Companies such as Uniswap, Optimism, Yearn, Gnosis, and 1Inch are examples of early Gitcoin grantees. The collective market caps of those that launched tokens, alongside the private valuations of others that raised capital without live tokens, far exceed the amount of funding initially provided. While many of these companies have given back to the ecosystem by donating to public goods, raising new funds for future rounds remains a challenge. This is especially true during bear markets, when capital is scarce, and venture funding is harder to secure.