Gitcoin announces closure of Gitcoin Labs, transitions to focus on funding programs

According to The Block, ChainCatcher reports that Gitcoin has announced the closure of its primary software development department, Gitcoin Labs, due to insufficient profitability. As part of the adjustment, Gitcoin will discontinue the Grants Stack tool and Allo Protocol financing mechanism, but will continue to maintain the Human Passport system and focus on its core Gitcoin Grants funding program. Gitcoin states that existing technologies will transition smoothly, and funding is expected to be sustainable until 2029.