Ethereum core developers might soon see a new funding option emerge: a blockchain lottery.
The decentralized lottery platform Megapot announced on Thursday that it is collaborating with Protocol Guild, which serves as an independent funding organization for contributors to the Ethereum protocol, to launch what they are calling the first programmable charity lottery in the cryptocurrency sector.
This partnership will allow users to purchase tickets for a daily lottery via a special Protocol Guild portal, giving them a shot at winning from a prize pool that exceeds $1.1 million. According to Megapot, all referral fees generated from ticket sales will be automatically allocated to Ethereum developers supported by Protocol Guild through smart contracts.
This initiative comes in response to rising concerns about the sustainable funding of Ethereum’s essential infrastructure. Although the blockchain supports billions in decentralized finance and cryptocurrency trading, many developers working on the network earn significantly less compared to their counterparts in other sectors of the industry, as reported by Megapot.
Since 2022, Protocol Guild has distributed approximately $38 million to Ethereum contributors through donations and token pledge programs. However, it estimates that sustaining and scaling Ethereum may necessitate an annual budget of between $30 million and $60 million.