Interchain Foundation Reduces Funding for Cosmos Ecosystem Growth in 2024

The Interchain Foundation (ICF), a non-profit entity fostering the Cosmos ecosystem’s expansion, has earmarked $26.4 million for 2024.

This funding, aimed at developing the Interchain Stack, is notably lower than previous years’ allocations.

In 2023, the ICF had set aside $40 million, while in 2022, it spent $54.1 million on the ecosystem’s growth.

Interchain Foundation Reduces Funding for Cosmos Ecosystem Growth in 2024

Image: Medium

Their Funding Overview

Funding from the ICF is typically distributed across five key segments within the Cosmos ecosystem.

These segments encompass CometBFT consensus layer software, Cosmos SDK for chain development, Interblockchain Communication protocol (IBC), cross-chain interoperability platform CosmWasm, and programming language CosmJS.

Specific allocations include approximately $3 million to Informal Systems for CometBFT development, focusing on enhancing its modularity and efficiency.

Binary Builders is tentatively set to receive $3.5 million, while Zondax will get around $1 million for Cosmos SDK improvements.

A significant portion, $7.5 million, is reserved for enhancing the IBC. This funding will be shared among Informal Systems, Interchain GmbH, and Strangelove Labs, aiming to boost the bridging solution’s expansion and adoption.

For the development of CosmWasm, the smart contracting framework, Confio GmbH will receive $2.5 million. Cosmology is allocated $155 thousand to bolster the resilience of CosmJS.

The budget also includes $1.5 million for auditing the interchain stack. The remaining $7.2 million serves as a strategic reserve.

Despite requests, the ICF did not comment prior to Blockwork’s publication.

Broader Developments in the Cosmos Ecosystem

The Cosmos ecosystem has recently witnessed several collaborative efforts. Notable among these is the proposed merger between Stride and the Cosmos Hub, which was later rejected by the community.

Osmosis, a major decentralised exchange in Cosmos, is discussing a merger with cross-chain lending protocol Umee.

In a strategic move, Neutron acquired a 25% stake in GmbH, the team behind CosmWasm, and is rebranding to the Integrated Application Network.

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