Ethereum Foundation Invests Millions Into zkVM, What’s Happening?

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As a seasoned analyst with over two decades of experience in the financial industry, I find myself intrigued by the latest moves from the Ethereum Foundation and its investment into zkVMs. The potential for these zero-knowledge virtual machines is undeniable, and it’s exciting to see such significant investments being made in this area.

As a crypto investor, I was intrigued on Friday when the Ethereum Foundation stirred up excitement across the market with their latest move – investing tens of millions into zkVMs (zero-knowledge virtual machines). It was Justin Drake, a highly respected researcher at the organization, who announced this strategic investment plan. Interestingly, according to his announcement, there are three key players that stand to benefit significantly from this opportunity.

Ethereum Foundation Putting Millions Into zkVMs

According to a post by Justin Drake dated November 29, “The Electric Coin Company (EF) is putting tens of millions into zero-knowledge Virtual Machines (zkVMs).” Additionally, the announcement named three significant organizations expected to capitalize on this substantial investment.

Drake states that the Ethereum Foundation’s investment is expected to back zkevm.org, a formal verification platform for zkRISC-V. Meanwhile, Poseidon cryptanalysis and ethproofs.org, other zero-knowledge Virtual Machines (zkVMs), are also anticipating this financial support.

The Ethereum Foundation’s investments are helping numerous aspects of zkVMs, ranging from theoretical verification to cryptographic research. In summary, these investment discussions generated much interest because they highlight continued work focused on improving the efficiency of the Ethereum network.

What’s Next For ETH Price?

However, it’s worth noting that deposits of 20,000 Ether by Ethereum co-founder Jeffrey Wilcke into Kraken on November 28 have sparked worries within the wider cryptocurrency market. This deposit has raised significant questions about the potential direction of Ether’s price in the near future.

Interestingly, it was noted that Wilcke sold approximately 44,300 units of a major cryptocurrency, with each unit being priced at around $3,342 in the year 2024. This transaction has added fuel to market speculation regarding the health of one of the top cryptocurrencies by market capitalization.

Amidst Ethereum Foundation investments and other advancements, the ETH price dropped by over 1% within the day, currently trading at $3,552. Its lowest point in the last 24 hours was $3,531.87, while its highest was $3,642.19. It’s worth mentioning that this recent downtrend aligns with the selling spree by large investors (whales). Interestingly, the crypto’s weekly chart indicates a 5% surge, followed by a monthly growth of 33%.

As a researcher delving into the realm of cryptocurrencies, I find it captivating to note that a recent analysis by CoinGape Media suggests an intriguing prediction for Ethereum (ETH). This analysis indicates a bullish target of $4000 for ETH, propelled by a robust market potential and significant ecosystem upgrades. The optimistic outlook underscores the dynamic nature and promising future of the crypto space.

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2024-11-29 12:15