ICX Foundation Decides to Put a Pause on ICE and SNOW Funding

03/16/2023 10:37 • Metaverse Matters • 110 views

On March 16th, the ICON Foundation announced that it would stop funding the development team ICE and SNOW. The ICON Foundation expresses its gratitude to the ICE and SNOW teams for their efforts to introduce EVM compatibility into the ICON ecosystem. However, the ICON Foundation has decided not to provide funds beyond the current contract terms of the team, as the recent replacement of key members has led the Foundation to reassess the short-term and future plans of the project.

ICON Foundation will stop funding the development team ICE and SNOW

Analysis based on this information:

On March 16th, the ICON Foundation made a statement stating that it would discontinue funding development teams ICE and SNOW. The foundation expressed appreciation to both teams for their efforts in the ICON ecosystem. However, the foundation has decided to not provide further funding to either team beyond the current contract terms due to a recent replacement of key members, leading the foundation to assess the short-term and future plans of the project.

The discontinuation of funding for ICE and SNOW could be interpreted as a change in direction for the ICON Foundation. EVM compatibility was the reason why ICE and SNOW was contracted to work on ICON, as it paved the way for higher liquidity compared to working with other non-compatible systems. The move to discontinue their funding could mean that the ICON Foundation is rethinking their current priorities.

The replacement of key members may have also played a significant role in the foundation’s decision. The foundation believes that this warrants a reassessment for their short-term and future plans, citing the importance of a stable and consistent team for the growth of the project. It could be inferred that some disagreements may have occurred between the key members of the ICON Foundation and the ICE and SNOW teams, leading to this decision.

Furthermore, the discontinuation of the funding agreement could also imply that there will be a delay in the implementation of EVM compatibility in the ICON ecosystem. While the foundation expressed its gratitude to ICE and SNOW teams for their efforts, the halt in funding could mean that another team may have to be contracted to work on EVM compatibility, leading to a delay in the project timeline.

In conclusion, the ICON Foundation has decided to stop funding ICE and SNOW due to a change in focus, a reassessment of their short-term and future plans, and the replacement of key members. This decision may delay the implementation of EVM compatibility, and the foundation may have to find other ways to achieve their current goals.

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