OAK Network, a blockchain startup from San Francisco, has been awarded a grant from the Web3 Foundation to build an innovative crowdfunding module for the Polkadot network and has completed its first milestone.
The grant will help build Quadratic Funding, a common name for the Constrained Liberal Radicalism algorithm (CLR). Proposed by Vitalik Buterin in 2018, the CLR is a crowdfund-matching mechanism for public goods such as open source projects, and has been widely adopted by Gitcoin on Ethereum.
“Quadratic funding is the mathematically optimal way to fund an ecosystem in a democratic way. I believe it will power a mesh network of small donors for supporting the very best projects in the Polkadot ecosystem.” Chris Li, founder of the OAK Network said.
While the CLR module will be first adopted by OAK Network and available for the Polkadot ecosystem, it can also plug-and-play on any blockchain built with Substrate, the blockchain-building framework developed by Parity Technologies. Substrate blockchains are natively compatible with Polkadot. OAK Network chose to build on top of Substrate because it allows us to leverage the extensive functionality of the out-of-box modules, including networking, consensus mechanisms, governance and auctions.
The user flow of the CLR campaign is demonstrated with the sequence diagram below.
Follow the ongoing development of the project at OAK Foundation’s Github repository.
About Ava Protocol
Ava Protocol is an intent-based Eigenlayer AVS that seamlessly enables private autonomous transactions for numerous use cases, such as DeFi, NFTs, and games. We're enhancing decentralized applications with scheduled and recurring payments, stop-loss orders, streaming rewards, and more. Ava Protocol’s event-driven execution model triggers cross-chain transactions based on signals such as time, price changes, and smart contract updates. Developers can easily schedule and automate functions across different blockchains, including Ethereum, ensuring efficient and reliable execution without compromising privacy.
About Chris Li
Chris Li (LinkedIn) is the founder and CEO of Ava Protocol. Prior to establishing Ava Protocol, Chris gained valuable experience as a Messaging Protocol Engineer at Microsoft and as a successful serial entrepreneur. He is also a long-term EVM smart contract developer, Web3 Foundation grant recipient, and Polkadot core contributor.
