Total Funds Received from Octant so far:
- $ / ETH: ~33 ETH
Funds Spent:
- $ / ETH: Funds from Octant are not part of a specific targeted fund, but are used in combination with other funding sources to cover our runway. It is a small part of our overall funding as described in the funding breakdown on our webpage.
Link to our Karma: Karma GAP - L2BEAT
Detailed Utilization:
L2BEAT is a public goods company fully reliant on grants and donations from initiatives such as Octant as explained on our donation page. These funds are instrumental in covering L2BEAT operational expenses and sustaining the project.
Support from the ecosystem allows us to deliver on our mission which is to provide accurate and reliable information about L2 systems, helping users assess the risk they’re taking when using Ethereum L2s and the assets bridged between those systems. Furthermore, we aim to set standards to which all L2s should aspire and actively push them to meet those standards.
Our operational expenses cover:
- Mission Continuation: The funds have supported the ongoing pursuit of our mission, ensuring that L2BEAT continues to deliver value to the community and promote transparency within the L2 space.
- Platform Maintenance: Funds have been allocated to maintain our tooling and ensure the continued functionality of L2BEAT as a reliable service for the Ethereum Layer 2 ecosystem.
- Feature Development: We have used the funds to integrate new features that enhance the platform’s capabilities and user experience.
- Educational Initiatives: We have invested in fostering various educational initiatives that inform and empower the community about Layer 2 technologies and their implications.
- Governance Efforts: The funds have enabled us to actively participate in governance across multiple L2 DAOs, contributing to the development and security of the ecosystem.
- Research: We have used the funds to conduct research on new developments in the Layer 2 space, keeping L2BEAT at the forefront of industry advancements and ensuring our platform remains up-to-date with the latest trends and technologies.
Milestones and Deliverables
- Milestone 1:
- Description: Launch of the ZK Catalog initiative
- Immediate Outcome: Increased transparency in the zk-space, providing the community with verified zk circuits for various projects.
- Milestone 2:
- Description: Introduction of the Badges feature
- Immediate Outcome: Simplified user understanding of Layer 2 solutions, improving user engagement and platform usability.
- Milestone 3:
- Description: We surpassed 200 projects on L2BEAT.
- Immediate Outcome: Due to our constant focus on staying at the top of our game, we have integrated over 200 projects and continue to add new ones as soon as they are officially announced
Challenges
- Previous and Current Challenges:
- Description: Our major challenge is the rapid development of the Layer 2 industry and the increasing complexity of the solutions we need to monitor.
- Updates: The landscape is evolving quickly, we double the number of projects covered on our platform every few months. With new projects and technologies emerging at a fast pace, making it difficult to stay ahead and provide comprehensive coverage.
- Resolution: We are actively addressing these challenges by expanding our team, refining our methodologies, and leveraging community feedback to ensure we accurately track and analyze these complex solutions. Our ongoing efforts include improving our data collection and analysis capabilities to maintain the high standards expected by our users.
- Lessons Learned: Through this process, we’ve learned the importance of agility and responsiveness in a rapidly changing environment. We’ve also recognized the critical role of community feedback in guiding our development and ensuring that we meet the needs of our users as the industry continues to grow.
Outputs and Outcomes
Outputs (Last Epoch):
- Output 1: Integrated over 50 new L2s, including Lisk, Zircuit, Re.al and Eclipse into our platform.
- Output 2: Successfully curated and managed L2 tracks for key industry conferences, reaching thousands of attendees.
- Output 3: Up to this point, 8 circuits have been verified on the ZK Catalog, with over 40 more incoming
- Output 4: We extended our presence in L2 governance systems, becoming active delegates in zkSync and Wormhole.
Short-term Outcomes:
- Outcome 1: We provide the industry with up-to-date information about the Ethereum Layer 2 ecosystem.
- Outcome 2: Immediate feedback from the community highlighted the value of our new Badges feature in understanding the L2 ecosystem.
Long-term Outcomes:
- Outcome 1: We are independent watchdog of the space
- Outcome 2: We provide up-to-date information on all covered L2 systems first-hand from the onchain data thanks to our contracts monitoring tooling.
Metrics for Outcomes:
- User Engagement: Over 300k impressions on Twitter/X and 100k monthly page visitors.
- Adoption and Usage: Our framework has been mentioned at all major industry conferences and in key articles.
- Community Impact: A growing number of Twitter followers and Discord members.
- Ecosystem Satisfaction: Numerous positive comments on our socials, praising our work from both regular web3 users and industry leaders.
All of this information is gathered through our social channels: Twitter/X, Discord, Telegram, and LinkedIn. It’s hard to summarize them since there are so many, and they focus on various aspects of our work. We are also very pro-privacy oriented - we don’t use any invasive tools to gather extensive data about our users. We simply track the number of clicks on subpages. However, we are willing to answer any questions on the forum if needed.
Plans for Potential Funds Raised in the Next Octant Allocation Window
- Goal 1:
- Description: Enhance the platform’s infrastructure by refactoring the codebase to improve overall speed, reliability, and scalability.
- Expected Outcome: A more robust and efficient platform that can seamlessly support the integration of complex new features and handle growing user demand.
- Goal 2:
- Description: Expand the platform’s analytical capabilities by developing and implementing advanced metrics, including user operations.
- Expected Outcome: Deliver deeper insights into Layer 2 project activities, offering a more comprehensive analysis beyond traditional metrics like TPS.
- Goal 3:
- Description: Develop and implement a range of features focused on enhancing security for users across various Layer 2 platforms.
- Expected Outcome: Equip users with tools to better understand and manage the security risks associated with their assets on different L2s, with a focus on delivering these features efficiently and effectively.
Other Funding
- Grant Funding Received Since the Last Epoch: We cannot disclose the exact amounts of some grants we are receiving due to confidentiality clauses. All details about our funding sources are available here: Donate - L2BEAT
- Other Non-Grant Funding Sources: None, we are 100% public good company relying on those grants
Future Plans for Financial Sustainability
Since our initial application, L2BEAT has continued to diversify its revenue streams to ensure long-term financial sustainability. Here’s how we plan to secure our future:
- Strategic Partnerships: We have formed several key partnerships, including with Ethereum Foundation and other ecosystem players, which are instrumental in driving our growth.
- Funding Diversification: Our strategy includes seeking diverse funding sources, such as community-driven funding and additional grant opportunities, to reduce dependency on any single stream.