The new OP Stack-based testnet promises to fund public goods using its own profit.
be an Optimistic layer-2 rollup of Ethereum. This type of network generally uses a profit-making centralized sequencer to batch transactions and periodically submit them to Ethereum.
The Gitcoin team says their new network will reinvest “the vast majority” of this profit into public goods projects. In their view, this is necessary to prevent venture capital firms and others who are motivated by “rent seeking” from capturing the value provided by layer-2s: “Rather than fill blockspace for other organizations who may be captured by VCs, or other rent seeking motivations, we believe we should fill our own blockspace such that we can reallocate those funds to further the Alliance’s objective of growing and funding public goods.”
Gitcoin claims that the sequencer fees will not go directly to them. Instead, it will go to an “alliance” being formed based on a “newly defined governance model.” In a Twitter thread accompanying the announcement, the team said the network’s long-term goal is to allow projects to be funded directly by sequencer fees, without a middleman,
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