As a seasoned analyst who has closely followed the crypto market for over a decade, I find the Ethereum Foundation’s Q2 grants revelation both intriguing and reassuring. While there have been concerns about the Foundation’s spending in recent years, this disclosure provides much-needed transparency into how funds are allocated.
In the second quarter of this year, the Ethereum Foundation (EF) doled out more than $8.4 million for cryptocurrency grants. This move comes as the foundation’s spending and budget have been under community review in recent times. Following this announcement, some users praised these grants for potentially influencing the broader market and commended the transparency.
Ethereum Foundation Reveals Q2 Grants
The Ethereum Foundation shared an Allocation Update for Q2 2023 with projects spanning community education, cryptography, zero-knowledge proofs, developer experience, protocol growth, staking, etc. In a new release, the Foundation revealed that over $8 million was spent on grants for the listed projects.
The grants we secured in the last quarter are currently under focus. For a comprehensive overview, please visit our Q2 2024 Allocation Update blog post!
— EF Ecosystem Support Program (@EF_ESP) August 30, 2024
The Ethereum Foundation (EF) oversees the growth and eco-friendliness of the Ethereum system. While its work has been praised for many years, it has faced criticism in recent times due to concerns about how funds are distributed. A post by Ethereum co-founder Vitalik Buterin on platform X sheds light on what types of expenses the EF covers.
“If you’re interested in learning about the types of expenses EF covers, particularly regarding grants, this post provides valuable insights. Notably, they allocated $8.4 million towards grants in the second quarter.”
This week, crypto users have been closely examining the foundation’s budget of $100 million for 2024 and their stance on Decentralized Finance (DeFi), bringing more attention to the community. One of the main points raised was the significant increase in budget allocation from $41 million in 2021 to $100 million in 2024, with Aya Miyaguchi, EF’s executive director revealing that most of this amount is earmarked for grants and staff salaries.
Crypto Investments Surges
1. Grants from the Ethereum Foundation aren’t boosting the rising pace of web3 investments within the ecosystem; instead, it seems that venture capitalist companies have upped their investments in 2021, which underscores the current state of affairs.
In the past few years, there’s been a significant increase in cryptocurrency usage, which has resulted in more applications and rising prices. This year, institutional investment in this field surged due to the U.S. Securities and Exchange Commission’s approval of spot Bitcoin ETFs. Consequently, vast amounts of money flowed into the sector, and traditional businesses started collaborating with crypto projects.
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2024-08-30 23:44