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Different funding tiers enables public goods to get funding as they grow and make more impact |
A pot is a funding round, where patrons can put down on matching rounds, and individual contributors can get rounds matched. ReFI Council deploys a pot and sets a Chef (a round manager) to faciliate applications and milestones.
Deep dive into Pot Contract
{% content-ref url="../contracts/pot-live.md" %} pot-live.md {% endcontent-ref %}
- Pre-Kitchen: this is before a Pot is deployed. This maybe preparing soft commits from donors, and planning and communication off-chain with potential Chef.
- Application-Period: When applications are open and the Pot's Chef is filtering though application. At this time Patrons /Sponsors can also donate to the amount that is matched.
- Applicants-Finalized: This is the period before matched donations start. Patrons can also donated to the matched amount. No more projects can apply anymore.
- Matched-Donations: When verified humans can get their contributions matched. Up until this point all matched donations were not a thing. Patrons can also donated to matched amounts. Only at the end of the Pot (when donations close) are the amount each proejcts earn is calculated. Up until this point all matching is estimated by a calculator component, based on current contributions and current matching pool. No one can calculate this amount until all matched donations and the their are no more additional funds to funding round.
- Payouts: this is when payouts are calculated using offchain quadratic funding calculations based on donations on Pot contract. Then after payouts, the payout method is intiated by chef or owner. Then their is a cooldown period before payout to contest any discrepancies with offchain calculation and onchain payouts amount (check for wrong doing).
- Closed: All payouts have happened for every project..
In traditional quadratic funding rounds no matter what level you are at you apply for. Whether you are a startup repository vs Etherscan, generally you are pulling from the same pool of capital. Considering the quadratic funding is inherently a popularity contest, it is disheartening for smaller or less popular projects to be in the same funding rounds or "Pots" as more mature projects. This why, at PotLock, we believed in tiered funding rounds, or Pots, in which Round Managers, aka Chefs
- Dish - $10,000-$50,000
- Meal - $50,000-$150,000
- Buffet - $150,000-$500,000
- Feast - $500,000-$1,000,000
Pots will be consisting of multiple patrons, meaning Patrons do not need to donate for the entire Pot Size.