The Cosmos community recently passed a proposal requested by Dora Factory and DoraGacks to approve a $1 million grant from the community treasury. The grant will support ten rounds of funding through native token ATOM, over the next two years.
Cosmos holders digest news of $1 million grant to public goods funding protocol
Cosmos passed the Governance Proposal No.917 to approve a $1 million grant from the Hub’s community treasury to Dora Factory and DoraHacks, for public goods funding. In web3, public goods are infrastructure that are available for everyone to use. In crypto, public goods are storage and developer tools, software middleware, block explorers, dashboards, among other things.
The proposal sparked an intense debate in the community when it was first introduced, however, over a period of time it has garnered support from voters. Holders of over $1 billion in Cosmos (ATOM) tokens voted in favor of the grant and it was passed at 91.9% approval rate.
It’s important to note that this is the highest approval rate in the history of Cosmos proposals and the funding program, the ATOM Economic Zone, was announced once voting ended. This marked the first long-term funding initiative and the first proposal of its kind on Cosmos.
The program runs for two years, starting May 15, 2024 and ending in 2026.
The proposal calls for “Quadratic Funding” or funding in the native token, ATOM in the case of Cosmos. Dora Factory has previously deployed native quadratic funding on several blockchains like BNB Chain, Solana, Polygon, Aptos, Cosmos Hub, Injective and Avalanche.
ATOM added 4.30% to its value early on Wednesday as Cosmos token holders digested the proposal’s acceptance and impact on the token’s price over the next two years.
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