EOS Labs: Connect. Engage. Evolve.

Author

EOS Network Foundation

Date

Aug 16, 2023

EOS Labs in Focus

EOS Labs’ mission is to connect web3 companies with crucial resources, insights, and infrastructure, strengthening their prospects for success and building a more prosperous EOS ecosystem. Still in its formative stages, EOS Labs aims to attract professional talent from a range of backgrounds, including investment institutions, centralized exchanges (CEX), and blockchain media. These individuals will be responsible for investment research, business development (BD), and user growth.

EOS Labs Is Both a Web3 Incubator and Builder for The EOS Ecosystem

As a web3 incubator, Labs aims to offer financing and web3 infrastructure to assist developers in achieving rapid growth.
As a web3 builder, Labs’ team will focus on the development and growth of web3 products and tools while collaborating with partners to cultivate a sustainable ecosystem.

Unique Roles, Shared Potential

The establishment of EOS Labs marks a significant step towards increased decentralization of the EOS Network. By introducing EOS Labs as a third independent entity alongside ENV and ENF, the network is diversifying its capabilities and ensuring that essential tasks are managed under separate and specialized organizations with distinct leadership.

This specialization is emblematic of a broader network strategy where entities can play distinct yet interwoven roles: While EOS Labs delves into the realms of incubation and research, supporting projects with clear business trajectory, the ENV by contrast is geared towards investment in projects that are ready to efficiently utilize VC funds. For its part, the not for profit ENF is naturally well situated to concentrate on the development and maintenance of critical network infrastructure, public goods, and communications.

Historically, the groundwork for EOS Labs’ proposed financial autonomy traces back to February 7th, 2023. On this date, EOS Network BPs ratified an MSIG proposed by EOS Asia, leading to the addition of a significant new smart contract to the eosio.saving account. Originally, the default parameter is set to channel all funding into the eosio.grants account, overseen by the EOS Network Foundation, but the addition of this new contract provides a mechanism for funds to be systematically directed towards various other accounts. This change has enabled the possibility for multiple entities to receive continuous funding directly from EOS Network inflation, which currently stands at 2% overall.

For a detailed exposition on the MSIG’s evolution from its inception on February 7th, you may explore the article titled Towards A More Robust and Autonomous EOS Ecosystem.

Get to Know Huaqiang Wen

Huaqiang Wen emerged as a prominent figure in the EOS community, recently taking the helm as the leader of the EOS Labs initiative. Wen’s association with the EOS community is deep-rooted, and his expansive experience within the blockchain industry positions him as a force to be reckoned with.

Wen’s journey in the EOS ecosystem began back in 2018 when he was part of the eoshuobipool block producer team during the EOS super campaign. Here, he took on responsibilities related to node operations and voting agents. Over the years, Wen has notched up a series of achievements and affiliations that are a testament to his deep involvement and expertise. Demonstrating his proactive contributions, he was instrumental in launching the Kylin testnet and co-founding BOScore, an Antelope based blockchain. As a founding, and current ENF board member, Wen has played a significant role in the organization’s undertakings. In addition, he has been instrumental in the formation and operation of EOS Network Ventures.

With a career that spans many years in the blockchain sector, Wen’s familiarity with the exchange and mining pool business is unmatched. His position as former CTO of Huobi pool allowed him to deeply understand the intricacies of the blockchain space. Since 2020, his focus has been sharpened on the development of Ethereum DeFi and the public chain ecology of exchanges, leading him to launch several DeFi products.

From ENF to EOS Labs: A Financial Realignment

In a strategic pivot towards optimizing resource allocation, the EOS Network Foundation (ENF) has elected to redirect funding from several of its ongoing programs to the newly formed EOS Labs. This decision is influenced by an evolving financial landscape and the aim to achieve greater decentralization within the EOS ecosystem.

Decommissioning Existing Programs

Yield+: On August 6th, the EOS community witnessed the sunsetting of the Yield+ program. An MSIG was proposed and approved that adjusted the distribution rate of Yield+ to zero, marking its official cessation.
Pomelo: The seventh season of Pomelo will be its last iteration, at least in its present format. While the future direction for the Pomelo software remains under deliberation, more details will be provided as next steps are determined.
Direct Grant Framework: Having facilitated numerous grants, the Direct Grant Framework will soon be closing to new applicants. August 18th is the final day to submit your grant to the program. It’s important to note that current beneficiaries with pre-approved grant milestones will continue to be honored.

Rationale for the Shift

The operational overheads associated with these programs often overshadowed the funds that directly benefited the EOS community. During times of financial abundance, when larger grants were on the table, this operational cost was a relatively minor concern. However, given the present market scenario, there’s a pronounced need for a more purpose-driven approach. EOS Labs, with its laser-focused objectives, emerges as the ideal platform to assume this role. With respect to the Grant Framework, this recalibration will liberate substantial time for ENF engineers, enabling them to channel their energy on pivotal network development tasks, rather than evaluation of grants and their milestones.

Reinvesting in the Ecosystem

Even as the funds from these initiatives are retracted, they will not exit the ecosystem. Instead, they will be funneled through EOS Labs, reflecting a more decentralized approach to fund allocation. As an initial commitment to this transition, the ENF is poised to channel a quarter of its resources, which equates to 0.5% of network inflation, to EOS Labs. This move by the ENF is also an invitation to Block Producers to consider the importance of this strategic direction and to consider a direct reallocation of .5% inflation to EOS Labs when Block Producers are satisfied as to the value of EOS Labs to the network.

EOS Labs: What’s Next?

EOS Labs is actively advancing its mission by seeking new talent. With two members already confirmed, they are scouting for three more experts: a technical researcher, a business developer, and a product manager.

Parallel to this team expansion, efforts are being concentrated on enhancing the EOS EVM ecosystem. This encompasses addressing key issues related to cross-chain bridges and stablecoins, introducing a wider array of DeFi protocols and games, and aiming to boost user activity and Total Value Locked (TVL).

EOS Labs Welcomes You: Here’s How

For Ecosystem Projects

Projects can submit their Pitch Deck, and EOS Labs will arrange for a dedicated representative to engage with them.
EOS Labs welcomes introductions to other public chain ecosystem projects to join the EOS EVM.

For Community Members

They are encouraged to stay updated with EOS EVM’s latest developments and new protocols, and EOS Labs appreciates any feedback provided.
For those aspiring to join the EOS Labs team, they are invited to send in their resumes for consideration.

TL;DR

EOS Labs is a newly introduced web3 Incubator and Builder for EOS ecosystem
EOS Labs would operate autonomously
EOS Labs to work in synergy with The EOS Network Foundation (ENF) and EOS Network Ventures (ENV) to enhance EOS.
Long time community leader, Huaqiang Wen, to lead the EOS Labs initiative. Wen is an ENF board member, former CTO of Huobi pool, co-founder of BOSCore, and was instrumental in launching Kylin testnet.
EOS Labs first proposed during the July EOS BP Meeting.
ENF decommissioning programs and redirecting funds to EOS Labs
Affected programs are Yield+, Pomelo, ENF Direct Grant Framework.
ENF to allocate 0.5% of network inflation to EOS Labs, encouraging Block Producers to follow suit.
EOS Labs would be the first proposed entity to receive direct EOS Network funding outside of ENF.

Shaping EOS’ Future: Open Conversations and Community Feedback

At the EOS Network Foundation, we are always striving to evolve and adapt in ways that best serve our ecosystem. We recognize that the changes we’ve introduced are significant, and with such shifts come questions, apprehensions, and a need for clarity. We genuinely understand and respect the magnitude of these feelings.

Your thoughts, concerns, and inquiries are not just welcomed; they are essential. We ask every member of our community who wishes to voice any comments or concerns to join us at the upcoming EOS Fireside Chat. It’s a perfect platform to engage in fruitful discussions, foster understanding, and continue the conversation that shapes our future.

EOS Labs FAQ’s

How does EOS Labs intend to return value back to the EOS ecosystem?

By connecting web3 companies with crucial resources, insights, and infrastructure, and strengthening their prospects for success, EOS Labs will play an instrumental role in building bridges for more projects to launch on EOS and help to create a more prosperous EOS ecosystem.

Where will EOS Labs be incorporated, and what kind of entity will it be?
EOS Labs is still in the process of determining the most optimal structure to serve the needs of its mission.

Are there any projects that EOS Labs has in mind for funding?

Yes, there are some projects EOS Labs is negotiating with. However, specific project details will remain confidential at this time.

How will EOS Labs be better than competing systems that are already available?

EOS Labs will attract more professional people from investment institutions, CEXs, media, etc. At the same time, Labs is data-driven and can quickly iterate solutions based on analysis of the latest information.

Is EOS Labs planning to take equity in exchange for investment, similar to a pre-seed VC? Or is it still more akin to grants?

In this formative stage it is too early to give specifics. EOS Labs will work to disclose more information around this topic as it becomes known.

Who will lead EOS Labs? What resources are required?

Huaqiang Wen will lead EOS Labs, along with a team of about five people, plus researchers and specialists. EOS Labs is currently welcoming referrals of those who are familiar with DeFi and GameFi, and soliciting resumes for positions in technical research, business development, and product management.

Will there be a focus on EOS EVM or EOS Native development?

Given that the majority of DeFi development and associated deal flow is built around the EVM, EOS Labs’ initial focus will be on the EOS EVM. While the priority is on EOS EVM, Native EOS application development will also continue. EOS offers a trustless bridge allowing anyone to connect seamlessly between EOS and EOS EVM, so the choice is on the customer.

Concerns have been expressed that EOS Labs’ focus on the EOS EVM means giving up the development of the original EOS ecosystem and giving up the advantages of Antelope—this is not the case. In the near future, EOS Lab’s work will focus on EVM, because there are more developers and protocols in the EVM ecosystem, and for the moment, EOS needs them the most. The performance advantages of EOS EVM are undeniable, and it is precisely because of the powerful underlying layer of Antelope that one can understand the entire EOS EVM as a native APP on EOS. EOS EVM’s growth is also the growth of EOS Native.

Will EOS Labs tend to develop a comprehensive ecology or is it more inclined to develop a certain sector first, such as NFT, DeFi, or GameFi?

Overall development is the target for the long run but currently EOS Labs is focusing on DEXs. Trading is the most important application and EOS Labs will be developing comprehensive data for DeFi, and will also continue developing GameFi.

How does the mission of EOS Labs relate to, or overlap with the mission of EOS Network Ventures?

EOS Labs is more focused on incubation and research whereas the ENV is more focused on making investments. The separation of these roles is a compliance design. The ENV cannot perform all roles, such as business development. Some tasks, such as market research, overlap with the ENF, so Labs can take on some of those areas where deemed appropriate.

Are there plans for KPIs to be tied to funding of the EOS Labs to assess the value add?

Right now the ENF is doing a lot of this work but is limited in what it can do and how it can do it because of its structure, similar to how the ENV is limited to investments. EOS Labs would be the bridge between, taking over many of the functions of business development from ENF. KPIs would be similar to how the ENF tracks them. We believe there would be better efficiency in budget, in the way that we’re running these programs, by separating out the roles. EOS Labs would, as an independent organization, be accountable to the Block Producers, in the same way that the ENF is.

For EOS Labs we have KPIs internally, TVL is a very important indicator. The daily user number and daily trade amount are also critical for us to track. We will mainly be focused on the metrics tracking overall ecosystem growth.

How will EOS Labs be funded?

Initially, the ENF has pledged to reallocate 25% of its funding (.5% inflation) to EOS Labs. We will invest funds in the incubation of the project team, and let the community and BP continue to supervise. In the future, should the Block Producers approve, we will appeal for a programmatic .5% of inflation to be directed to EOS Labs through eosio.saving.

What qualifies Huaqiang Wen to lead EOS Labs?

Wen’s journey in the EOS ecosystem began back in 2018 when he was part of the eoshuobipool block producer team during the EOS super campaign. Here, he took on responsibilities related to node operations and voting agents. Over the years, Wen has notched up a series of achievements and affiliations that are a testament to his deep involvement and expertise. demonstrating his proactive contributions, he was instrumental in launching the Kylin testnet and co-founding BOScore, an Antelope based blockchain. As a founding, and current ENF board member, Wen has played a significant role in the organization’s undertakings. In addition, he has been instrumental in the formation and operation of EOS Network Ventures.

EOS Network

The EOS Network is a 3rd generation blockchain platform powered by the EOS VM, a low-latency, highly performant, and extensible WebAssembly engine for deterministic execution of near feeless transactions; purpose-built for enabling optimal Web3 user and developer experiences. EOS is the flagship blockchain and financial center of the Antelope framework, serving as the driving force behind multi-chain collaboration and public goods funding for tools and infrastructure through the EOS Network Foundation (ENF).

EOS EVM

The EOS EVM is an emulation of the Ethereum EVM, housed within an EOS smart contract. It offers feature parity to other EVMs in the space but with unmatched speed, performance and compatibility. EOS EVM connects the EOS ecosystem to the Ethereum ecosystem by allowing developers to deploy a wide array of Solidity-based digital assets and innovative dApps on EOS. Developers can use EOS EVM to take advantage of Ethereum’s battle-tested open source code, tooling, libraries and SDKs, while leveraging the superior performance of EOS.

EOS Network Foundation

The EOS Network Foundation (ENF) was forged through a vision for a prosperous and decentralized future. Through our key stakeholder engagement, community programs, ecosystem funding, and support of an open technology ecosystem, the ENF is transforming Web3. Founded in 2021, the ENF is the hub for EOS Network, a leading open source platform with a suite of stable frameworks, tools, and libraries for blockchain deployments. Together, we are bringing innovations that our community builds and are committed to a stronger future for all.