Participants in the Lido Finance staking service approved the allocation of 2 million LDO (~$6 million) to support Ethereum under the Protocol Guild. The structure supports autonomous hiring, retention and reward mechanisms for developers.
As an added bonus to the start of @EFDevconnect, we’re pleased to say the proposal for Lido to pilot the Protocol Guild has passed, with 2,000,000 LDO allocated towards funding Ethereum protocol contributors 🏝️
More information can be found here: https://t.co/VWCAdxqoNA
— Lido (@LidoFinance) April 19, 2022
Protocol Guild embodies a new approach to funding public goods, focusing on the development of L2.
According to participants in the structure, alternative approaches such as grants and retroactive funding programs have significant limitations. They are not forward-looking and do not benefit individual participants, as their design prioritises project and team developments.
Protocol Guild was formed by more than 100 Ethereum Core participants from 21 different teams and 9 organisations. Only 30% of them work at the Ethereum Foundation.
Participants will seek sponsorship in the form of tokens from protocols, which will allow for larger rewards under favourable conditions. Distribution is planned to be carried out via a smart contract with a vesting period.
Earlier in April, Lido Finance announced the rollout of distributed validator technology and a scoring system to boost the decentralisation of the Beacon Chain.
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