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Block.one to Provide over US$1.5 million in Grants to Promising Businesses Built on EOSIO

EOS VC, the venture capital arm of blockchain software company Block.one wants to make it possible for more EOSIO ideas to become tangible innovations and is now accepting applications for its Grants Program.

According to a press release on Dec. 17, the Grants Program is designed to drive growth in the EOSIO ecosystem by welcoming active EOSIO community members as well as those nurturing up-and-coming projects using the protocol and the grants are awarded with no ownership conditions. Recipients who qualify will be awarded the equivalent of US$50,000 each to complete milestones related to the advancement of the EOSIO ecosystem.

Brendan Blumet, CEO, Block.one said, “Since the EOSIO software was released in 2018, Block.one has supported the collaboration that has helped fuel the growth of the community of users and developers in all corners of the world. We continue to be inspired by the passion we see from innovative blockchain companies that promote the global entrepreneurial spirit of our community. Through the EOS VC Grants Program, we intend to identify and empower even more people to further enrich the ecosystem with fresh ingenuity and imagination.”

Through direct investments as well as via holdings through its partner funds, EOS VC is invested in projects that have built or intend to build on the EOSIO protocol. Its current portfolio spans a wide breadth of investments which now include Alpha’a, Biscuit, CAPSL, Obsidian Labs, Persollo, Sprout Records, among others.

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DSF Launches to Promote DLT Adoption and Provide Grant Support

As part of its efforts to promote the adoption of DLT, the DSF will provide support through grants to its university network. The organization has also opened its first call for grant proposals, offering up to $5 million for eligible organizations or individuals.

The DSF is supported by the open-source public ledger project Hedera, which will lend its expertise in DLT to the DSF University Network. This partnership will enable the DSF to empower academics and education in various universities, drawing from its own experiences and the challenges it has faced.

Paolo Tasca, chairman and co-founder of the DSF, expressed his excitement over the potential breakthroughs that may come from the organization’s efforts. He believes that unlocking the potential of DLT will lead to a better future for everyone. The DSF aims to drive innovation, foster new collaborative models between academia, industry, and government, and promote the responsible adoption of DLT in business and society.

Nikhil Vadgama, the director and co-founder of the organization, also commented on the launch. According to Vadgama, the DSF has an opportunity to empower academics and education in various universities, drawing from its own experiences and the challenges it has faced. The DSF has developed grant programs that are specifically designed to address the needs of the DLT community.

The DSF University Network includes prestigious institutions such as the Indian Institute of Technology Madras, the London School of Economics, the National University of Singapore, University College London, and the University of Zurich. These institutions are at the forefront of DLT research and are uniquely positioned to drive innovation and foster collaboration between academia, industry, and government.

In addition to providing grant support, the DSF will also focus on promoting the responsible adoption of DLT in business and society. The organization recognizes the potential of DLT to transform industries and improve the lives of people around the world. However, it also acknowledges the need for responsible adoption to ensure that the technology is used ethically and with the best interests of society in mind.

In conclusion, the launch of the DSF is a significant development in the world of DLT. The organization’s focus on promoting adoption and providing grant support to its university network, combined with its partnership with Hedera, has the potential to drive innovation and foster collaboration between academia, industry, and government. The DSF’s efforts to promote responsible adoption of DLT in business and society are also commendable and will ensure that the technology is used ethically and for the greater good.

FTX Future Fund Shut Down Following Exchange's Collapse

In November 2022, FTX exchange and its subsidiaries collapsed, leading to the shutdown of its philanthropic arm, FTX Future Fund. The fund was sponsored by former CEO Sam Bankman-Fried and had pledged $1 billion in donations towards research academics across prestigious universities. The grants were focused on research projects for the safe development of artificial intelligence, reducing catastrophic bio-risk, improving institutions, economic growth, great power relations, and effective altruism.

However, following FTX’s bankruptcy filing, the team behind the FTX Future Fund resigned, leaving many scholars and researchers who were early recipients of the grant in limbo over the payment of further grants for their programs. According to a Reuters report, many students studying on the FTX grant were forced to drop out of their courses due to the fear of repayment.

Twenty academics from prestigious colleges, including Cornell, Princeton, and Brown universities in the United States, as well as Cambridge in Britain, received grants from the FTX philanthropy arm, totaling more than $100,000 each. Based on these announcements, further calculations suggest university-affiliated research initiatives received a total of more than $13 million.

Many of these academics who received the first grant have now found themselves in a tricky situation, with the next due date for fee submission already passed. As a result, many students were forced to drop out of the program after the first year. Others who did receive a full grant have found themselves in an ethical battle over whether to use the grant or return the funds, which might be part of stolen customers’ funds, as per the lawsuit against the crypto exchange and its founders.

While FTX asked recipients of payments from the debtors in the FTX bankruptcy filing to return their funds in an announcement, it didn’t mention the FTX Future Fund. However, a U.S.-based lawyer suggested that it will depend on the FTX trustees and their willingness to claw back small amounts, including philanthropic ones.

The collapse of FTX exchange has caused significant harm to its philanthropic arm, FTX Future Fund, and its beneficiaries. The shutdown of the fund has left many scholars and researchers stranded without the support they were promised, forcing some to drop out of their programs. The ethical implications of using or returning the funds have also caused concern among grant recipients, with some unsure of what to do next. It remains to be seen whether the FTX trustees will take action to claw back the philanthropic funds or whether the affected researchers and scholars will receive the support they were promised.

Aleph Zero Launches $50 Million Ecosystem Funding Program

Aleph Zero, a nonprofit foundation overseeing the development of a layer-1 privacy-enhancing blockchain, has launched a $50 million Ecosystem Funding Program to support developer teams in building on its platform and advancing blockchain adoption globally. The program is designed to provide comprehensive support to attract developers, going beyond just grants, and including assistance with business feasibility, regulatory compliance, and community-building. The foundation aims to offer access to a reliable partner network, as well as sharing its own experience in building something from scratch.

“We’re hoping to introduce a somewhat redesigned approach to how layer-1s can support builders and to go beyond simply providing grants,” said Zolciak.

The Ecosystem Funding Program comprises grants, incubation, and acceleration at all stages of product development, with successful applicants receiving up to $500,000 per project in grant funding. Additionally, grant recipients will gain exclusive access to Aleph Zero’s venture capital pool, infrastructure credits from Amazon Web Services, and security design consultations from Kudelski Security. The Aleph Zero partner network will also provide marketing, branding, UX, product design, and operational support as needed.

During its pilot phase, the program has already produced a range of successful projects, including decentralized lending and borrowing protocol Abax, NFT marketplace ArtZero, domain name service AZERO Domains, unique dark metaverse experience DRKVRS, enterprise-grade decentralized identity platform Gatenox, and decentralized security platform Interlock.

The Aleph Zero Ecosystem Funding Program is backed by long-term contributors to the project, including NxGen, Diamond Atlas Capital, BlackDragon, Necker Ventures, Hodl.nl and Hodl Ventures, Pragma Ventures, RR2 Capital, Cardinal Cryptography and Cardinal Ventures, Bellwether Rocks, and Offbeat.

The launch of the Ecosystem Funding Program is timely, given the recent decline in venture capitalist investment into crypto firms during the first quarter of 2023. According to a report by Galaxy Research, the research arm of crypto investment firm Galaxy Digital, VC investment fell to $2.4 billion, the lowest sum invested since the last quarter of 2020. Companies building in the Web3, NFTs, DAOs, Metaverse, and Gaming subsector raised the most deals, while Trading, Exchange, Investing, and Lending companies raised the most capital ($538m).

VC investments have been falling since peaking at nearly $13 billion in Q1 2022, with the latest quarter’s results representing a decline of over 80% compared to the same period last year. Against this backdrop, Aleph Zero’s Ecosystem Funding Program represents a promising development, offering much-needed support and resources to help developer teams build innovative products and services on the blockchain.

Gitcoin Pivots to Ethereum Grants

Gitcoin, a platform known for funding open-source software, is undergoing a significant strategic restructuring to sharpen its focus on providing grants specifically for the Ethereum ecosystem. This pivot moves away from its original emphasis on public goods funding, signaling a shift towards a more technology-oriented approach to support the Ethereum community more directly. Since its inception in May 2021, Gitcoin has been characterized by its relatively flat organizational structure, which is now evolving to accommodate its new strategic direction.

The restructuring includes the formation of two distinct business units within Gitcoin. One of these units will focus on coordinating product-specific work, ensuring that technological development within the Ethereum space is both targeted and efficient. Alongside this, a Sub-Decentralized Autonomous Organization (SubDAO) will be established to manage community and governance matters, aiming to maintain the essence of Gitcoin’s democratic approach while offering a more structured decision-making framework.

A key aspect of this transition is Gitcoin’s adoption of a “Labs” structure, reminiscent of the models used by major protocol teams such as Uniswap Labs and OP Labs. This move is designed to ensure stability in software development and provide the DAO with clearly defined scopes of work, empowering software development teams with greater leadership and decision-making authority. This structural evolution reflects Gitcoin’s intention to focus more intently on grants, aiming to associate the platform more strongly with the grants infrastructure for the Ethereum ecosystem than with its previous public goods funding narrative.

Gitcoin’s strategic shift underscores its commitment to enhancing the Ethereum ecosystem’s infrastructure through grants. By moving towards a more technology-driven organization and refining its focus on grants, Gitcoin aims to bolster its contributions to the open-source community and the broader blockchain space. This pivot is a reflection of the platform’s evolution from an impact-focused entity to one that prioritizes technological development and efficiency within the rapidly growing Ethereum ecosystem.