Author: Markus Hinrichs
Editor: Randall Roland
Amid a dynamic crypto market and a notable 10% increase in the value of the EOS Token during the month of October, the EOS Network finds itself in a phase of profound transformation. This transformation entails addressing economic challenges and implementing significant technological advancements, all while restructuring the funding processes for EOS projects.
The EOS Network Foundation is dealing with financial challenges and had to divert resources due to a bug in the Instant Finality project, initially set for release in Leap 5.0 by the end of 2023.
The foundation made some tough decisions, including reducing staff and cutting funds for various core community projects. This strategic shift enables the redirection of resources to EOS Labs, a new for-profit funding initiative led by Huaqiang Wen. EOS Labs is now diligently working to allocate limited inflation resources to projects that hold promise for the economic growth of EOS, guided by a data-driven approach.
EOS Labs has set its sights on prioritizing DeFi, while the EOS Network Foundation can concentrate on strengthening the technical underpinnings of EOS. This transition marks a shift from the more community-led funding approach “throwing a thousand darts at the board and seeing what sticks” (Quote: Yves la Rose) – in favor of a more targeted and hopefully more efficient funding strategy. This strategy brings ENV (EOS Network Ventures), EOS Labs (an incubator and project funding arm), and the EOS Network Foundation into close collaboration.
The shift from public-good funding to for-profit funding presents a significant challenge for many community project owners. Notably, projects that had applied for Pomelo Crowdfunding for season 7 may undergo a second evaluation to secure their funds. Project parties are now encouraged to proactively contact EOS Labs via mail (email@example.com) and provide detailed information, roadmap, web presences, and products. During the recent Chinese Fireside Chat it was revealed that EOS Labs, not the ENF, will provide the promised 150k matching fund pool. However, as of now, no official communication has been made in a public English-speaking channel. Consequently, the community eagerly awaits a statement from either the Pomelo Team or EOS Labs/ENF, shedding light on the new modalities announced.
It is crucial not to lose sight of the community and its projects that have served as the bedrock of EOS's resilience during challenging periods. This also underscores the importance of EOS Support, which, alongside its core activity, 24/7 human blockchain support, fulfilled crucial functions while upgrading endeavors, code work, and professional outreach on the EOS blockchain. Once again, EOS Support, a Block Producer in the TOP 25, must reaffirm its value within the community and demonstrate its significance by continuing to be a trusted concierge on the EOS blockchain.
That said, please continue to support EOS Support’s services by donating directly to the EOS Account supportus.gm and/or by choosing the EOS Support Proxy eossprt.spt, which offers a high and risk-free 4% APY.
EOS Support Ecosystem Updates
The 14th EOS Respect Election has taken place on November 7
Apply to join next month's election with your Web3 project on EOS
Learn more about the EOS Respect DAO initiative and its underlying on-chain political playoff system, an evolution of Dan Larimers Eden on EOS. It focuses on accountability and building trust by collaborating to identify respected projects, establish shared consensus, and distribute pooled funds from elected delegates to reward projects.
Read here: Benefits for EOS Respect Members
The EOS Support and EOS Respect Proxies hold prominent positions among the top public proxies, boasting over 5.6 million EOS staked. The commitment to giving back to the community is yielding positive results.
EOS Synergy continues to live-stream while informing, educating, supporting, and entertaining the community. Join us every Thursday, 4pm UTC for the EOS Support Giveaway Show on Twitch, hosted by Charles Bishop. Tune in for the latest EOS news, engaging live games, and an opportunity to win exciting rewards!
More EOS Synergy Shows:
ENF Updates: Quarterly Report (Q3, 2023)
Notable Growth Metrics
Latest Updates from the EOS EVM
Developer Relations Efforts
GameFi on EOS and beyond
Amazon partners with WAX to drop in-game items for Brawlers.
Returning Value to the End User: Exploring In-Game Assets and P2E an ENF-hosted Twitter Space with key figures from Upland, Wombat, and Facings.
EOS Upcoming Public Live Events Calendar
Community News, Reports & Discussions
More sources: NovaCrypto