Something big is brewing at DoraHacks. Over the next couple of days, Dora token holders will gain unprecedented power when it comes to governance of the GrantDAO at Dora. The Dora token is about to gain some extra utility, allowing its community to play a role in deciding which early-stage projects receive funding from its native grants program. Starting November 3rd, over 109 teams will compete for a chance to get funded with a share of the 600,000 USD available. Notably, the community will have their say in which teams make the cut. From the basics of what DoraHacks is and how they operate to their new system explained, this article will cover all of the essentials you need to know to become a part of this movement early on.
What is DoraHacks? Why should you care?
DoraHacks, in simple terms, is the biggest hacker movement in the world. It is a multi-level organization with the general purpose of helping developers’ dreams come true, making it the world’s largest hackathon organizer and Web3 developer community. Over the past few years, hackathons have become essential building blocks and pillars for the entire web3 space. With increasing participation numbers across ecosystems, more and more teams have been receiving funding from some of the most prominent venture firms in the space, such as Multicoin, Paradigm, Pantera, A16z, and Polychain. Hackathons in web3 have transformed the way developers interact and build together. These events deliver sustainable projects, teams, and companies that efficiently build up the multi-chain future and frontier tech.
DoraHacks is renowned for its support and proven track record in growing both the multi-chain future and top innovation in the web3 space. For example, big players such as Uniswap, 1inch, Skylock, Bello, Identdefi, Functionland, Zecrey, and ETHSign were funded through a wide variety of hackathon backgrounds, including ETHGlobal hackathon, ETHDenver 2022, ETHAmsterdam 2022, Filecoin x DoraHacks Grant 2021, the 4th Industrial Revolution Hackathon in Beijing, and the DoraHacks ETH Hackathon.
The hackathon world represents one of the key communities in web3 and frontier tech. DoraHacks has become the most significant player in this space, with over 3500 teams of developers participating for over 30 million USD in grant prizes. The power to unite developers to exciting ideas and tech, as well as to funding options to build the future of the space, is unparalleled and exciting. This is where we can find hidden gems, attract talent to build useful and meaningful applications, and drive innovation further.
GrantDAO Governance and Community Participation
GrantDAO is the start of a fundamental change in the approach taken by Dora to fund developers to build genuinely innovative open-source web3 projects. Through this DAO, projects will be funded through quadratic funding rounds, microgrants, or direct grants. Projects such as Faro and CEDE received early-stage funding from this program. In this iteration, Dora is decentralizing the grant process and allowing the community to have their say in the way grants are awarded.
Participation is simple. All Dora token holders have the capacity to stake their Dora tokens in exchange for vcDora (short for “voice credit Dora,” a community governance credit generated by Dora staking) straight through this platform. Dora Staking is a way to participate in the governance of Dora grant communities, allowing you to vote for projects you would like to see funded and invest in projects you are confident in, opening the door for you to reap the rewards at a later stage. The staking of Dora has to have a time frame associated with it, which the user selects. During this period, the Dora tokens staked will not be available to be withdrawn. The corresponding value you receive in vcDora, your voting power, will be directly proportional to the amount of time you select to stake your tokens for (Eg. Staking 10 Dora tokens for four years will give 10 vcDora while staking for two years will provide 5 vcDora). See more on this here.
Why would you want to participate?
Initially and in principle, participation directly supports the global hacker movement. By participating, you are also supporting the best early-stage teams, developers, and projects in the web3 space. Becoming a part of the Dora community through participation as a community member involved in the governance of the GrantDAO also allows you to engage with projects in multiple ways. Early access to betas, joining project communities early on, being able to ask questions and provide feedback to the team developers directly through the governance and community forum, and more benefits to be announced soon, are just some of the ways in which you can get involved directly.
Ultimately, Dora’s goal is to leverage their token to give the Dora community the power to fund and grant early-stage teams, and you can be a part of that today. With voting starting November 3rd and 109 teams applied already, you can play a role in selecting which projects get a share of the 600,000 USD prize money up for grabs. The voting period will last ten days, so get involved and participate in the governance of the GrantDAO.
The Dora team has been supporting developers for over eight years, and is now calling on the community in web3 to participate in this unique experience to govern, vote, invest, and take a lead role in shaping the future of web3 and frontier tech. Your participation contributes to the growth of web3 and the frontier space in general and provides an excellent opportunity to invest in early-stage projects.
DoraHacks is a global hackathon organizer and one of the world's most active multi-chain developer communities. Committed to a global hacker movement with around 20K global monthly active users, it provides crypto-native toolkits to help BUIDLers get funded for their ideas and products.
By far, nearly 3000 projects on DoraHacks.io have received over $18 million in prizes and funding from supporters worldwide. 20+ major blockchain ecosystems and dozens of open source communities and DAOs are using Dora's infrastructure for quadratic funding grants, hackathons, community contribution, bounty, and the governance of their communities.