S23 Budget & Spinout for Passport BU

Overview

This budget request seeks funding to enable the spin out of Passport and fund the business for its initial six months. Here is what we are thinking. Passport has generated revenue on OP and Linea (by enabling onchain attestations of one’s unique humanity, and OP RPGF3). Together with this funding, and a six month budget, we would like to formally request a vote to spin out of Gitcoin DAO. In return for bootstrapping the business unit, we will ensure Gitcoin has equity ownership in the new entity, a token allocation if/when we launch a token and a board seat in the new entity. The details on how a DAO may participate are a little murky (ie, have equity, and a board seat) and so we will be working with the Gitcoin Foundation to formalize the ownership and board seat appointment.

Funding Request for Season 23

Requested Amount: Gitcoin Passport is requesting a net allocation of [TBD] GTC*, equivalent to approximately $1,604,857 out of the treasury to cover this final season.

*The GTC amount requested and reserves will be updated based on market conditions when this proposal moves to Tally, using the lower of the current price or the 20-day moving average.