Progress Update #3

TL;DR - It's alive! (on Goerli) We successfully ran our first complete funding round on a the Goerli testnet and distributed 2,574 WEENUS to three dummy projects, without revealing which projects people contributed to.

Progress Update #3

We've had some exciting progress since our last post.
For anyone that hasn't been following along in our forum and telegram, here's a quick recap.

Goerli Test Round

Last week we successfully ran our first test round of the contracts on a public testnet! πŸŽ‰

This first quadratic funding round ran for four days, with a two-day contribution period and a two-day voting period. It ended with 2,574 testnet tokens (WEENUS, An ERC20 token faucet courtesy of BokkyPooBah!) being distributed to three dummy recipient projects based on secret inputs of a handful of contributors.

You can check out the transactions with the fundingRoundFactory and the fundingRound contracts. Here are the tallied results. See if you can figure out who voted for who and with how much!

One of the successful transfers

You can also take a peak at a very early version of the UI, bearing in mind that the round is over already and, even if it wasn't, this version of the UI is read-only/simply displaying data on the round. For this round, all of the contributions and other function calls were made against the contracts directly, rather than via a UI.

Sneak peak of the UI

Up next, we'll be working on the shopping cart and contribution experience, so that contributors can contribute via the UI in our next test. Keep on eye out on our twitter and telegram if you want to join in the fun and help us test.

Recipient Curation

We've been exploring multiple potential curation mechanisms for recipients. As The goal of this instance of is to create a fund allocation mechanism for the Ethereum Ecosystem's public goods, it's important that only projects that are actually Ethereum Public Goods be eligible to receive matching (of course, anyone can deploy their own instance and use it for fund allocation in all kinds of communities and ecosystems).

After researching several options, we have decided that Kleros Curate is currently our best option to trustlessly curate a list of valid recipients. We're working on the acceptance criteria for the list and will launch it as soon as gas prices permit. Initially, the multi-sig will be the governor of list, however we would like to see this responsibility (along with the owner role in our own contracts) migrated to a DAO at some point in the future.

Eyeing L2

Speaking of gas prices, we're well aware that the current gas prices could make unusable on mainnet. Both for the contributors and for the coordinator. As an example, we ran some test a while back and concluded that 500 contributors voting for 5 projects each would cost the coordinator around $15,000 in transaction fees (gas prices were cheaper than they are now when we came up with those numbers).

With that in mind, we'll be exploring some layer two options and will likely run our first production rounds on layer two rather than layer one.

Our challenge right now is finding the L2 network that is the best combination of ready now, easy to work with (we don't want to re-write our contracts), and doesn't make too many compromises on trust, decentralization, etc. Early candidates are xDAI and Optimism. But we are open to other suggestions.

One of us!

Want to help build the future of fund allocation? Come be one of us over on Github, Telegram, and Twitter.