The employee-managed DAO will take over grants to external developers working in the MetaMask ecosystem.

Blockchain technology company ConsenSys will spend $2.4 million annually to fund its recently launched MetaMask Grants DAO program to further grow the Web3 ecosystem.

The fund will be managed by MetaMask employees who will lead the decentralized autonomous organization (DAO). The DAO will be responsible for granting grants to developers outside of ConsenSys who create products and services within the MetaMask ecosystem and the wider Web3 space.

The project will initially run for 12 months to assess its viability and success, as the DAO processes votes and proposals publicly on the Codefi Activate platform via SnapShot. ConsenSys allocates $600,000 every three months to promote the localization and adoption of Web3 engines and business models.

MetaMask Global Product Leader Taylor Monahan highlighted the focus on decentralized development as a catalyst for further growth in a statement shared with Cointelegraph:

“This will not only accelerate the growth of crypto-friendly users, but also accelerate the adoption of crypto enthusiasts with more engagement opportunities.”
The DAO itself consists of three components. The first is ConsenSys’ employee-managed DAO, which includes more than 900 full-time employees. These employees will be able to become members of the Grants DAO, all of whom have equal voting rights.

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The second part is the seven-person steering committee, or mini-DAO. This committee will be responsible for identifying high potential projects, developing management proposals and updating external content. They will also collect feedback and make improvements to the DAO.

The final part is a secure multisig wallet controlled by ConsenSys that will manage the token contract and treasury. It will also sign transactions to pay the funds and mint and burn the tokens when employees join or leave the company.

The MetaMask Grants DAO Steering Committee includes MetaMask’s co-founders, Global Product Leader, Snaps Studios President, Senior DAO Strategist, ConsenSys Director of Strategic Initiatives, and Director of Product Management.

DAO funding will include two types of grants. Only seven members of the Steering Committee will vote for a Steering Committee grant, while DAO donations will be voted on by all DAOs.

Source: CoinTelegraph