Protocol Selection

Web3 is still in its infancy and we understand that protocol risk is a serious concern. Many factors come into play when selecting a protocol including network effects (such as ecosystem vibrancy, the number of developers and apps being built on the protocol, and the community), the financial health of the backers, how well each protocol solves the Trilemma, the fees charged to the project’s users and the Foundation/DAO, the tools available to developers, stability and performance, just to name a few. The existing protocols, including the most popular ones, have suffered serious growing pains and presented many concerns. From L1 gas fees and environmental impact, to delays with the migration to Proof-of-Stake from Proof-of-Work in Ethereum, uptime and security in Solana, L2s and bridges in general, the continual promise of sharding and rollups, and Foundation funding support from each protocol. There is much to consider.

The Carrot Fndn is taking a long-term approach to Protocol selection and is taking this decision very seriously. We will post the full reasoning behind our choice when the final selection is made.