This report details how Ethereum Follow Protocol (EFP) has used its ENS DAO service provider streaming funding in Q1 and Q2 of 2024.
While not required by the program, we believe transparency and accountability for how service providers are using their streams is critical to the success of the streaming program and for the ENS DAO in general. We offer this report in addition to our regular updates on the ENS DAO Ecosystem Working Group calls.
Here’s our current financials, which I’ll explain below.
Organization
Our organization is the non-profit corporation Follow Protocol Foundation.
Etherscan
Since all of the streaming funding is dispersed onchain, you can see exactly how it’s being used on Etherscan in real time.
Income
Our only income right now is the streaming program, which is $500k/year starting February 2024 for 18 months. This may change in the future, as we’ve applied for other grant programs.
Expenses
Our expenses have been very simple so far, mostly salaries and other payments for development work (about $60,000 so far), plus some legal (e.g. setting up the corporation, applying for non-profit status), and a few SAAS expenses (listed as “software”).
While our stream started in February of this year, our first use of some of the money was in April. This was due to a shakeup in the team early in 2024, after which I spent time rebuilding a new team. I hired the developer studio ScopeLift to do some work on the project in the mean time as well as aid in evaluating potential new hires. Once I hired two new developers, ScopeLift stopped their development work, but their CEO Ben DiFrancesco has stayed on a technical advisor.
Burn rate
Our burn rate is currently under budget. Combined with us not spending any money at the beginning of the stream, this currently puts our runway beyond the 18 months the stream is running. As of this report, we have $135,760.97 in unspent USDC, USDCx, and a small amount of ETH for gas.
Progress
EFP is getting close to launch. All of the main components are built: the smart-contracts, indexer, api, and web app. We’re focused now on testing, fixing bugs, and refining designs and features. All our code is open source on Github. We expect to launch in Q3.
We continue to have interest from apps about integrating EFP, with several new launch partners added in recent weeks.
ETHcc presentation and demo
I recently presented at ETHcc on “EFP & the emerging Ethereum identity stack,” which explained our vision for the Ethereum identity stack and why we’re building EFP the way we are, and it included a demo of EFP on testnet. You can watch the full presentation and demo at this link.