Singapore, Singapore, May 15, 2024, Warp Thread
A major event in Cosmos is the recent approval of Governance Proposal No.917: a request from Dora Factory and DoraHacks for a $1 million grant from Cosmos Hub’s 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 requests for Treasury funding, this proposal sparked extensive discussion within the Cosmos community and received overwhelming support. ATOM worth over $1 billion, including key validators and core Cosmos contributors, voted in favor. The approval rating reached 91.9%, making Gov Proposal 917 the motion 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 quadratic financing program of AEZ (ATOM Economic Zone), marking the launch of the first long-term financing initiative. This quadratic financing program will cover two years, starting on May 15, 2024 and ending in May 2026.
The passage of Gov Proposal 917 brings native Quadratic Funding to the Cosmos Hub for the first time.
What is public goods financing?
Public goods financing is a hotly debated concept within the Web3 industry. In general, public goods refer to goods or services that are available to everyone.
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 their inherent transparency and auditability, crypto and blockchain are ideal instruments for financing public goods.
However, financing web3 public goods also faces numerous challenges.
- Lack of coordination between the different parties involved in the financing of public goods (foundations, institutions, DAOs, developers and communities).
- A shortage of sustainable and effective financing mechanisms.
- Financing public goods is often perceived as not interesting.
Meet Dora Factory, which strives to build infrastructure that enables large-scale adoption of public goods financing.
Dora Factory: infrastructure born for public goods
Dora Factory is a leading decentralized governance infrastructure and multi-chain financing protocols for public goods, incubated and supported by DoraHacks, the industry’s public goods developer and financing platform. The products include the Public Good Staking infrastructure and Dora Vota, a voting and governance appchain designed to power the global hacker movement, open source communities and DAOs.
Multi-chain quadratic finance: Aligning communities and ecosystem builders
What is quadratic financing? Through native token donations, token-holding communities can support high-quality early-stage projects and public goods across ecosystems, fostering greater collaboration between foundations, communities, and developers.
As the first and only team in the industry to develop and advocate this approach, Dora Factory is a true leader in multi-chain quadratic financing. It has successfully deployed native quadratic finance in numerous mainstream crypto ecosystems, including BNB Chain, Solana, Polygon, Aptos, Cosmos Hub, Injective, and Avalanche.
Deployment of public goods: ensuring sustainable financing for public goods
At the end of 2022, Dora Factory introduced the concept of Public Good Staking. By exploiting 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 the deployment of public goods in more than 30 ecosystem mainnets and testnets, achieving a TVL (Total Value Locked) of more than $400 million, generating up to $10 million in sustainable annual financing.
In the future, Dora Factory will explore ways to use cryptocurrency to fund breakthrough technology areas such as space technology, quantum computing, artificial intelligence and biomedical research.
Community Incentive Fund: making financing public goods more fun
Dora Factory has launched the Community Incentive Fund to make the financing process for public goods more attractive and fun. Top meme and NFT projects such as Celestia’s 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 made public goods financing more fun, receiving contributions and donations from nearly 100,000 unique addresses across communities.
Anonymous Minimal Anti-Collusion Infrastructure (aMACI): Bringing Privacy Technology to the Management of Public Goods in the Chain
MACI is a cryptographic technology designed to maximize the detection and elimination of voting collusion. 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 governance and voting collusion within the chain.
In 2024, Dora Factory launched aMACI, adding voter anonymity to eliminate collusion between the vote initiator and the operator. This further improves privacy and lowers the barrier to use of MACI votes. 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 will provide modular voting and governance infrastructure, such as plug-and-play quadratic financing modules and grant distribution mechanisms. As the first permissionless appchain focused on scaling on-chain voting, Dora Vota will provide developers with a valuable playground, unlocking more opportunities for public goods financing and decentralized community governance.
Recently, Dora Factory secured strategic funding from dao5, Whampoa Digital, and angel investors such as Calvin Liu, co-founder of EigenLayer. This is the first strategic round of a new financing series since the $17.5 million Dora Factory raised in 2021.
As Dora’s Public Good Staking grows and Vota’s ecosystem matures, the team believes Dora Factory will continue to explore new solutions to traditional financing inefficiencies, accelerating the maturity of public goods governance and financing in the multi-chain ecosystem.
Contact
Community Contributor
Chris Lee
Dora Factory
winniedrinkwater@gmail.com