Author: Marco González

Editor: Randall Roland

The EOS Network Foundation reassured the community that EOS Network Ventures will be an independent entity. In combination with ENF Grants and Pomelo, ENV helps independent projects find funding on EOS.

The ENF announced EOS Network Ventures on November 10. The on-chain transaction happened the day before.

Outside of block producers, few members of the community were aware of the ENV proposal. Even team Helios was taken back, citing a lack of:

“...due notice…”

While the ENF stated that the future of EOS Network Ventures will be determined by the community, the foundation remains adamant about helping the organization get off the ground.

The original plan is for a $100M ecosystem fund. Initial funding falls short of that number at 68,277,906 EOS (see reference 1, reference 2, reference 3). Outside investment was mentioned as the other piece of the puzzle:

Planned allocations seem to satisfy community concerns. In terms of expectations, the ENF tasked EOS Network Ventures with the following:

The ENF stated a broad action (strategic) plan for ENV as:

Specific types of Web3 apps were identified. Alone, each might be considered a breakout sector in its own right. From the ENF’s announcement post, they are:

Amazing how fast the community got behind EOS Network Ventures. Before the ENF existed, any substantial allocation of EOS was met with strong opposition. At the very least, community critique tended to persist. The ENF succeeded in funding the new community VC because the foundation consistently produces value for the EOS Network, whereas past leadership was complacent about development.

Helping ease community concerns was a follow-up post. The ENF answered concerns in the form of FAQs to add:

“...more clarity to this new initiative…”

Here again, the ENF demonstrates its commitment to the health of the EOS Network and independent community members. Answers to FAQs can be found on the ENF’s blog.

Future discussions about EOS Network Ventures will invariably involve matters of governance. Yves La Rose, CEO of the ENF, brought to light the planned relationship between the ENF and ENV on a weekly Fireside Chat. The recurring tone was one where the community would be allowed to establish ENV’s ultimate mission and protocols.

For those wondering if the ENF still listens to the community, the answer is yes. In Yves’ words:

Yves went on to say that the change will improve security and accountability while maintaining an action-oriented ENV.

For a bit of perspective, below are initial questions and concerns presented by the community immediately following the announcement (and before the ENF posted its FAQs):

Following up on these concerns is an overview of ENV questions addressed within the ENF’s FAQs post:

While due notice wasn’t given, there was substantial motivation behind the ENV proposal. Initial activity appears to have gained positive momentum for creating real, lasting change on the EOS Network.

EOS Network Ventures plans to inject targeted funding that directly impacts Web3 startups. The EOS Network, while integral, appears to be a sort of launch pad. Thus, ENV’s vision includes and extends beyond EOS.

Is the new community VC at the heart of the ENF’s mainstream adoption plan? It might be too early to tell. For projects that believe EOS can solve existing problems on a global scale, looking to ENV for support might be the best option.