The story
US, popularized 1970s in street culture, from idiom throw down the gauntlet (“to issue a challenge”), used in sense “to fight, to incite a fight, to make a stand” or otherwise get about partying with abandon (first used by Jay Johnson in Detroit in 1978 - taken nationally by Cecil Franklin, manager/brother of Aretha Franklin). Sense of “accomplish something respectable” evolved from sense “to make a stand, to exhibit, to demonstrate (in a challenging way)” inherent in the fighting sense. Sense of “to make a contribution” likely influenced by sense “to make a stand”, as in “are you in?”, “will you stand up and contribute?”
Etymology from Wiktionary, CC BY-SA 4.0.