Cosmos Hub Approved $1 Million Grant to Dora Factory for Second Round Funding Initiative – Blockchain News, Opinion, TV & Careers

adminMay 15, 2024

Singapore, Singapore, May 15, 2024, Chainwire

A major event for Cosmos is the recent passage of Governance Proposal No. 917. This is after Dora Factory and DoraHacks requested a $1 million grant from the Cosmos Hub Community Treasury. This grant will support 10 rounds of Quadratic Funding within the Cosmos Hub ecosystem over the next two years.

As one of the largest ever financial funding applications, this proposal sparked extensive discussion within the Cosmos community and received overwhelming support. Over $1 billion ATOM voted in favor, including major validators and core Cosmos contributors. The approval rate reached 91.9%, making government proposal No. 917 the agenda with the highest approval rating in Cosmos Hub history.

Following the approval of this proposal, Dora Factory, in collaboration with DoraHacks, officially announced the second AEZ (ATOM Economic Zone) secondary funding program, marking the start of the first long-term funding scheme. This second round of funding program will run for two years, from May 15, 2024 to May 2026.

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

What is public goods funding?

Financing public goods is a frequently discussed concept in the Web3 industry. In general, public goods refer to goods or services that can be used by everyone.

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

Their inherent transparency and verifiability make cryptocurrencies and blockchains ideal tools for financing public goods.

However, financing web3 public goods also faces many challenges.

There is a lack of coordination between the various parties involved in financing public goods (foundations, institutions, DAOs, developers, and communities).
There is a lack of sustainable and effective financing mechanisms.
Financing public goods is often perceived as uninteresting.

Meet Dora Factory, which is working to build infrastructure that enables large-scale introduction of public goods funds.

Dora Factory: Infrastructure created for the public good

Dora Factory is a leading decentralized governance infrastructure and multi-chain public goods financing protocol stack incubated and supported by DoraHacks, an industry developer and public goods financing platform. Its products include Dora Vota, a public goods staking infrastructure and an appchain for voting and governance designed to support global hacker movements, open source communities, and DAOs.

Multi-Chain Secondary Funding: Aligning Communities and Ecosystem Builders

What is Quadratic Funding? Native token donations enable the token holder community to support high-quality early-stage projects and public goods within diverse ecosystems, while fostering better collaboration between foundations, communities, and developers.

As the first and only team in the industry to develop and champion this approach, Dora Factory is a true leader in multi-chain secondary funding. We have successfully deployed native secondary funds to numerous mainstream crypto ecosystems, including BNB Chain, Solana, Polygon, Aptos, Cosmos Hub, Injective, and Avalanche.

Public Goods Staking: Providing sustainable funding for public goods

At the end of 2022, Dora Factory introduced the concept of Public Good Staking. By operating the underlying infrastructure, such as validators, they earn native block rewards that are continuously used to fund multichain developers and the public goods ecosystem.

Dora Factory has promoted public interest staking on mainnet and testnet across 30+ ecosystems, achieving over $400 million in total value locked (TVL) and 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 such as space technology, quantum computing, artificial intelligence, and biomedical research.

Community Incentive Funds: Making Financing Public Goods More Fun

Dora Factory has launched a Community Incentive Fund to make the process of financing public goods more interesting and fun. Top memes and NFT projects such as Celestia’s Celestine Sloth Collection, Injective Ninja, Aptos Gui Inu, and Aptos Monkeys have become partners in the Community Incentive Fund. Through retroactive airdrops and gamified donations, these projects have received donations and contributions from nearly 100,000 unique addresses across diverse communities, bringing more fun to funding public goods.

Anonymous Minimum Anti-Collusion Infrastructure (aMACI): Introducing privacy-preserving technology to on-chain public goods governance

MACI is an encryption technology designed to maximize the detection and removal of collusion in voting. In 2022 and 2023, the Dora Factory team is collaborating with ETHDenver, 0x, and OpenSea to introduce privacy voting to cryptocurrency hackathons. MACI significantly improves privacy and reduces collusion in on-chain governance and voting.

In 2024, Dora Factory launched aMACI, adding voter anonymity to eliminate collusion between vote initiators and operators. This further enhances privacy protection and lowers the threshold for use of MACI voting. This is an important step towards future large-scale decentralized voting systems.

Dora Vota: Open Infrastructure for Financing Public Goods

Dora Vota is a multi-chain governance and voting infrastructure. Vota and interoperability protocols such as IBC provide modular voting and governance infrastructure, such as plug-and-play secondary funding modules and grant distribution mechanisms. As the first permissionless appchain focused on scaling on-chain voting, Dora Vota will provide a valuable playground for developers, opening up more possibilities for public goods financing and decentralized community governance.

Recently, Dora Factory secured strategic funding from angel investors such as dao5, Whampoa Digital, and EigenLayer co-founder Calvin Liu. This is the first strategic round in a new series of funding after Dora Factory raised $17.5 million in 2021.

As Dora’s public goods staking grows and Vota’s ecosystem matures, the team believes that Dora Factory will continue to explore new solutions to traditional funding inefficiencies, accelerating the maturity of governance and public goods financing in multi-chain ecosystems. .