DAO network Panvala set to fund more ETH2.0 projects with newly secured sponsorships

Quick Take

  • DAO network Panvala received several corporate sponsorships to further its grant-making scheme to support Ethereum 2.0 projects
  • Panvala founder Niran Babalola believes decentralized funding will eventually replace the current funding system dominated by the Ethereum Foundation and early participants like ConsenSys

DAO network Panvala has secured corporate sponsorships from Helium, MythX, and Unstoppable Domains as it looks to announce its fifth round of grants by the end of January.

Founded in 2018, Panvala issues grants in its native token, Pan, to award projects strengthening Ethereum’s infrastructure. Every three months, the foundation's advisory group makes grant suggestions for the upcoming quarter. Token holders then decide for themselves whether to accept or reject these recommendations.

The new sponsorships, obligation-free and ranging from $7,500 to $15,000 per year, will help Panvala continue its grant deployment.

"These companies are funding work that has the Ethereum community as their audience," Panvala founder Niran Babalola told The Block. "They're going to get more attention and more loyalty from the Ethereum ecosystem because they're directly funding the work that we depend on."

Up to now, Panvala has put out 34 grants totaling over $90,000, mainly to teams working on Ethereum 2.0, the next major update to the blockchain, according to its website.

Noticeable grant recipients include Sigma Prime, the firm behind ETH2.0 client Lighthouse, Prysmatic Labs, the client implementatio