The EOS Network Foundation has announced Pomelo has opened the door for granting proposals with a matching pool of USD 888,888.888, meaning anyone can submit a request for funding to start developing projects that benefit the community.
The Pomelo Grants initiative is inspired by Gitcoin and is entirely community-focused. It’s based on the principle of “quadratic funding”, which is an algorithm that selects projects funded by multiple contributors.
With it, a matching pool is raised, after which a crowdfunding campaign is matched according to the algorithm. It means the number of contributors matters more than the amount funded, pushing power to the community, away from whales and other power brokers, resulting in a more democratic grant allocation.
This is the second season of Pomelo Grants and it coincides with the Year of the Tiger, hence the Tiger symbol being used and the USD 888,888.888 funding allocation. The season will run for three weeks, from Feb. 4 to Feb. 25, after which the Pomelo team will analyze the results and distribute matching pools funds to those applications which qualify for grants.
The venture is a big milestone for the EOS community, which recently entered a new era after its community wrested control of the project away from its former lead developer Block.one. The EOS community revolted against B1 after the developer repeatedly failed to deliver on its promises, leading to accusations it was neglecting the project in favor of others. The community ultimately rallied around the EOS Network Foundation that emerged last year to try and breathe new life into the project under its leader Yves La Rose. EOS has since emerged as one of the biggest decentralized autonomous organizations in the crypto space.
With the launch of season two of the Pomelo Grants, the future bodes well for EOS. The first season was a runaway success, with 209 applications for EOS ecological project funding requests received for “public good” initiatives around DeFi, wallets, NFTs and infrastructure. Some 1,022 individual users made a total of 5,796 donations in all.
The top project, Port – an app that cryptographically proves an individual’s uniqueness to the global community – raised USD 29,454.62 in contributions and a further USD 19,654 from the matching pool.
Perhaps the most exciting aspect of Pomelo’s success is it shows how EOS is at last moving ahead with initiatives that live up to expectations, demonstrating that there’s plenty of life in the old tiger yet.