Memecoins

Cosmos Hub Greenlights $1 Million Grant for Dora Factory’s Quadratic Funding Initiative

Singapore, Singapore, May 15th, 2024, Chainwire

A significant development in Cosmos is the recent approval of Governance Proposal No.917. This proposal, put forth by Dora Factory and DoraHacks, requested a $1 million grant from the Cosmos Hub community treasury. The purpose of this grant is to support ten rounds of Quadratic Funding within the Cosmos Hub ecosystem over the next two years.

This proposal generated extensive discussions within the Cosmos community and received overwhelming support, with over $1 billion worth of ATOM, including major validators and core Cosmos contributors, voting in favor. With an approval rate of 91.9%, Gov Proposal 917 achieved the highest approval rating in the history of the Cosmos Hub.

In response to the approval of this proposal, Dora Factory and DoraHacks have announced the launch of the second AEZ (ATOM Economic Zone) quadratic funding program. This marks the initiation of the first long-term funding initiative, spanning from May 15, 2024, to May 2026.

This approval brings native Quadratic Funding to the Cosmos Hub for the first time.

Public goods funding is a widely discussed concept within the Web3 industry. In the crypto world, public goods can encompass blockchain infrastructure, storage, developer tools, software middleware, and user-facing applications like block explorers, data dashboards, and wallets. The transparency and verifiability of crypto and blockchain make them ideal for funding public goods, despite facing challenges such as lack of coordination among involved parties and a shortage of sustainable funding mechanisms.

Dora Factory aims to facilitate large-scale adoption of public goods funding through its infrastructure. As a prominent decentralised governance infrastructure and multi-chain public goods funding protocol stack, incubated and supported by DoraHacks, Dora Factory offers solutions like Public Good Staking infrastructure and Dora Vota, an appchain for voting and governance.

Quadratic Funding allows token-holder communities to support early-stage projects and public goods, fostering collaboration among foundations, communities, and developers. Dora Factory has been a pioneer in developing and advocating for this approach, successfully deploying native quadratic funding in various mainstream crypto ecosystems.

The concept of Public Good Staking introduced by Dora Factory in late 2022 operates underlying infrastructure to earn native block rewards used to fund multi-chain developers and public goods ecosystems. This initiative has been spread across over 30 ecosystems, with a TVL of over $400 million, providing up to $10 million in sustainable annual funding.

Dora Factory’s Community Incentive Fund adds an element of fun to the public goods funding process. By partnering with top meme and NFT projects, this fund has engaged nearly 100,000 unique addresses across different communities through retroactive airdrops and gamified donations.

The introduction of the Anonymous Minimum Anti-Collusion Infrastructure (aMACI) by Dora Factory enhances privacy and reduces collusion in on-chain governance and voting. With the launch of aMACI in 2024, voter anonymity is prioritized to eliminate collusion between the vote initiator and the operator, paving the way for future large-scale decentralized voting systems.

Dora Vota, a multi-chain governance and voting infrastructure, offers modular voting and governance solutions to developers. Recently, Dora Factory secured strategic financing to continue its mission of exploring new solutions to traditional funding inefficiencies and advancing governance and public goods funding in the multi-chain ecosystem. For further inquiries, contact the community contributor Chris Lee at winniedrinkwater@gmail.com.

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