Gitcoin

Gitcoin is a platform where coders and developers can get paid to work on open-source software in a wide variety of programming languages. Users can also submit their own project ideas to the Gitcoin platform in order to crowdsource funding from contributing donors. For more information on Gitcoin, please visit their platform here.

With the AKITA tokens given to them by Vitalik Buterin, Gitcoin has administered two rounds of Liquidity Bootstrapping Pools (LBPs) on the Balancer platform. This is an automated, algorithmically driven process of both buying and selling AKITA tokens over a long period of time in order to have minimal affect on the price of AKITA while ultimately converting it to ETH. To date, over 4,038 ETH has been raised for Public Goods via AKITA.

The seed program for these LBPs was called Akita Fire Rescue, which gave a limited discount on a pool of AKITA. With the ETH raised from Akita Fire Rescue, the first LBP was funded in a 95% AKITA and 5% ETH ratio, which resulted in 152.2 ETH raised for Public Goods. The second LBP was funded with 100 ETH and 23.9 Trillion AKITA, ran for 1 year, and resulted in 3,912.98 ETH raised for Public Goods.

When the final LBP has been launched for Gitcoin's remaining holdings of 12.2 Trillion AKITA, the details will be posted here.