Blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly launched MetaMask Grants DAO aimed at driving further development of the Web3 ecosystem. MetaMask Grants DAO will initially run for 12 months to assess its viability and success, with the DAO processing votes and proposals publicly through SnapShot on the Codefi Activate platform.
The DAO itself is made up of three components. The first is the employee-led DAO. The second part is a leadership committee, or mini-DAO, made up of seven individuals. The final part is a secure multi-signature wallet overseen by ConsenSys that will manage the token contract and treasury. The funding of the DAO will feature two types of grants. The Leadership Committee Grant will be voted on solely by its seven members, while DAO Grants will be allocated for the entire DAO to vote on.
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