Companies like Uniswap, Optimism, Yearn, Gnosis, and 1Inch are examples of early Gitcoin grant recipients. The collective market cap of those who launched tokens, along with the private valuations of others who raised capital without active tokens, far exceeded 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 come by.