Blockchain Lottery Aims to Fund Ethereum Development

A new blockchain-based charity lottery has been launched, aiming to fund Ethereum development by distributing a portion of its revenue to the network's core contributors.

Megapot, a decentralized lottery protocol, has partnered with Protocol Guild, an independent funding collective for Ethereum protocol contributors. The partnership will see Megapot's programmable referral system used to distribute 100% of the referral fees generated from ticket sales to Ethereum developers supported by Protocol Guild.

The lottery is designed to be transparent and efficient, with smart contracts automating the distribution of funds to eligible developers. This model mirrors traditional charity lotteries, but with the added benefit of being on-chain.

Protocol Guild has already distributed $38 million to Ethereum contributors since 2022, but estimates that maintaining and scaling Ethereum could require between $30 million and $60 million annually.