Thu. Jun 13th, 2024

5 African Projects Receives Over $600,000 In Optimism’s RetroPGF Funding

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Optimism Foundation released over $100 million in funding for over 501 builders in the Ethereum ecosystem with five of these projects hailing from Africa.t

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The Optimism Collective deployed a new experimental model for funding web3 projects in 2021.

The experimental model widely known as  Retroactive Public Good Funding (RetroPGF), is an unique funding model designed to create a self-sustaining cycle within an ecosystem by incentivizing the production of products and services based on public impact and allowing teams to focus on providing more impact instead of worrying about funding.

According to the Optimism Collective, “Without public goods funding, core tools and infrastructure required to keep blockchains running could eventually run out of cash to operate”.

Read Also: WiCrypt Gets $150,000 Grants in Funding

A total of 501 builders, including writers, creators, educators, and contributors from across the Optimism ecosystem were allocated a portion of 30million $OP tokens valued at $102Million at current price.

Amongst the beneficiaries were 5 African projects who received a total of 167,990 OP tokens. The African recipients were; Eth Safari 2023, EthAccra, Web3 Bridge Africa, DeFi Africa, Bankless Africa.

Eth Safari 2023 the organizers of the largest ETH event in Africa, received a total of 82,229.9 $OP tokens valued at 280,403.95 at the time of writing.

EthAccra, is a convergence of developers, researchers and builders at the Gold coast, are popular for hosting annual events dedicated to educating young generations of web3 developers and builders. They received a total of 23,607.55 $OP tokens valued at 80,501.74 at the time of writing

Web3 Bridge Africa, an initiative poised to support web3 developers and startups, and lower barriers of entry into the Web3 ecosystem received 28,819.99 valued at $98,276.16 at current price.

Web3bridge who is currently building a sustainable Web3 economy in Africa through remote and onsite Web3 development training received 28,819 $OP tokens valued at 98,269 at current price.

DeFi Africa, with a vision to become the epicenter of innovation and growth for Web3 adoption in Africa received a total of 18,429.39 valued at $62,888 at the time of writing.

Defi Africa has been actively promoting the knowledge and use of Web3 solutions in Africa, through activism, offering education, and building a community. 

Bankless Africa, a platform focussed on educating, onboarding and informing Africans about crypto and web3 through their newsletters received 14,906.89 $OP tokens an equivalent of $50,829 

Project expressed their gratitude to the community for voting them to receive the funding. “The votes and support affirms the ecosystem’s trust and belief in what we do and represent over the last 4years and we aren’t going to take it for granted” Per Web3 Bridge Africa.

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