Endaoment and Gitcoin Unveil New Universal Impact Pool to Kindle Philanthropic Giving
By Endaoment
On June 29, 2023, Endaoment and Gitcoin released the following to announce the Universal Impact Pool, a first-of-its-kind community fund which uses Quadratic Funding to automatically distribute matching donations to any and all nonprofit organizations that receive donations or grants on Endaoment.
New York, NY (June 29, 2023) – Endaoment.Org, the first onchain 501(c)(3) nonprofit community foundation and donor-advised fund platform, unveiled the Universal Impact Pool (UIP), a new type of fundraising vehicle for philanthropic giving in collaboration with the public goods asset allocation platform, Gitcoin. This new fund on Endaoment will serve as the first Impact Pool of its kind, and as a donation endpoint that enables donors to make gifts to a wide range of organizations through a single donation.
Endaoment’s Impact Pools are a new kind of perpetual, general purpose fundraising vehicle which impacts dozens of nonprofits through a single donation. The Universal Impact Pool leverages existing onchain donation activity from donors across the Endaoment protocol and feeds it into the Gitcoin quadratic matching algorithm to inform its quarterly grantmaking allocation decisions.
Thanks to support from a wide ranging group of Endaoment donors, the Gitcoin grants program and prior Gitcoin corporate matching partners, the UIP will launch with a $200k initial donation, distributing 25% of its funds each quarter.
The UIP will complete its first distribution round with the end of the 2nd quarter of 2023 this Friday, June 30th, and will continue with additional quarterly distributions as long as sufficient funds are available in the pool.
“Applying the Gitcoin matching algorithm to all Endaoment grantmaking activity is an exciting improvement in the accessibility of philanthropy for donors and organizations alike,” said Robbie Heeger of Endaoment. “Often we meet with donors who want to give, but don’t know where to begin or how to make broad based impact allocation decisions. The Universal Impact Pool is made specifically to leverage the shared goals of Endaoment’s community of Fund advisors and donors to direct matching funds to communities and causes that need it the most.”
Distributions from the Universal Impact Pool are calculated using Gitcoin’s pioneering quadratic funding mechanism first introduced in the Gitcoin Grants program. Through their Allo Protocol and Grants Stack technologies, the UIP has been engineered to take advantage of the quadratic funding algorithm to create matching donations to organizations that have received support from the Endaoment community over the previous quarter. The pool will run new calculations each quarter, distributing according to current Endaoment grant making trends.
“The Universal Impact Pool is a fantastic example of what is possible with the composability of web3 protocols.” said Zakk of Gitcoin. “This integration with Endaoment is living up to the promise of web3, and I hope it incentivizes even more crypto-based donations.”
Using Endaoment platform activity as the “voting strategy” for the UIP’s distributions creates a broader community intelligence that is ideal for both one-time donors who may not have a recipient in mind or large institutional donors looking to diversify their philanthropic contributions using public signals of support.
In the coming months, Endaoment and Gitcoin plan to advance the UIP as a productive endpoint for companies, DAO treasuries, and protocols alike to grant to the UIP as a broader commitment to positive impact through blockchain activity.
If you’re interested in learning more about building for the UIP or partnering with Endaoment to fundraise for the UIP, please contact partnerships@endaoment.org
About Endaoment.Org
Endaoment.Org is the first onchain 501(c)(3) public charity, established with the mission of managing and encouraging the charitable contributions of digital assets. Federally tax-exempt under Internal Revenue Code section 501(c)(3), Endaoment is built to facilitate tax-deductible donations of more than 1,000 cryptocurrencies or NFTs to any nonprofit in the United States, and over 7,000 international organizations via GlobalGiving. Donors can give through Endaoment using its smart-contract powered donor-Advised funds, community funds, and direct donations, all of which charge industry-low fees to maximize throughput to recipient organizations. For more information on how Endaoment is providing philanthropic financial services to the blockchain community and introducing nonprofit organizations to the benefits of blockchain technology, visit https://endaoment.org/.
About Gitcoin
Gitcoin is on a mission to create technologies and opportunities that enable communities to build, fund, and protect what matters. With a focus on empowering individuals, creating measurable impact, fostering mutuality, building trust, and encouraging forward-thinking, Gitcoin is shaping a world that thrives on positive change and shared progress.
For more information, visit https://www.gitcoin.co.
