On July 7, the Public Goods Network, a second-layer blockchain public goods network, launched its testnet with a focus on allocating the majority of net orderer fees to public goods rather than development teams or delegates. The network was developed by the same team behind Gitcoin, a project dedicated to raising funds for open-source initiatives. Utilizing the OP Stack, the Public Goods Network is designed to be part of the proposed "Superchain," which includes the Optimistic Network and the Base Network. It will operate as An optimistic layer 2 rollup of Ethereum, leveraging profitable centralized orderers to batch and submit transactions to the Ethereum network.
The Gitcoin team emphasized that the network will reinvest the majority of profits into public goods projects, aiming to prevent the capture of value by venture capitalists or other entities with "rent-seeking" motives. They believe in filling gaps for themselves rather than others organizations that may be vulnerable to such influences. Instead of receiving sequencing fees directly, the team intends to establish a coalition based on a newly defined governance model. The long-term goal of the network is to adopt the EIP-6969 standard, which would enable direct funding of projects through sequencer fees, eliminating intermediaries.
To facilitate testing, the current public goods network is connected to the Ethereum Sepolia network via an official bridge, allowing developers to utilize funds from Sepolia's faucets for application testing. Gitcoin gained recognition through its implementation of quadratic funding, which provided grants for open-source projects and other public goods. In June, Azeem Khan, head of impact at Gitcoin, joined the advisory board of cryptocurrency fund Foresight Ventures. The Public Goods Network aims to contribute to the growth of coalitions and the funding of public goods, aligning with Gitcoin's mission of supporting and promoting open-source initiatives.
