This report details how Ethereum Follow Protocol (EFP) has used its ENS DAO service provider streaming funding in Q3 of 2024. All numbers and values are as they stood at the end of Q3.
Reason
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 and our Twitter account.
Past reports
Financial statements
Income
In addition to the ENS DAO service providers program (which is $500k/year starting February 2024 for 18 months, or $750k total, of which we’ve received $333k so far), we received a $50k grant from the Mask Network (paid in $MASK, converted to $ETH).
Expenses
Our biggest expense remains our team pay, which includes our core team and a few outside advisors we use as needed (see our Team page).
There were two other significant expenses in Q3 that we normally don’t have: (1) a significant legal bill (~$14k) came due that was related to incorporation and our non-profit status application, and (2) ~$19k in bounties earned by people outside our team for important tasks needed for launch, including code review and finding bugs, translations, and twitter bots, with great results.
Burn rate
Our burn rate remains below our income, which extends our runway beyond the end of the current service provider streaming program.
Progress
EFP launched on September 24, 2024!
It’s been one week since mainnet launch, and EFP has had higher activity than we expected: ~4.4k lists created by ~2.5k unique list minters, who have performed nearly 100k list operations (follow, unfollow, tag, untag). For up-to-date stats, see the EFP Leaderboard and our Dune analytics dashboard.
This was preceded by a 2.5 week public testnet which also saw good participation: ~1.2k lists created by ~1.1k unique list minters, who performed ~72k list operations (note: no activity from testnet carried over to mainnet).
EFP has 13 confirmed integrations so far, with more in the works (see the Integrations section of our website). For those interested in integrating, see our public API docs.
We launched with a feature rich app, including: My Top 8; Onchain Feed powered by Interface; Leaderboard with five categories; auto-generated profiles for all Ethereum accounts; translations to more than 70 languages; light/dark modes; search by ENS name, address, or list number; and full ENS integration. And more is to come.
EFP is the only web3 social graph protocol that does not have its own competing name and profile system and instead makes full and exclusive use of ENS: Primary Name, avatar, header, bio, twitter, github, telegram, discord, URL, and contenthash. Regarding headers specifically, we’ve led an effort with other members of the ENS community and ENS labs for standardization and adoption of this new standard text record key.
Our app’s design intentionally exposes to users which ENS records they don’t have set, and the “Edit profile” button on their profile card takes them to the ENS app page for their name where they can set those records.
Lastly, our public API includes an endpoint for all the ENS data we use in our app, and we actively encourage all apps that integrate EFP to ensure they have full ENS integration as well.