ecosystem by visiting the MetaMask Grants DAO site to learn more and apply,” ConsenSys concluded. 

This article is published on BitPinas: ConsenSys Launches MetaMask Grants DAO with $2.4 Million Yearly Budget