HomeNewsDrips To Aid Funding Delivery To ENS Ecosystem Working Group-backed Developers

Drips To Aid Funding Delivery To ENS Ecosystem Working Group-backed Developers

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Open Source projects within the ENS ecosystem are on track for funding in the coming months.

These projects will bag $50,000 which would be facilitated through open-source supporter Drips.

The ENS Ecosystem Working Group over the next six to seven months will make available $50,000 USDC to seven essential projects. The funds will be used to leverage the Drips network to support the open-source projects critical to its operations and their developers.

Funding Key Projects on ENS

The seven projects include Wagmi, ethers.js, graphql-request, OpenZeppelin contracts, noble hashes, scure-base, and DNS-packet. This initiative lends credence to ENS DAO’s dedication to retroactively rewarding the open-source projects that form the backbone of its infrastructure.

As per design, the Drips network is set up to facilitate uninterrupted and transparent funding. This guarantees that essential software dependencies receive consistent financial support. Thus, by onboarding Drips, ENS is not only backing its primary software dependencies but also benefiting the secondary dependencies that these projects rely on.

Aside from the seven critical projects, the funds will trickle down to other projects in the long run. Specifically, a minimum of forty projects are set to benefit from it. The goal is to promote a healthier and sustainable open-source network that is mutually beneficial to everyone.

In the past, Bitwise, an asset management firm, had committed to allocating 10% of profits generated from Bitwise Bitcoin ETFs to support the ongoing development of the Bitcoin network. This move was to recognize the pivotal role being played by a dedicated community of open-source developers that contribute to enhancing the security, scalability, and usability of Bitcoin.

In the detailed implementation, 40% of funding transferred to Wagmi on Drips will automatically be shared with its dependencies. Similarly, ethers.js funds are shared to six of its own dependencies, while openzeppelin-contracts spreads its funds to nine.

Through these primary connections and their projects, the funds will reach the building blocks that guarantee their functionality. It is the system’s way of ensuring that everyone gets a slice of the pie.

Impact and Vision of ENS Ecosystem Initiative

Eleftherios Diakomichalis, founder of Drips, highlighted the significance of ENS’s approach noting that it signaled a direct and transparent way of providing infrastructural support.

“ENS is leading the way in establishing a new cultural norm where on-chain organizations continuously fund the vital public infrastructure they depend on. No ifs and unnecessary complications—just simple and transparent support for the infrastructure that makes their work possible. This is what the future of public goods funding looks like,” Diakomichalis stated.

On his part, Slobo.eth, an ENS ecosystem steward, lauded Drips, stating that Drips is an excellent way to support open-source developers who do crucial work for the ENS Ecosystem.

The ENS Ecosystem Working Group’s initiative to provide ongoing funding for its software dependencies sets a valuable precedent for other Web3 entities. By using decentralized funding to support public goods, ENS is demonstrating a sustainable model for maintaining and enhancing digital infrastructure.

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John Kiguru
John Kiguru
John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@ethnews.com Phone: +49 160 92211628