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Update Grants Council Charter v0.1.md #28

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Update Grants Council Charter v0.1.md #28

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2 changes: 1 addition & 1 deletion Grants Council Charter v0.1.md
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Expand Up @@ -26,7 +26,7 @@ The Governance Fund grants process will be managed by an elected Grants Council.

- **Goal:** maximize the number of users interacting with applications that further a specified intent defined by the Optimism Collective
- **Non-goal:** retroactive airdrops
- **Format:** proposers receive milestone-based grants to pass on directly to their users as incentives for engaging with a protocol, platform, product or service. 40% of the grant will be distributed to the proposer upfront and the remaining 60% will be distributed upon completion of a mid-way point milestone. Completion of all milestones should be achievable in 3-6 months, but may extend beyond with sub-committee approval of milestones. The Grants Council has the authority to recommend to the Foundation that the second milestone installment not be distributed if milestones are not completed.
- **Format:** proposers receive milestone-based grants to pass on directly to their users as incentives for engaging with a protocol, platform, product or service. 40% of the grant will be distributed to the proposer upfront and the remaining 60% will be distributed upon completion of a mid-way point milestone. This subcommittee can also approve hybrid applications with locked portions. Completion of all milestones should be achievable in 3-6 months, but may extend beyond with sub-committee approval of milestones. The Grants Council has the authority to recommend to the Foundation that the second milestone installment not be distributed if milestones are not completed.
- **Reviewers:** 5
- **Consensus:** 3/5 vote required to name a finalist
- **Notes:** All grants are subject to the no-sale rule. The sub-committee will publish forms and rubrics in advance of each review period in line with the goals of the sub-committee. The sub-committee will incorporate community feedback.
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