Cosmos Hub Approves $1 Million Grant to Dora Factory for Quadratic Funding Initiative
–News Direct–
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.
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Lack of coordination among the various parties involved in public goods funding (foundations, institutions, DAOs, developers, and communities).
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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 public goods funding platform. Its products include 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.
Multi-Chain Quadratic Funding: Aligning Communities and Ecosystem Builders
What is Quadratic Funding? Through native-token donations, token-holder communities can support high-quality early-stage projects and public goods within various ecosystems, fostering better collaboration among foundations, communities, and developers.
As the first and only team in the industry to develop and advocate for this approach, Dora Factory is a true leader in multi-chain quadratic funding. It has successfully deployed native quadratic funding in numerous mainstream crypto ecosystems, including BNB Chain, Solana, Polygon, Aptos, Cosmos Hub, Injective, and Avalanche.
Public Good Staking: Providing Sustainable Funding for Public Goods
In late 2022, Dora Factory introduced the concept of Public Good Staking. By operating underlying infrastructure such as validators, they earn native block rewards that are continuously used to fund multi-chain developers and public goods ecosystems.
Dora Factory has promoted public good staking in over 30 ecosystems' mainnets and testnets, achieving a TVL (Total Value Locked) of over $400 million, providing up to $10 million in sustainable annual funding.
In the future, Dora Factory will explore ways to use cryptocurrency to fund cutting-edge technology fields like space technology, quantum computing, artificial intelligence, and biomedical research.
Community Incentive Fund: Making Public Goods Funding More Fun
Dora Factory launched the Community Incentive Fund to make the public goods funding process more engaging and fun. Top meme and NFT projects like Celestias Celestine Sloth Collection, Injective Ninja, Aptos Gui Inu, and Aptos Monkeys have become partners of the Community Incentive Fund. Through retroactive airdrops and gamified donations, these projects have brought more fun to public goods funding, receiving contributions and donations from nearly 100,000 unique addresses across different communities.
Anonymous Minimum Anti-Collusion Infrastructure (aMACI): Bringing Privacy Technology to On-Chain Public Goods Governance
MACI is a cryptographic technology designed to maximize the detection and elimination of collusion in voting. In 2022 and 2023, the Dora Factory team collaborated with ETHDenver, 0x, and OpenSea to introduce privacy voting to crypto hackathons. MACI has significantly improved privacy and reduced collusion in on-chain governance and voting.
In 2024, Dora Factory launched aMACI, adding voter anonymity to eliminate collusion between the vote initiator and the operator. This further enhances privacy and lowers the usage threshold of MACI voting. This is a significant step towards future large-scale decentralized voting systems.
Dora Vota: Open Infrastructure for Public Goods Funding
Dora Vota is a multi-chain governance and voting infrastructure. Vota and interoperability protocols like IBC will provide modular voting and governance infrastructure, such as plug-and-play quadratic funding modules and grant distribution mechanisms. As the first permissionless appchain focused on scaling on-chain voting, Dora Vota will offer developers a valuable playground, unlocking more possibilities for public goods funding and decentralized community governance.
Recently, Dora Factory secured strategic financing from dao5, Whampoa Digital, and angel investors like EigenLayer co-founder Calvin Liu. This is the first strategic round of a new funding series since Dora Factorys $17.5M raise in 2021.
As Doras Public Good Staking grows and Votas ecosystem matures, the team believes Dora Factory will continue exploring new solutions to traditional funding inefficiencies, accelerating the maturity of governance and public goods funding in the multi-chain ecosystem.
Contact Details
Dora Factory
Chris Lee
View source version on newsdirect.com: https://newsdirect.com/news/cosmos-hub-approves-1-million-grant-to-dora-factory-for-quadratic-funding-initiative-570783498
Dora Vota
COMTEX_452419940/2655/2024-05-15T14:52:46
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