Tuesday, 28 May 2024

Crypto News

Cosmos Hub Approves $1 Million Grant to Dora Factory for Quadratic Funding Initiative

Cosmos Hub Approves $1 Million Grant to Dora Factory for Quadratic Funding Initiative

Singapore, Singapore, May 15th, 2024, Chainwire

A major event in Cosmos is the recent passing of Governance Proposal No.917: a request by Dora Factory and DoraHacks for a $1 million grant from the Cosmos Hub community treasury. This grant will support ten rounds of Quadratic Funding within the Cosmos Hub ecosystem over the next two years.

As one of the largest treasury funding applications, this proposal sparked extensive discussions within the Cosmos community and received overwhelming support. Over $1 billion worth of ATOM, including major validators and core Cosmos contributors, voted in favor. The approval rate reached 91.9%, making Gov Proposal 917 the motion with the highest approval rating in the Cosmos Hub’s history.

Following the approval of this proposal, Dora Factory, in collaboration with DoraHacks, has officially announced the second AEZ (ATOM Economic Zone) quadratic funding program, marking the launch of the first long-term funding initiative. This quadratic funding program will span two years, starting May 15, 2024, and ending May 2026.

The passing of Gov Proposal 917 brings native Quadratic Funding to the Cosmos Hub for the first time.

What is Public Goods Funding?

Public goods funding is a frequently discussed concept within the Web3 industry. Generally, public goods refer to goods or services that are available for everyone to use.

In crypto, public goods can include blockchain infrastructure, storage, developer tools, software middleware, and user-facing applications such as block explorers, data dashboards, and wallets.

Due to its inherent transparency and verifiability, crypto and blockchain are ideal tools for funding public goods.

However, web3 public goods funding also faces numerous challenges.

  • Lack of coordination among the various parties involved in public goods funding (foundations, institutions, DAOs, developers, and communities).
  • A shortage of sustainable and effective funding mechanisms.
  • Public goods funding is often perceived as not interesting.

Enter Dora Factory, which strives to build infrastructure that enables large-scale adoption of public goods funding.

Dora Factory: Infrastructure Born for Public Goods

Dora Factory is a leading decentralised governance infrastructure and multi-chain public goods funding protocol stack, incubated and supported by DoraHacks, the industry’s developer and…

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