Memecoins

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

Singapore, Singapore, May 15th, 2024, Chainwire

A significant development in Cosmos involves the recent approval of Governance Proposal No.917, submitted by Dora Factory and DoraHacks, seeking a $1 million grant from the Cosmos Hub community treasury. This grant will facilitate ten rounds of Quadratic Funding within the Cosmos Hub ecosystem over the following two years.

This proposal, being one of the most extensive treasury funding requests, sparked thorough discussions within the Cosmos community and garnered overwhelming support. With over $1 billion worth of ATOM, including contributions from major validators and core Cosmos participants, voting in favor, the proposal achieved an approval rate of 91.9%, making Gov Proposal 917 the motion with the highest approval rating in the history of the Cosmos Hub.

Subsequent to the ratification of this proposal, Dora Factory, in partnership with DoraHacks, has officially launched the second AEZ (ATOM Economic Zone) quadratic funding program, signifying the inception of the initial long-term funding initiative. This quadratic funding program will span two years, commencing on May 15, 2024, and concluding on May 2026.

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

What exactly is Public Goods Funding? Public goods funding is a concept frequently deliberated within the Web3 industry. Generally, public goods encompass goods or services that are accessible for everyone to utilize.

In the realm of crypto, public goods can entail blockchain infrastructure, storage, developer tools, software middleware, and user-facing applications like block explorers, data dashboards, and wallets. Due to the innate transparency and verifiability of crypto and blockchain, they serve as ideal tools for funding public goods. Nonetheless, web3 public goods funding encounters several challenges.

The challenges include:
– Lack of coordination among the different 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 uninteresting.

Enter Dora Factory, striving to construct infrastructure that facilitates the widespread adoption of public goods funding.

Dora Factory stands as a prominent decentralized governance infrastructure and multi-chain public goods funding protocol stack, nurtured and supported by DoraHacks, the industry’s developer and public goods funding platform. Its offerings encompass Public Good Staking infrastructure and Dora Vota, an appchain for voting and governance designed to empower the global Hacker Movement, open-source communities, and DAOs.

The multi-Chain Quadratic Funding aligns communities and ecosystem builders. Quadratic Funding is a mechanism through which token-holder communities can support high-quality early-stage projects and public goods within various ecosystems, fostering better collaboration among foundations, communities, and developers. Dora Factory leads the industry in multi-chain quadratic funding implementation, with successful deployments in various mainstream crypto ecosystems.

Public Good Staking serves to provide sustainable funding for public goods. By running underlying infrastructure such as validators, Dora Factory earns native block rewards that are utilized to continuously fund multi-chain developers and public goods ecosystems. The promotion of public good staking in over 30 ecosystems’ mainnets and testnets has locked a Total Value Locked (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. Notable meme and NFT projects have partnered with the Community Incentive Fund, introducing retroactive airdrops and gamified donations to make public goods funding more engaging and fun, receiving contributions and donations from nearly 100,000 unique addresses across varied communities.

Moreover, the introduction of aMACI (Anonymous Minimum Anti-Collusion Infrastructure) enhances privacy technology in on-chain public goods governance, aimed at maximizing the detection and elimination of collusion in voting.

Dora Vota serves as an open infrastructure for public goods funding, providing a multi-chain governance and voting structure designed to unlock more possibilities for public goods funding and decentralized community governance.

Recently, Dora Factory has secured strategic financing from dao5, Whampoa Digital, and angel investors, indicating a significant step forward in exploring new solutions to traditional funding inefficiencies in the multi-chain ecosystem.

Contact:
Community contributor
Chris Lee
Dora Factory
[email protected]

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