The Interchain Foundation puts aside $26.4M to grow Cosmos ecosystem

The Cosmos ecosystem will receive less funding from the Interchain Foundation in 2024 than it has in previous years

article-image

Cosmos and Adobe modified by Blockworks

share

The Interchain Foundation (ICF), a non-profit organization dedicated to driving growth in the Cosmos ecosystem, has allocated $26.4 million to fund Interchain Stack development and adoption in 2024. 

This amount is significantly less than in previous years. In the 2023 budget, the ICF planned to provide $40 million to the ecosystem, and in 2022 the foundation spent $54.1 million on ecosystem growth

Generally speaking, ICF Funding has been split into five core areas within the Cosmos ecosystem. These areas include consensus layer software CometBFT, the Cosmos software development kit (SDK), the Interblockchain Communication protocol (IBC), the smart contracting platform for cross-chain interoperability CosmWasm, and the programming language CosmJS.

The foundation will allocate approximately $3 million to Informal Systems for work on CometBFT. The ICF noted that Informal Systems has maintained this software and its predecessor, Tendermint Core, since early 2022. This funding is to assist Informal Systems in improving the modularity and efficiency of ComeBFT.

Read more: Cronos broadens scaling roadmap from Cosmos to Ethereum

Binary Builders will receive a tentative $3.5 million from the ICF, and Zondax will be given roughly $1 million to improve the Cosmos SDK that developers can use to build their own Cosmos chains.

The largest sum of money has been set aside to continue improving the IBC, with $7.5 million being given to Informal Systems, Interchain GmbH and Strangelove Labs to expand the rollout and growth of the bridging solution. 

$2.5 million will be Confio GmbH for work on CosmWasm, the smart contracting framework and $155 thousand will be given to Cosmology to make CosmJS more robust.

An additional $1.5 million will be allocated to audits for the interchain stack and the remainder, roughly $7.2 million of the budget, will be used as a strategic reserve.

The ICF did not respond to Blockwork’s request for comment prior to publication.

Wider Cosmos moves

The Cosmos ecosystem has seen various projects uniting over the past few months. 

In October, liquid staking zone Stride proposed a merger between itself and the Cosmos Hub by converting its governance token, STRD, into Cosmos’ ATOM. Ecosystem participants later rejected this proposal, believing ATOM should remain neutral. 

Then, in December, Cosmos’s largest decentralized exchange, Osmosis, decided to merge with cross-chain lending protocol Umee. The teams are currently discussing how the different product code bases can be weaved, with a “call to action” proposal to be expected over the next few months.

That same month, smart-contracting platform Neutron revealed that it had purchased 25% of Confio GmbH, the team building CosmWasm. Neutron is also rebranding itself to become the Integrated Application Network.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit