Web3 Public Goods Ecosystem and Technology Outlook | AMA Record

Written by: Anji, Golden Finance

Public goods such as water, electricity, public transportation, and government services are very important in the real world. In the Web3 world, public goods are also the same. For example, Gitcoin, which focuses on Web3 product funding, has been praised many times by Ethereum founder Vitalik.

As we all know, the public goods of the Ethereum ecosystem are relatively well developed, but other ecosystems have also begun to focus on public goods recently, such as Cosmso. In May 2024, the Cosmos Hub community voted in favor of Proposal No. 917 with a high vote (more than $1 billion of ATOM voted in favor), allocating one million US dollars to the DoraHacks AEZ quadratic Grant for a two-year operation in the Cosmos community, a total of ten rounds of quadratic funding. All funds will be allocated to Cosmos and application chain ecological public goods builders and early project developers through Dora Factory's protocol stack. The following week, Dora Factory announced a new round of strategic financing of $10 million.

Focusing on "Web3 Public Goods Ecosystem and Technology Outlook", Golden Finance recently organized a Twitter Space, with guests including Steve, a core contributor of Dora Factory, NingNing, a senior independent researcher, Cikey from LXDAO, and Artist, president of the Zhejiang University Blockchain Association.

This discussion focused on the definition, importance, characteristics, differences from public goods in the Web2 era, challenges and future prospects of public goods in the Web3 ecosystem. Public goods are understood in Web3 as products or services that are not primarily for profit but can provide the community with widespread use and long-term value, such as block browsers, data platforms, wallets, etc. The continued operation and development of these products are essential to the health of the Web3 ecosystem, but they often face funding shortages. To solve this problem, joint efforts and funding from multiple parties such as community members, foundations, developers and DAOs are needed.

Some challenges in the field of public goods funding, such as collusion problems and witch attacks, are also mentioned in Spce, which may affect the fairness and effectiveness of funding. To address these challenges, some teams are developing new technologies and methods, such as the anonymous aMACI minimal anti-collusion infrastructure developed by Dora Factory, which aims to improve the security and privacy of voting.

Dora Factory received particular attention in the discussion because it not only received a new round of financing, but also successfully obtained large-scale grants in the Cosmos community, which reflects the community's recognition and support for public goods funding. Dora Factory's progress includes application chains developed based on CosmosSDK, application development focused on the governance track, and a quadratic funding mechanism deployed on DoraVota, which aims to help the community better fund public goods.

This Space also involves how to incentivize community members to participate in the funding and governance of public goods. Some projects encourage community members to participate in voting and funding by providing token rewards, which is called a community incentive fund. In addition, the discussion also explored the democratization and rationality of public goods funding, and how to solve the rent-seeking problem that may exist in public goods teams through innovative governance platforms.

Finally, the Space discussion emphasized the vast space of public goods governance and the importance of every participant. Call on community members to pay more attention to and support the development of public goods to promote the overall progress of the Web3 ecosystem. The discussion pointed out that the funding of public goods is not only to solve the funding problem, but also to promote the development and innovation of the entire ecosystem. By funding public goods, it is possible to promote the iteration of technology, the participation of the community and the expansion of the ecosystem, and ultimately achieve the widespread application of blockchain technology and its integration into daily life.

In summary, Space deeply explored the current situation, challenges and future development of Web3 public goods, emphasized the importance of community cooperation, and proposed a series of solutions and innovative ideas to promote the sustainability of public goods and the prosperity of the Web3 ecosystem.

The full transcript of the AMA is as follows:

Golden Finance: In any large-scale ecosystem, public goods are an extremely important topic. In the web2 world, what we understand as public transportation systems and other non-profit facilities, so how should we understand and view public goods in web3, and what are the differences from the web2 world? First, invite Steve to share.

Steve:This concept may be relatively unfamiliar to everyone, public goods. It can also be understood as public welfare or other explanations. Public goods are the literal translation of the English word public goods. There are many public goods in our daily lives, and they are closely related to life, including the roads that everyone walks on every day, the highways that go to different cities, and some other public goods in the city, including libraries, parks, etc. They are often free and can be used by all citizens. Sometimes they are also charged. They are not non-profit, but they are often not aimed at profit. They are products that can be widely used by the community and provide long-term value. Funding such products is important because some of them have commercial capabilities and some do not, but they are very important in themselves. If you don't fund it, it may not be able to provide services to the community in a long-term and continuous manner, which is actually a loss for the community. What are the public goods of web3? This includes block browsers, data platforms, wallets for daily use, code libraries for developers, software used by developers to help developers better deploy contracts, etc., including platforms that provide better information display for the entire ecosystem, such as Ethereum's official website, which is a public good.

In the early days, a large number of projects were developed with the original intention of public goods. The potential concept that needs to be noted here is that public goods do not mean non-profit. Many public goods are profitable. For example, ENS has started to charge fees, and many browsers also have their own business models. Because it has a large amount of traffic, it can advertise and earn advertising fees. A large number of wallets also have their own business models. They have transaction fees. They can make money by opening the front-end transactions, but it does not prevent them from being public goods.

In each ecosystem, how to help these projects survive in the bear market and get long-term community support to iterate their products and better optimize services is the responsibility of the entire ecosystem. There are many roles in this, including the foundation itself, institutions, developers, community members, DAO members, etc. How to coordinate different roles to better fund public goods, provide support for public goods, and how to explore better public goods, but without this ecosystem, there is no way to operate and develop this system well. This is an important track. I am very happy to discuss and share our views with other guests.

Cikey：I would like to add that the first one includes non-exclusivity and non-competitiveness. All its codes are open source and can be used by anyone without authorization and deposit. It has certain positive web-like public goods. How do you view public goods in the world of web3 and what is the difference between the world of web2? The most important difference is that the public goods of web2 are usually provided by the government or non-profit organizations. Services or facilities that can be used by everyone, such as street lights and parks for daily use, are often supported by taxes or other public funds. Their management and operation will be relatively centralized. In the world of web3, more emphasis is placed on decentralization, transparency and community-driven. Anyone can participate, contribute and use it without being controlled by a single entity. It is a bit innovative in a way that allows more people to participate in decision-making, but the overall influence of public goods is still slightly limited at present, because the overall scale is not large enough and has not received enough attention. eb3's public goods include quite a lot, such as web3 infrastructure, web3 protocol, public chain infrastructure to ensure the basic operation of web3, and some web3 tools to help better realize certain functions. In addition, there are some communities, education, and non-profit organizations that can be regarded as public goods. However, in general, people may have a misunderstanding about public goods. Will it be free and purely public welfare? In fact, it is not the case. Web3 has many well-known open source public goods. Their core codes are open source and do not restrict users' use. Most of them can also charge some low costs or fees, or even free use. However, it does not mean that public goods are completely free and public welfare goods. I will roughly supplement this part.

Artist:I would like to talk to you about my views on public goods based on my personal experience. First of all, the view of public goods proposed from the perspective of economics is non-exclusive and non-competitive. Later, the evolutionary concept of economists and financial economists was used to promote public goods. Non-profit is not a feature of public goods. The counterpart of public goods is private goods, which can only be used by those who pay for them, while public goods are available to everyone and are not exclusive. This is a distinction in economic concepts. There is also a certain distinction in web2. Take Google, a technology giant, for example. Perhaps 80% of its revenue comes from advertising. This represents a trend. Web2 technology giants regard web3 as a transformation of public goods into private products, such as users, data, and behaviors, to create profits, and almost no value is given to users who create value. This leads to the concept of web3 public goods. Vitalik Buterin expressed that in the field of blockchain and cryptocurrency, public goods are managed and funded by communities and DAO organizations. This is the distinction between web2 and web3. From the perspective of public governance and decentralization, regardless of the source of funds or the incentive mechanism, a comparison can better view the public goods of web3 and web2.

Golden Finance: In the public goods track, compared with Gitcoin in the Ethereum ecosystem, how do the guest teachers view the issue of benchmarking or "catching up"?

Steve：I don’t think there is any catching up. Public goods exist in every ecosystem. No matter who funds and develops public goods, it is very good for the industry. There is no competition.

Gitcoin is an important practice of decentralized public goods in the Ethereum ecosystem. Since 2017 and 2018, the Gitcoin team has been trying to use new methods such as quadratic funding to encourage everyone to use Ethereum to fund early public goods projects in the community on the Ethereum network. There are a large number of core development teams and early teams, including the earliest ENS and other early projects, which have been funded on Gitcoin. GitcoinDAO has also developed very well. In the past few years, it has funded thousands of public goods teams in the Ethereum ecosystem with more than tens of millions of US dollars.

Dora is also funding Ethereum and public goods in the Cosmos ecosystem. The latest progress is the passage of Proposal 917 in Cosmos in May. We have received a grant of 1 million US dollars from the Cosmos community treasury, which is the largest community grant proposal this year. We operate quadratic funding in the Cosmos community. In the next two years, we will cooperate with the Cosmos official accelerator to discover good Cosmos public goods projects and early projects in the community and fund them. This is the first time to operate quadratic funding and large-scale public goods funding in the Cosmos ecosystem.

The Dora team has been using quadratic funding and decentralized methods to fund all multi-chain public goods in the multi-chain ecosystem since 2020 and 2021. The first Solana quadratic funding occurred on the Dora platform. In the first few rounds of Solana's ecosystem, we funded some amazing projects, such as StepN, Polygon, Avalanche, BNBchain, etc. In the past few years, we have allocated tens of millions of US dollars to more than thousands of projects. In terms of the number of projects covered and the scale of the call for the community to donate multi-chain assets to the projects, the biggest difference is that in the past few years, Gitcoin has mainly focused on the Ethereum ecosystem, and Dora has mainly focused on the multi-chain ecosystem. This is the first big difference.

Dora's recent progress is to develop a governance infrastructure based on CosmosSDK. We define it as an application chain that focuses on the governance track. Its goal is to develop governance-related applications and public goods-related applications on it as a good infrastructure. The first thing we did was to deploy the application of the core, decentralized, and democratic public goods funding process of quadratic funding on DoraVota. CosmosHub is our first user of the large ecosystem and can help the Cosmos community better fund public goods. Therefore, the development model is different from Gitcoin. One focuses on the Ethereum ecosystem, and Dora focuses on the multi-chain ecosystem.

We can rationally discuss the use scenario of tokens. When Gitcoin first designed the token economy, it designed GTC as a governance token, which was used to participate in Gitcoin's governance. There don't seem to be many other scenarios. In Gitcoin's other product lines, Gitcoin's passport can decentralizedly verify the activity on multi-chain Ethereum and verify that it is a real person.

Under Dora's economic model, $DORA will be used to fund and care about public goods. There is a complete set of governance-related infrastructure, and there are diverse scenarios for funding public goods developed by developers, which is very scalable.

What all teams have done in the funding of public goods is very meaningful. There is no competition at all, and there is no question of who will surpass whom. Everyone can see how to do better, develop products that are more valuable to the industry, and provide better services to public goods projects and developers. This is more meaningful. I will throw out some ideas and listen to other guests' ideas.

Cikey：Gitcoin, in a sense, allows capital to better allocate resources. What we need to think about is how to better allocate and manage public resources. The open source attribute allows many people to use it, which leads to insufficient motivation for contributors, and contributors are not valued or seen. How we reasonably allocate resources is what LXDAO has always been doing. If we want to sustainably support valuable public goods and open source projects, how can we let people who really do open source projects and contribute? When it comes to catching up, my idea with Steve is the same. We work hard and stick to our original intentions. The decentralized collaborative approach gathers more power. We provide support for public goods, help public goods achieve sustainability, and build a valuable public goods ecological network. This is very important. How to achieve their sustainability is very important. How to be seen by more people and how to reasonably allocate resources to truly valuable open source projects and developers are issues worth thinking about and discussing.

Golden Finance: Mr. Mike is the head of developer relations at Artela. Can you share some thoughts on this issue?

Mike:As a public chain, I am very moved and empathize with the speeches of the above guests. From my personal experience, I once communicated with a partner from Dora Factory, including LXDAO. Everyone is not aiming to make a profit. We have done a lot and it was very difficult during the period. How can we make it a long-term sustainable thing? In addition to one-time funding, the project team can also become part of each ecosystem. For example, as a validator node, taking on part of the verification transactions can obtain Token funds from the Foundation, allowing the public goods team to obtain continuous income. This does not hinder the original intention of public goods, but brings continuous income to the team, continues to support the creation of public goods, and benefits the entire industry. It can even be free in this case. This is an inspiration, a path for the continued operation of public goods. Layer1 can provide the entrusted Token funds of the verification node, and Layer2 can also become a Sequunencer sorter and become part of each ecosystem.

Artist：First of all, Gitcoin is a very successful project and team. It supports open source projects through crowdfunding and has four major advantages. First, it focuses on public goods funding, and builds project and funding strategies around value propositions to integrate and circulate advantages; the second is that it has established a strong community, developer community, supporter community, institution, and organization, and manages the relatively complex community well, encouraging everyone to better understand the project and participate in the role of project and funding; the third is the incentive mechanism, including quadratic donation and matching donation models. If latecomers want to catch up, they need to provide novel incentive mechanisms, not just tokens, but also computing systems or incentives linked to project completion to promote donations; the last point is transparency and fairness, which is also the most indispensable measure for donation organizations. If transparency and fairness are not maintained, the accumulated good reputation will be wasted. Some of the domestic organizations that I have seen are relatively good or have done more research, such as the GCC organization, which aims to support and promote the donation of public goods in the Chinese-speaking area. It adopts independent matching donations instead of quarterly matching donations. Our Zhejiang University Chain Association has also applied for similar donations. For example, when we hold an Ethereum Hangzhou event, we will apply through the GCC organization. Its characteristics are that it targets Chinese-speaking public goods and can also lead more developers and projects to invest in the construction of public goods. Only by integrating people and projects can the public goods ecosystem become prosperous and developed.

Golden Finance: Since public goods were proposed by Vitalik Buterin, they have developed for nearly three years and have experienced bull and bear markets. In this process, what problems or challenges exist in this field and how can they be improved? What new changes have occurred in the past six months?

Steve：We have been focusing on public goods for more than three or four years. When we tried to use on-chain tools to fund developers, a large number of problems emerged as our practice became more and more abundant, including the collusion problem in traditional quadratic voting. For voters or donors, voted persons or donated teams, since transactions take place on the blockchain and the addresses are public and transparent, problems of vote buying or collusion may arise. In public goods, the distribution of public distribution pool bonuses is determined by the community's voting and donations. If a project is recognized by the community and receives as many community votes as possible, it can get more bonuses.

The development of the bonus pool is also very objective. From 2018 and 2019, a small round of public bonus pools on Gitcoin and Dora public platforms only had a few thousand dollars. Now the public bonus pool has tens of millions of dollars every year. If a project colludes with the community, it becomes direct vote-buying, which makes the allocation mechanism unreasonable or even invalid. Really good projects may not get donations, and some projects that incite the community to get votes to divide the bonus pool may get more funding;

The second is the problem of witch attacks. One person or studio creates tens of thousands of accounts to vote. The principle of quadratic funding is that the cost of one person voting for a project increases with the number of votes and increases in a quadratic ratio. If a donated project has a large number of witch attacks, it may win the largest prize. These are the problems that appeared in quadratic funding 1.0.

We optimized the quadratic mechanism, designed a review period for witch attacks, and discovered suspected witch addresses through on-chain means. Secondly, a cumulative tax was designed, and the project that received the highest bonus funding was set to receive 30% of the total bonus pool. Projects that did not receive the highest bonus and entered the voting round can receive a guaranteed minimum funding, so that all projects can get funding, making the matching donation system more fair.

In response to the problem of collusion, the Dora team developed the anonymous aMACI minimum anti-collusion infrastructure. Voters and voters voted in smart contracts and encrypted them. The voter decrypted the vote through the public key to generate proof, which can verify the vote and achieve encryption and privacy in the voting process. Privacy is a must in web2 governance, and it is public in web3 governance. We have specially developed the anonymous aMACI product to solve the problems of collusion and voter privacy of quadratic funding, and we are the only team that has deployed anonymous MACI in the multi-chain world.

NingNing:Regarding the donation of public goods, I have my own experience of donation. There are indeed some bribery behaviors or hints of potential airdrop opportunities. There are very few bribery and potential airdrops. If you take potential profit as the goal, the experience is not good. Donations in the Ethereum ecosystem or the web3 ecosystem do not actually generate income. With the development and progress of the ecosystem, potential income will be generated. When Vitalik Buterin initiated the donation of public goods to Ukraine, I donated 1 ETH. From the perspective of a donor, when donating to public goods, in addition to the potential profit expectations, there is also a big appeal that we hope that public goods can be truly allocated to excellent projects in the web3 ecosystem, so that investors holding native tokens can benefit in the long run. In a sense, participating in donations is also an investment behavior, but it is not aimed at immediate profit. In terms of the experience of using Gitcoin and Dora, Dora is more inclined to web3 native projects, and Gitcoin is influenced by Western ideology and is related to climate and equal rights. In terms of donation effects, most diversified projects cannot evaluate the donation effects. If we donate to web3 projects, we can intuitively see the subsequent development, which is very valuable in the entire ecological chain. It is difficult to intuitively feel the role of non-native projects. In general, the donation of public goods can be purer, and it can be participated in for the purpose of obtaining non-immediate potential benefits.

Mike：I would like to say a few words from the perspective of the public chain ecology. There are two important points. The first point is to be able to continuously generate meaningful income in the ecology. The second point is how to solve the rent-seeking problem between the ecology and the public welfare. As a public chain or ecology, everyone hopes to be decentralized. Public goods themselves also need to be decentralized, but the public goods team has some rent-seeking space. This is the second point I want to expand on. The first point mentioned above is that from the perspective of Layer1, the public goods team can be guided to become part of the ecology. A direct example is to give them verification nodes and public chain delegation. This is equivalent to guiding community users to stake tokens on the public goods team, and represent stakers to vote and govern to obtain a small part of their income. This is very important for their long-term sustainability. For the new Layer2 ecology, they can be Sequnencer, or even do more things. At present, there is a lot of room for exploration to give these public goods teams an effective and sustainable income. This is the first point I want to share. Second, there were articles saying that members of the Ethereum Foundation would be advisors for various projects and might get some token income. People would be more sensitive to these things. It stands to reason that these people have everything. Similar problems have occurred in other ecosystems, not just Ethereum. Some people can guide this ecosystem. Their guidance can determine the behavior of the people below and motivate them. Once such behavior exists, there may be room for rent-seeking. Not only in the crypto world, but also in the real society. I hope to see the long-term development of crypto, solve the problems that need to be solved, and hope to see some new innovations.

Golden Finance: Please invite the guest teacher to share the field of public goods funding. Which projects have investment potential? What kind of projects are more likely to impress the community, or what kind of project construction the community is more willing to support?

Artist：I will answer this question based on some of the cases I have seen and the situations I have understood. Now web3 donations are very common. The following categories are more representative and have potential projects. The most common ones are open source frameworks that provide basic tools for the web3 ecosystem, which need strong support; the second is some DAO organizations. Many DAO organizations have funding problems or unclear goals. When producing public goods, they encounter financial resistance or other resistance. They also have relatively large investment potential; the third is education or knowledge sharing platforms. I will take Zhejiang University Chain Association as an example. Such institutions and platforms are committed to bringing incremental platforms to web3, and they bring incremental growth by enhancing the understanding of crypto and web3 among community members. They are equivalent to web3's knowledge sharing platform, unlike web2 which can be paid for through knowledge. It is well known that web3 courses are difficult to sell, which also has relatively large donation potential; the fourth is projects that focus on research and development, which also have relatively large donation potential. Looking at these tracks, there are several common characteristics, such as open source, community-driven, certain technological innovation, solving a practical problem, and sustainability and social impact. Projects with these characteristics are the ones with more investment potential in the field of web3 public goods funding.

NingNing: Let me think about this from the perspective of the secondary market and individual investors. When we look at donations, individual investors should participate in this matter with a public welfare mentality or a long-term mentality. They get more external value, which may not be well converted into investment returns. Directly investing in some public goods projects cannot be done with the idea of ​​investment. If you are very interested in the sub-sector of public goods and think that public goods are crucial to the industry and are willing to support it, I personally suggest that you can buy some native token assets issued by public goods protocols. This is a niche investment track. If you have a large capital scale and want to diversify your investment risks, want to make non-short-term benefits to web3, or want to diversify your investment portfolio, you can consider this method. This should be distinguished from donations. When making donations, it is best not to expect any investment returns. As a person who has experienced it, most of the time you will be disappointed, and it will also make this matter less pure.

Cikey：Let me first answer the previous question. I am operating a DAO community. Our DAO is also a public good. Funding and sustainability are big problems. There is also a problem of free-riding prevention. Some real contributors are not seen. There is also visibility. Currently, the overall user awareness of public goods is insufficient and the participation rate is not high. As a result, the project faces many difficulties in raising funds and achieving goals. Coupled with the allocation strategy mechanism, how to allocate funds during this period is also a very complex issue that requires an effective decision. Back to the question just now, first of all, I think public goods that are going to solve the current problems in this field need more support, such as a diversified funding system, and whether it can be clearly stated in the white paper when the corresponding rules are formulated at the beginning, such as how much of the coins generated each year will be used to fund public goods. As long as the ecosystem can continue to develop, this funding part can also be funded. As for individual investors, in addition to actual returns and influence, it can also be used as a point. How to get more people involved and let everyone truly understand public goods, it is also very important to increase the awareness of public goods in other communities or other partners, so that a public good can be well promoted. In addition to the development of technology, operation is also very important. It is a pity that good public goods are not seen. LXDAO is a sustainable DAO that wants to support the development of valuable public goods and web3 public goods. When we choose public goods, the first thing we do is to ensure that it is open source. We do not require the project to be commercial or profitable, but we hope that it can really provide some help to the ecosystem and have a positive external influence. This is quite important. Technology, tools, and education can really push this part of the influence out to create a positive cycle for the entire ecosystem. Sustainability and the ability to truly promote co-construction are all worthy of funding.

Steve：We have also tried to motivate more people to support the funding and governance of public goods. We have cooperated with Gui Inu in the public goods funding link of the Aptos ecosystem. It provides about 1 billion tokens to all voters, which were worth thousands of dollars at the time. As long as you vote, you will be rewarded. You can make money by funding public goods. We call this a community incentive fund. We now have more and more partners in the community incentive fund. Injective also has their meme tokens. The official developer of Sloth donated three sloth avatars worth 15,000 US dollars at the time to developers for a lottery. As long as you participate in the public goods event, you have a chance to win this sloth. We are involved in these areas.

Public goods funding itself is a track. Among them, the Dora and Gitcoin teams are doing well. If you are not looking for financial advice, you can pay attention to some of the things we are doing. There are many public goods in the industry, and there are also commercial public goods. This is a better investment target. It has cash flow and is not for profit, but what it does is valuable and recognized. ENS is one of the most successful applications of Ethereum. It is a public good and makes money.

Investing in public goods is a little contradictory, because people who make public goods do not aim to make a lot of money. The goal is to let everyone use a better product. If you want to commercialize it, just make private goods directly. The original intention is not to make money. Funding public goods itself is also the original intention to contribute to the industry. I hope everyone will pay more attention to and understand the teams doing such things, and give these teams more help and support, especially what are the early public goods in the ecosystem you are concerned about, and whether they have received better attention and funding. In the early stages of a project, it is often the most difficult. There is no money to pay for audit fees and legal consulting fees, which often cost tens of thousands to hundreds of thousands of US dollars. How to get everyone to get this funding, especially good projects, and continue to get the help and support they deserve during the development of the project is a mechanism that can make public goods funding more democratic and reasonable. It is a particularly important significance for us to do this.

Mike: Professor Cikey just mentioned that the free-rider problem and the rent-seeking problem are somewhat similar. As a public good, we have discovered some internal problems, which leads to the fact that we need a more innovative governance platform. I am very interested in the application chain of governance proposed by Steve, and I am looking forward to seeing some innovations to solve these problems.

Golden Finance: Dora factory has obtained a new round of strategic financing of tens of millions of US dollars. In the history of Cosmos governance, it has also received the strongest community support and received a grant of one million US dollars. Is there anything exciting that you can share with us during the voting and discussion process?

Steve：We are very excited to have this opportunity to do this. Gitcoin has been doing quadratic funding in the Ethereum ecosystem for six or seven years. Cosmos has never had its own native quadratic funding. The community wants to fund public goods here but has no way. We first strongly supported the development of Cosmos public goods and developer communities in 2022 and 2023. We went to Berlin in the middle of the year to organize CosmWasm’s largest annual hackathon. In the middle of the year, we held the first AEZ online The hackathon specifically funds public goods and developer teams that can make Cosmos better around the ATOM economic zone. At the end of the year, we held Hackmos in Istanbul with the Cosmoverse team, and worked closely with the Cosmos community. This year, we officially launched the DoraVota-governed application chain and native quadratic funding. We immediately received community funding to run on our chain. We feel very honored to be recognized by the community and have the opportunity to do this. It is also our product to PMF. We are particularly concerned about whether our multi-chain quadratic funding products can help developers raise money and solve core problems. The second is what else can be improved and improved. With CosmosHub as a starting point, we want to expand to more multi-chain ecosystems to provide help. In the future, we also look forward to running Atela's native quadratic funding on Atela's chain and providing privacy governance functions. These are all things that enable our technology stack to better serve the development of different ecosystems, which makes me very excited. I am very happy to get this financing, and I can recruit better Cosmos developers to design the bottom layer of the chain to be more solid, easier to use, faster, and provide a better product experience. We must continue to iterate quadratic funding products, iterate privacy voting products, and encourage developers to iterate more new governance applications. We hope that everyone can pay more attention to this very important track. The assets that it can govern are definitely at the level of hundreds of billions, and it is a technology that can push blockchain technology to web2 and to everyone's daily life. It is a very scalable technology. This is why we are full of confidence and vision for what we are doing. We look forward to providing better services to everyone in the future to help everyone raise money and help everyone attract more attention and discussion. These are all things that we feel are very valuable.