Ocean Protocol Launches a New Grant DAO to Help Fund Community Projects

Ocean Protocol is one of the projects that are pushing hard to create a stable Web3 infrastructure, primarily by trying to spot new and impressive projects that would be able ot help Web3 stand on its feet. With the mission of spearheading the new data economy, the project has launched OceanDAO Round 22 of funding, which is currently open to proposals, according to the project’s recent announcement.

Ocean is on the lookout for impressive #Web3 projects that will spearhead the new data economy 🌊

Could yours be one of them? 🤔

The @OceanDAO_ Round 22 of funding is currently open to proposals!🛠️

💰Grant: 65,000 USD (paid in OCEAN)

⏰DDL: October 10 @ midnight UTC pic.twitter.com/lRZLvrchos

— Ocean Protocol (@oceanprotocol) September 28, 2022

Ocean noted that the grant is $65,000 large and that the funds will be delivered to the winning projects in OCEAN tokens. The new Round is accepting applications, with the deadline being October 4th at midnight UTC.

What do you need to know about the new OceanDAO round?

According to Ocean’s announcement, the project intends to keep things rather simple. OceanDAO will be shifting the community budget to veOCEAN & Data Farming, which is more automated, and away from grants which require higher governance touch. Other than that, it also noted that retroactive grants would not be implemented at this point.

The project has split the funding into two groups — $55,000 will be allocated for the regular grants program, while the remaining $10,000 will be allocated for Algovera AI microgrants. New projects that have never received a grant from the project in the past will be able to win $3,000. Existing projects that have completed one grant from OceanDAO previously can get $6,000, while experienced projects — those who have completed two or more grants — will be eligible to receive $12,000.

In terms of rules involving submissions, participants have to use the platform’s official Proposal Portal. Submitted proposals will be published on Ocean Port, and all proposals that meet the bottom line criteria will proceed and will be submitted to Snapshot.

Important note ⚠️

To submit proposals, participants must use the Proposal Portal here: https://t.co/Ctvx2Bv2f2

Proposals will then be published on Ocean Port. All proposals that meet the essential criteria are then submitted to Snapshot.

— Ocean Protocol (@oceanprotocol) September 28, 2022

Additional details involving the new round

As mentioned, the deadline for submissions is October 4th, which will be followed by a two-day proposal Due Diligence Period, which will end on October 6th. That is when the voting will start, and this period will last for 4 days, finally ending on October 10th. The funding deadline will be October 24th, which is when the round will be completed. All of the mentioned stages will end at midnight of the designated dates.

Ocean added that the idea is to turn the OceanDAO towards three goals — developing a culture of contributing, achieving quality outcomes, and improving DAO efficiency. In other words, the goal is to make OceanDAO stay minimal, involving just grants and no treasury, and get even more minimal moving forward. However, despite this approach, the project expects to double down on more automated incentives with lower governance attack surfaces.

Some of these steps and ideas have already been described and discussed in R21, and will now be implemented for R22 and future rounds. More information about the grants, the DAO goals, and other aspects of the project can be found in the official announcement on Ocean Protocol’s blog.

To learn more about Ocean Protocol, visit our Investing in Ocean Protocol guide.