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2021-10-29


Quadratic Funding on EOS with Pomelo Coming Soon

quadratic-funding-on-eos-with-pomelo-coming-soon

We may soon see the launch of Pomelo, a new Quadratic Crowdfunding platform inspired by Gitcoin that will distribute additional funds to developers on EOS. ENF has already pledged a donation of $500,000 as the first funds to be distributed through Pomelo.

Pomelo is inspired by Gitcoin and will be completely community-focused. The crowdfunding system is based on Quadratic Funding, an algorithm that favors projects funded by multiple contributors over simply the amount of funding received. Through quadratic funding, the matching funding is allocated based on the square of the sum of the square roots of the contributions made by the funders.

Quadratic Funding Formula

This system encourages funding from small donors, in a more democratic way as the "Number of contributors matters more than the amount funded".

Quadratic funding example

By doing so, it is possible to fund projects that benefit the community as a whole, such as open-source projects, protocol improvements, libraries that help developers, free education, etc. These are basically public goods.

"By its design, quadratic funding incentivizes every member of the community to fund the public goods they want to see in direct proportion to how useful they think it will be to themselves and the community."


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