The Public Goods Network (PGN) is set to wind down its operations over the next six months, with a tentative closure in June 2024.
Launched in July 2023 to fund global public goods, PGN faced challenges in meeting its goals, citing difficulties in implementing Contract Secured Revenue (CSR) technology and growing in an emerging environment.
The decision was driven by a realistic evaluation of the hurdles faced in generating significant funding for public goods. PGN acknowledged the support of the Public Goods Alliance, community, partners, and Gitcoin.
Despite collaboration with projects like Optimism, Conduit, and others, low liquidity on bridges, lack of decentralized exchanges, and core infrastructure challenges contributed to PGN’s struggle.
The team expressed gratitude for the lessons learned, the relationships formed, and the support received. PGN encourages discussions for potential support or takeover, and plans for an orderly shutdown and user support systems will be shared soon.
PGN said, “Despite the challenges, having a network dedicated to public goods brought together the best people and projects, passionate about Public Goods. The silver lining lies in the lessons learned and the relationships formed.”
PGN’s closure reflects challenges in navigating the competitive crypto landscape. Despite setbacks, their collaborative spirit and gratitude pave the way for meaningful reflections in the crypto community.