GTC Token Center

TLDR

GTC is a governance token that you can use to get utility within the Gitcoin network.

This post describes a new resource, the GTC Token Center. With the GTC Token Center, Gitcoin citizens have a source of truth for what GTC is used for, and can manage their GTC balance, and the benefits that come with it.

GTC stands for GTC Token Center

Introduction

Gitcoin is a network that provides benefits to it’s constituents in the form of

  1. sybil resistance & identity (Gitcoin Passport)
  2. capital allocation & grants funding (Gitcoin Grants)

The GTC Token center is a place that allows GTC holders to manage their benefits of the Gitcoin network + Allo protocol + passport protocols.

GTC Token Center

Today, we are beginning to quietly share the GTC Token Center, an app hosted at gtc.gitcoin.co.

With the GTC Token Center, citizens can manage their GTC balance and the benefits that come with it. Over time, more abilities will unlock for GTC holders as more and more people stake.

To start, the benefit that are available to token holders will be:

  1. Govern Gitcoin
  2. Passport Staking - Stake GTC to earn sybil resistance.

These benefits are quite minimal at this time, but it is possible that more benefits could be added over time - as they are ratified by governance and/or put onto product roadmaps.

Feedback welcome.

What types of benefits would you like to see come with holding GTC or being delegated GTC? In what places are there open problems that governors or Gitcoin could add value? Please comment below

9 Likes

I think that besides speculation, there is very little reason to actually buy or hold the token, or at least I don’t see it. Ideas here:

  1. This might clash with “governance token” idea but one thing that would make sense to me is having extra matching for donations made in GTC.

e.g. I donate $100 worth of DAI => I am matched at market price of $100
I donate $100 worth of GTC => Gitcoin multiplies that donation by x1.10 when calculating matching payouts as if I had donated $110 DAI

  1. At this point “community rounds” supported by Gitcoin are decided by comitee. There could be one slot in GG21 where folks use GTC to vote which community gets to run “officialy supported community round” and get $25k extra matching.
2 Likes

I think that more utility for the governance token will come if/when product market fit is hit and network effects (thereby there is more surface area for utility to be applied) begin to surface.

Right now I think Gitcoin’s various products are between step 2 and 3. Not at step 4 yet. So maybe thats why you don’t see much utility yet @DistributedDoge .

That said, I personally cannot advise acquiring the token for speculative reasons (and never have).

That said, I DO think there is value to providing utility to loyal members of the Gitcoin ecosystem who want extra utility in the Gitcoin network’s tools + economy.

Some areas of extra utility I think Gitcoin COULD provide one day (though these use cases would have to pass a legal review + be approved by governance, its not up to me.), and how they might unlock as more GTC is staked.

  1. Grant Staking - Stake GTC to unlock premium features in Allo and Grants Stack (unlocks at 3m total staked)
  2. Collections - Stake GTC on a collection to get it featured, and to allow yourself to earn referral rewards from created reflink’d collections in Gitcoin Grants. (unlocks at 3m GTC)
  3. Stake GTC on diff grants to increase their rank in the UI (unlocks at 5m GTC)
  4. Stake GTC to unlock premium round design options (MACI, cluster mapping, allowlist features) (unlocks at 5m GTC)
  5. Stake GTC to use premium apps (checker, Fund Public Goods with AI, funding.social, quadratic yeeter and other things built in the Gitcoin ecosystem) (unlocks at 5m GTC)
  6. Deal flow generator - Stake GTC to view premium data feed about the hottest up and coming projects in the ecosystem. Many hot apps have been discovered on Gitcoin (Uniswap, Yearn, 1inch in the v1 days), this would be a premium way to discover this dealflow… (unlocks at 5m GTC)
  7. Stake GTC to unlock frontier capital allocation mechanisms (RetroPGF, Conviction Voting, Streaming QF)
  8. More Ideas from others - Not my ideas, but see also: GTC Value Accrual Intro from @James
  9. Incentivizing long term staking. The above app should not just linearlly reward people for staking GTC wherein x GTC = y unit of utility. Instead it should reward people for staking for longer, wherein x GTC * y weeks = (x*y) unit of utility

Here is a mock of what these use cases would look like on the GTC token center…

Open to feedback!

5 Likes

A reminder to place value on recent trends one event at a time is more than enough for me, other passages no longer matter and are not needed here.
Thank you so much for your support.

@free2ride19

It made me think: why enable certain features only after a certain stake is achieved? What’s the advantage? What’s in it for me? What is the incentive?

Answer: token engineering. To incentivize staking: “staking points” or “Gitcoin points” to be introduced… Incentive to be early. For example, there is a running rate of 1000 staking points per day (maybe more initially to further incentivise it)

2nd layer rabbit hole question: making points freely exchangeable?

Or maybe not necessary at all, I was just trying to figure out why unlocking features after a threshold and what is the incentive of an individual actor.

Maybe the altruistic incentive (“I’m staking because it makes me feel good”) and GTC token holder (“I have token therefore I want Gitcoin to succeed, I’m staking so others can use full platform”) is strong enough.

Or maybe just enable all the features from the gate, it’s for the individual users to stake to unock features on their account.

Please be more specific. What do you mean exactly “other passages”? I see only one main passage related to GTC token, which is a deep nuanced topic, so far all content appears related.

EDIT / UPDATE / upon reflection:

Maybe unlocking features as stake increases is a way to buy more time? Not all the features can be ready at once…

Still keen to know what was the original reasoning behing this idea.

1 Like