The inaugural Injective-native quadratic funding round was a resounding success: it featured a substantial matching prize pool of 1500 INJ, attracted 2247 community contributors, and saw community contributions of 150.7 INJ.
The round was further upgraded with huge incentives for all the community contributors, including 1 million $QUNT and a premier NINJA NFT. We’d love to extend a shoutout to everyone involved, especially the Injective community, Injective QUNT, and the distinguished grantees of this round.
The First-ever Injective-native QF Round
As a pioneer in applying Quadratic Governance across multiple blockchain ecosystems, DoraHacks introduced QF to the Injective community. This initiative followed the success of the Injective x Google Cloud Illuminate Hackathon, marking the first use case of community-driven QF on the Injective blockchain.
Quadratic Funding is a balanced approach inspired by Quadratic Voting to allocating funds for public goods projects, prioritizing projects with broader community support to ensure equitable and transparent funding distribution. This democratic method increases the cost of each additional vote exponentially, which levels the playing field among projects. For more insights into Quadratic Funding and DoraHacks' enhancements, please visit our blog and a previous article about Quadratic Governance.
The first ever native Injective QF is to provide long-term support for important projects involved in and built in the Injective ecosystem. Together with developers and contributors, we look forward to building an innovative, sustainable and robust community in the Injective ecosystem. Our commitment to QF goes beyond the mere provision of funds: It stands as a testament to our support for every innovative idea and to foster a future shaped by visionary thinkers and builders.
Rewarding the Contributors
The excitement of the inaugural INJ-native QF round was escalated by the collaborative efforts of DoraHacks, Injective, Dora Factory, and the Injective Quants, who provided incentives for all participants.
Following a 3-day anti-sybil attack check, the community contribution leaderboard is updated and now public on the website. After removing sybil accounts and duplicate addresses, voter incentives were distributed according to the following rules:
1. The Ninja #2238 NFT (rarity rank 290) will be airdropped to one lucky voter randomly selected by DoraHacks' DI-QRNG (device-independent quantum random number generator) circuits and algorithms. The selection was performed on an IonQ quantum computer on April 12th 2024, which is the first time that quantum random number generator be used in a NFT airdrop campaign. If you’re interested in the proofs, visit DoraHacks’ Github.
2. $QUNT Distribution: After verifying all on-chain votes in this quadratic funding round, we've identified 1,183 voting addresses as non-Sybil addresses and eligible for $QUNT incentives.
a. Group 1 Voters, who joined before 7:20 UTC on April 5th, will share 50% of the total 1 million $QUNT (677.5 QUNT per voter); additionally, another 500K $QUNT sponsored by Dora Factory is confirmed to reward the Group 1 voters for their early contribution! So in total, Group 1 voters will receive 1355 QUNT per voter.
b. Group 2 Voters, who joined afterward, will share the remaining 50% of the total 1 million $QUNT (1123.5 QUNT per voter);
Meet the teams
10 grantees were selected from Injective x Google Cloud Illuminate Hackathon , which was open during 2023.10-2023.12. The grantees include:
- Aeroscraper - DeFi protocol looking to address the interest rate problem in lending-borrowing platforms by offering interest-free, over-collateralized stablecoins pegged to the US dollar.
- Chain Defender - Revolutionize smart contract security by offering automated vulnerability audits and pre-audit scans, catering to projects on networks like Injective, providing faster and cheaper solutions to address the critical need for enhanced security in Web3.
- Gryphon - Leverage assets and maximize yield on Injective with its pioneering protocol integrating LSD and a native stablecoin component (CDP) with capital efficiency, adaptable CDP options, and compound yield backed by blue-chip assets,
- Hydro Protocol - Introduces Real Yield Assets (RYA) for diversified yield exposure, combining Real World and Crypto Assets, while optimizing yield strategies as the first native LSD+LSDFi on Injective with eVM and sVM capabilities.
- Kogen Markets - A decentralized exchange (DEX) dedicated to options trading in the Cosmos DeFi ecosystem, offering users the ability to leverage assets for yields and set price targets through smart contracts.
- Neptune Finance - Optimizes DeFi savings with its advanced peer-to-peer lending protocol, offering variable interest rates, multiple borrowing accounts, and modular features dynamically adjusting rates through a PID controller, to target market efficiency, new yield strategies, deeper liquidity and increased utility for INJ.
- Ninja Blaze - Blockchain-based games on the Injective blockchain, ensuring full transparency regarding in-game assets, transactions and player interactions, currently in testnet with two available games, Jackpot and Roshambo.
- NinjaKits - All-in-one DeFi and NFT management tool, empowering users with non-custodial access to decentralized finance, with features like portfolio assessment, NFT collection management, DeFi services, and unique integrations like on-chain messaging and token creation
- TimeWorx - Bridges the gap between human intelligence and artificial intelligence by providing accessible data processing and labeling services to SMBs. Through decentralized environments, users earn TIX tokens by completing tasks, contributing to machine learning, and can monetize their time and stake tokens via the platform's mobile app.
- Tokenized Interchain Accounts - A new paradigm that tokenizes account ownership across multiple chains using IBC, all accounts abstracted, can be traded, enabling all dApps to be multi-chain.
About Injective
Injective is a lightning-fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. Incubated by Binance, the Injective ecosystem is also supported by leading Web3 institutions such as Pantera, Jump Crypto, Mark Cuban, and more.
About DoraHacks
DoraHacks is a global hackathon organizer and one of the world's most active multi-chain Web3 developer platforms. It creates a global hacker movement and provides crypto native toolkits to help developers around the world team up and fund their ideas and BUIDLs via hackathons, bounties, grants, grant DAOs, and public good staking. By far, more than 5300 projects from the DoraHacks community have received over $60 million in grants and other forms of contributions from supporters worldwide. A large number of open source communities, DAOs, and more than 90 major blockchain ecosystems are actively using Dora's infrastructure (DoraHacks.io) for open source funding and community governance.