Summary

This vote serves to ratify the movement of $344,143 from the Gitcoin Treasury to the Grants Lab multisig.

Gitcoin recently underwent a reorg and a result of that was the creation of a unit called Grants Lab. This new unit amalgamates previous teams including Grants Stack, Allo, GSD and GPT. The team has already gone ahead and combined those funds into a single Grants Lab multisig.

Because funds in S20/S21 had already been approved for Grants Stack, we are now repurposing the funds promised to this team and directing them to the newly created unit Grants Lab.

You can read the full governance forum post here for details: https://gov.gitcoin.co/t/grants-lab-s21-budget-proposal/17636

Details

• Amount remaining from previously approved budgets across Allo/GS/GPT/GSD for S21: $1,701,848
• New budget for S21: $1,032,429
• Funds currently held in wallets across each of the previous teams: $1,309,541
• New request for S21: $344,143 (equivalent of one month’s budget to bolster reserves)

Funds are being sent at the USD equivalent in GTC, currently at a rate of $1.29.

The increase in funds held in wallets is a result of an increase in token price since the original disbursement, as well as lower than expected spending across several workstreams.

Important note: The funds are being directed to the old Grants Stack multisig, which has been repurposed as the new Grants Lab multisig.