Project founders and curators are the major players in the OceanDAO ecosystem. While the former can actively source for grants to build their projects, curators are usually OCEAN token holders who uphold the standards of the community by voting quality projects. To stand a chance to receive grants, bidding projects must seek to improve Ocean Protocol either through application integrations or by building core Ocean software.
Project Proposals on OceanDAO
OceanDAO considers certain factors before accepting proposals for voting. It aims to ensure that in exchange for grants awarded, projects provide equal or more value to the Ocean ecosystem. While the failure of some projects is inevitable, OceanDAO strives to attain a net average return on investment 1.0 from funded projects. This way, it can replicate the ‘snowball effect’ to fund even more potentially successful projects.
Another strict criterion is that the objective of bidding projects must mirror the vision of Ocean Protocol or at least, not be contrary to it to stand a chance to receive funding. They must also hold at least 5000 OCEAN in the Ethereum address listed in their proposal. If they are selected, funds will be sent to the same address.
Since project proposals kicked off on November 30th, 2020, funding rounds have been held monthly from February 2021. Each proposal followed the same sequence of project proposals on the first day of the month followed by voting on the fourth day and disbursement of grants 24 hours later.
The eight-round held in August 2021 had a total of 18 submitted proposals of which 12 received grants. About 369 voters were recorded across all proposals, including votes from 72 unique wallets and more than 21 million OCEAN tokens voted. These figures depict a staggering growth when compared with the debut round concluded in December 2020 which had only 9 proposals submitted, 76 voters and 3,257,733 OCEAN voted.
The Ninth Round
Nine rounds in, OceanDAO impact in the ecosystem is visible for all to see. Marketing Communications Specialist Sarah Vallon spoke about the program and the growth recorded thus far.
“OceanDAO has now reached its 9th Round, which is currently open for submissions until September 7, midnight GMT, with $300,000 USD available in funds, with a maximum funding per project of $17.5K USD in OCEAN.
OceanDAO is the community-powered grants program designed for data scientists AI researchers who are creating tools and applications for the open data economy and are looking to build on decentralized toolbox Ocean Protocol, unlock data, or develop communities around similar activity.
In the 9 months since the program has been launched, 130 proposals have been submitted, 88 projects have been funded to build and strengthen the emerging data economy, with over $1M USD invested so far.
Those interested in OceanDAO can learn more about it on OceanDAO’s website: or the Round 9 announcement blog post,”
To discuss the project and/or to build a team, head over to OceanDAO on Discord.