HomeCoinsEthereum (ETH)Liquid staking protocol Lido allocates $6 million to Ethereum development

Liquid staking protocol Lido allocates $6 million to Ethereum development

- Advertisement -


Quick Take

  • Lido has allocated two million of its LDO tokens to be given to the Protocol Guild.
  • The Protocol Guild is a new public goods funding mechanism for Ethereum development.

advertisement

Liquid staking protocol Lido allocates $6 million to Ethereum development

Lido Finance’s governance forum has passed a vote to support Ethereum protocol contributors via the Protocol Guild to the tune of about $6 million.

The Protocol Guild is said to be a novel approach to the public goods funding concept that supports developmental activities, especially in the Layer 2 space. It’s a funding tool design designed to offer autonomous recruitment, retention, and reward mechanisms for contributors to the core Ethereum protocol.

Most of the current public goods funding protocols in the Ethereum space center around grants (like Gitcoin grants) and retroactive funding programs (like Optimism’s retroactive public goods funding).

The Protocol Guild critcizes the current approaches, claiming they have significant limitations that hinder their suitability. One of these inadequacies is that they are not forward-looking, especially in the case of retroactive funding, it claims. Another criticism is that they do not benefit individual contributors since their design prioritizes developments by projects and teams.

The Protocol Guild says it offers a public goods funding mechanism that will be more sustainable for maintaining the Ethereum protocol. Part of this sustainability will include creating financial incentivizes for improving the core Ethereum codebase as well as support for both individuals and teams.

Lido will allocate two million of its LDO token to the initiative. At the current LDO price, the grant comes to almost $6 million.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 41,490.00
ethereum
Ethereum (ETH) $ 3,117.72
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 338.14
litecoin
Litecoin (LTC) $ 113.38
eos
EOS (EOS) $ 2.59
okb
OKB (OKB) $ 19.99
tezos
Tezos (XTZ) $ 3.25
leo-token
LEO Token (LEO) $ 5.86
cardano
Cardano (ADA) $ 0.947776
monero
Monero (XMR) $ 255.39
stellar
Stellar (XLM) $ 0.203275
chainlink
Chainlink (LINK) $ 14.33
huobi-token
Huobi Token (HT) $ 9.39
tron
TRON (TRX) $ 0.062872
usd-coin
USD Coin (USDC) $ 0.999687
dash
Dash (DASH) $ 109.87
neo
NEO (NEO) $ 21.78
iota
IOTA (MIOTA) $ 0.681027
nem
NEM (XEM) $ 0.100965
zcash
Zcash (ZEC) $ 160.14
maker
Maker (MKR) $ 1,853.94
paxos-standard
Pax Dollar (USDP) $ 0.999623
ethereum-classic
Ethereum Classic (ETC) $ 37.56
vechain
VeChain (VET) $ 0.061478
true-usd
TrueUSD (TUSD) $ 0.998956
ftx-token
FTX Token (FTT) $ 43.61
kucoin-shares
KuCoin Token (KCS) $ 20.77
waves
Waves (WAVES) $ 21.04