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ICON Foundation Stops Funding Development Teams ICE and SNOW

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ICON Foundation Stops Funding Development Teams ICE and SNOW

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:


The recent announcement from ICON Foundation has created quite a stir in the blockchain community. The foundation has decided to stop providing funds to development teams ICE and SNOW. The announcement expresses appreciation for the teams’ contribution towards introducing EVM compatibility in the ICON ecosystem. However, the foundation has reevaluated the short-term and future plans of the project considering the replacement of key members and has decided to adhere only to the current contract terms with the teams.

ICON Foundation is a South Korean blockchain project committed to creating an ecosystem for decentralization. The EVM compatibility initiative that ICE and SNOW were working on aimed to provide a bridge between different blockchain protocols. This would have allowed the ICON ecosystem to connect with Ethereum and other blockchain platforms, opening new opportunities for development and interoperability.

The decision of ICON Foundation to stop funding ICE and SNOW has left many questioning the future of the project. Funding is a crucial aspect of blockchain development, and a lack of resources often leads to stunted growth and progress. The foundation has not provided any further explanation, which has fueled speculation and rumors about the reasons behind the decision.

However, it is clear from the message that the replacement of key members has played a crucial role in the foundation’s reassessment of the project’s goals. This change in leadership could have led to a mismatch in objectives and vision, leading to the revaluation of funding. The foundation’s short-term objectives may differ from those of the ICE and SNOW teams, leading to compatibility issues and other challenges.

In conclusion, the ICON Foundation’s announcement to withdraw funding from development teams ICE and SNOW indicates a change in the project’s direction. While the foundation has expressed gratitude towards the teams, the replacement of key members has led to a reassessment of objectives and vision. Whether this move bears well for the ICON ecosystem’s future will remain to be seen in the coming days.

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