Sei Creator Fund's $10M Initiative Kicks Off, Round #2 on the Way

The inaugural round of the Sei Creator Fund, supported by Gitcoin Grants Stack, has finished successfully, clearing the way for the second round.

Sei Creator Fund Inaugural Round Completes Successfully, Paving Way for Round 2

The first round of the Sei Creator Fund, powered by Gitcoin Grants Stack, has come to a successful close, paving the way for round two. A $250,000 matching pool, equating to 862,500 SEI, provided substantial support to diverse projects within the Sei ecosystem.

1/ Exciting news – Results are in!

The kickoff round of the Sei Creator Fund's $10M initiative is complete, with round #2 on the way!

Using Quadratic Funding via @gitcoin Grants Stack, 862.5K $SEI was matched to support creators and projects driving the Sei ecosystem forward!… pic.twitter.com/0u5uuLeyk6

— Sei Foundation (@Sei_FND) July 16, 2024

An Updated Quadratic Funding Model Ensures Fair Distribution and Strong Community Support

The use of an updated version of Quadratic Funding, known as Connection-Oriented Cluster Matching (COCM), ensured a fair and Sybil-resistant distribution of funds. Notably, 2,707 unique voters extended their support to 63 projects spanning various categories.

This kickoff round also marks the beginning of a $10 million initiative aimed at bolstering the Sei ecosystem. The crowd raised a total of $38,371.68, or 15.35% of the matching pool, with the same number of individual voters making donations.

To ensure grantee accountability and facilitate progress reporting to the community, the Sei Foundation has partnered with Karma GAP. All participating projects will be synced with the GAP platform.

As per the latest findings, the top five projects by total matching funds are Crossover (72,029.91 SEI), S3 Labs (64,288.63 SEI), YRRRRR LABZ! (SEI FUCKERS) (59,168.59 SEI), Dob (55,294.63 SEI), and Remo's World (47,492.54 SEI). These projects garnered significant community support and aligned closely with the needs of the Sei ecosystem.

Analyst Foresees Potential for a Bullish Rally in SEI Coin

In related news, Captain Faibik, a prominent crypto analyst, has recognized a probable bullish rally for the SEI coin, which bounced off the lower border of a falling wedge pattern.

According to the analyst's chart, the SEI token is reaching the top boundary of the Falling Wedge formation, and if it breaks through, a 271% bullish rally can be expected. At the time of writing, the SEI token is trading around $0.3578, down 0.49% over the last 24 hours following a 10.15% rise the previous week.

Previously, CNF reported on Sei Network's collaboration with Particle Network on the EVM-Cosmos Co-Testnet.

Particle Network’s Universal Account and Universal Gas capabilities, which enable cross-chain transactions and the use of any token for gas payments, are helping to shape the next generation of the Co-Testnet experience.

Moreover, at the end of May, SEI announced the second phase of the Sei V2 launch process, which aimed to streamline web3 adoption.