Gitcoin announces the closure of Gitcoin Labs, shifting focus to funding programs.

ChainCatcher news, according to The Block, Gitcoin announced that it will close its main software development department Gitcoin Labs due to insufficient profitability. As an adjustment, Gitcoin will stop the Grants Stack tool and the Allo Protocol funding mechanism, but will continue to maintain the Human Passport system and focus on the core Gitcoin Grants funding program. Gitcoin stated that existing technology will transition smoothly, and the funding is expected to last until 2029.