By Taylor Ryker, Partner
Bridging Between EOS and Terra Luna with Funding and Developer Tools
With the recent fiasco of Terra Luna and UST last week, my heart goes out to everyone who got burned by the bank-run. I am terribly sorry that your investment and trust in Terra Luna and UST led to this and hope that there will be ways for you all to recoup some of or all of your losses from Do Kwon and his colleagues at the Luna Foundation Guard.
This incident has led me to contemplate how the EOS and EOSIO communities can help support our crypto family in the Terra Network. Many of our past EOS community members have migrated to Terra and many of our current EOS holders also held/hold Luna and UST as well. There is much overlap in users, developers, and holders between EOS/EOSIO and the Terra Network.
TL/DR: To attract new developers such as Terra Network developers, the EOS community needs to promote that (1) funding opportunities are available and (2) upgrades of developers tools are a priority that is currently being worked on, such as the deployment of the Trust EVM and development of working items in Blue Papers concerning Wallets, APIs, Audit, Core, and others.
With a revival of the EOS blockchain with the strong leadership of the EOS Network Foundation, Greymass, Eden on EOS, and others, this current time provides the best opportunity to showcase the potential for developers to create dApps and metaverses that can scale with cheap transactions for mass adoption. The creation and past actions of the EOS Network Foundation should provide a renewed confidence in the future direction of the EOS blockchain.
The new 2022 climate of EOS is conducive to an environment that many of our past EOS developers-turned Terra Network developers demanded of EOS from 2018-2021. The 2 biggest concerns were (1) funding and (2) developer tools; and now, these concerns have been effectively addressed.
For developer tools, the working groups behind Blue Papers have given the network a roadmap for the short-term and long-term, the Mandel working group is releasing an upgraded source code for easier developer experiences, the EOSIO+ working group is leveraging the hive mind of WAX, EOS, Telos, and UX Network, and Greymass' developer tools specifically for wallets is making it easier for developers to connect with their users.
But what about funding on EOS?
A key aspect that discouraged past EOS developers to leave to the Terra Network was the lack of funding, especially for public goods, developer tools, or for-profit companies. However with the creation of Pomelo, the EOS Network Foundation grant program, and Helios, the EOS ecosystem has the necessary funding mechanism in place to absorb other developers from other ecosystems who need funding.
A positive turn in the EOS ecosystem was the launch of Pomelo, a crowd-sourcing platform for the funding of public goods. Recently completing the second season (there are four grant application cycles per year), Pomelo has demonstrated that individuals or groups are able to successfully secure funding to build out their projects that leverage the EOS blockchain.
In addition to Pomelo, developers are able to submit grants to the EOS Network Foundation (ENF) or bid on projects that the ENF needs completed. Below are current proposals by the ENF such as proposals on EOS cryptography, testing libraries, and a DeFi product.
There are also three types of grants that the ENF will fund: (1) new proposals generated by the community, (2) maintenance grants, and (3) RFP Response grants. For more information, click here.
And lastly, developers and teams can apply to Helios's incubation program that helps developers launch their dApps or protocols to interested investors in the EOSIO ecosystem.
The team behind Helios, such as Brock Pierce, Gavriel Shaw, and Chris Barnes, is doing some good things in promoting, mentoring, and funding EOSIO-based dApps and protocols. If your idea does not fall under public goods or developer tools/code upgrades, applying for funding via Helios may be the best option.
What about developer tools?
Currently, the most robust developer environments in the entire blockchain space are located on the Ethereum Virtual Machine (EVM). The extensive libraries and developer tool suites allow for developers to easily deploy their dApps or protocols on an EVM, such as TelosEVM or Polygon.
EOS also has an EVM called Trust EVM for developers to leverage the speed and scalability of the EOS blockchain. The testnet is up and running with an expected official main net launch sometime in late September/early October.
Developers led by the EOS Network Foundation are also upgrading the EOS source code to Mandel, which they have been working on over the past several months. The Mandel fork will allow for the EOS community to control and own their source code, which paves the way for the sovereignty and independence of EOS from B1.
The EOSIO+ group is working on upgrades such as faster finality and Interblockchain communication (IBC). In the next few weeks, the EOSIO+ group will be rebranded to showcase a new beginning for the entire community in order to distance from B1 while emphasizing a unified vision amongst the different EOSIO blockchains.
The team at Greymass has been diligently working on making an easy to use wallet interface for users and developers. The first point of contact for any new user in the EOS ecosystem is the wallet, and the folks at Greymass understand this importance. That is why their new web interface wallet called Unicove allows for a simple wallet experience.
In conclusion, EOS needs to heavily market its blockchain to the outside blockchain community by highlighting the fact that FUNDING and DEVELOPER TOOLS are robust enough to support and incentivize new development on EOS. Please spread the word that funding opportunities are available and that developers are prioritized in this community.
Disclaimer: Taylor Ryker is neither a financial nor legal advisor and holds the digital tokens or cryptocurrencies represented in the content above. This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained in this post constitutes a solicitation, recommendation, endorsement, or offer by myself to buy or sell any securities, commodities, cryptocurrencies, or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities and commodities laws of such jurisdiction. The opinions expressed in this publication are those of the author. They do not purport to reflect the opinions or views of any of the author’s employers.