ICON Foundation will stop funding the development team 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.

Interpretation of this information:

The ICON Foundation made an announcement on March 16th that it would stop funding the development team ICE and SNOW. The development team of ICE and SNOW was working to introduce EVM compatibility into the ICON ecosystem. The ICON Foundation acknowledged the efforts made by the team and thanked them for it. However, the decision to stop funding beyond the current contract terms was made as the Foundation underwent a reassessment of the project’s future plans and directions, especially given the recent replacement of several team members.

The change in the project’s key personnel has led to a re-evaluation of the project’s short-term and long-term goals. The Foundation’s objective is to ensure that the project is moving in the right direction and that its objectives are in line with the current developments in the market. While the announcement does not indicate any negative connotations or criticisms of the team’s work, it does potentially indicate that the Foundation is concerned about the efficacy of the team’s work and its impact on the future of the project.

The announcement by the ICON Foundation that they will no longer fund ICE and SNOW can be seen as a signal that there may be changes ahead for the project. The move by the Foundation may indicate that they are planning to restructure the team and implement new strategies to increase the efficiency of the project. The Foundation has acknowledged the efforts of the ICE and SNOW team in their work to introduce EVM compatibility into the ICON ecosystem but has decided to not provide funding beyond the current contract terms.

The announcement is a clear indication of the ICON Foundation’s commitment to ensuring that the project is successful, and that its objectives are aligned with the current market realities. It also underscores the need for the Foundation to reassess its strategies and to make changes to ensure that it is moving in the right direction. The Foundation has promised to provide more details in the future about the future development of the project.