Oil Giant Will Contribute To Climate Rounds For The next Four Quarters, GTC dropped 8%.
The platform for open-source software development has announced a yearlong collaboration with Shell PLC, a global oil and gas conglomerate.
We are excited to announce this collaboration with Shell as another key example of the real-life potential to scale transparent funding allocation via blockchain technology for real-world solutions, said Azeem Khan, Gitcoin's head of impact.
The project is aimed at promoting open-source climate solutions, but it appears the crypto community is not impressed. GTC, Gitcoin's governance token, fell 8% on the news.
Shell will donate to Gitcoin's Climate Solutions Rounds for the next four quarters, and will also contribute to a hackathon in Q4 2023 focusing on energy-related issues using blockchain. Shell said it will donate a portion of its profits to those affected.
Some have accused Gitcoin of doing greenwashing, akin to putting a green bow on a gas-guzzling SUV and calling it eco-friendly.
In a statement, some criticized the collaboration as tone-deaf and undermining Gitcoin's credibility.
The PGN, built using the OP stack of Optimism, aims to finance public goods as a cost-effective layer-2 network.