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 (bd@eoslabs.io) 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.

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