Ethereum Foundation Reveals $970M Treasury In 2024 Report: Here’s More To Know

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As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I find myself consistently impressed by the strides made by the Ethereum Foundation. Their recent 2024 report, unveiled by ED Aya Miyaguchi, has sparked quite the buzz across the market and for good reason. The sheer scale of their operations, from numerous teams contributing to network development to the multitude of grants supporting ecosystem growth, is nothing short of awe-inspiring.

On Friday, the Ethereum Foundation, a non-profit organization, ignited conversations throughout the cryptocurrency sector with the release of its 2024 report, showcasing an impressive treasury worth $970 million. Aya Miyaguchi, the foundation’s Executive Director, highlighted significant aspects like the current EF teams, EF grantees, and ongoing projects aimed at strengthening the Ethereum ecosystem, emphasizing the organization’s progress. As a result, this report immediately garnered attention from market participants worldwide, providing insight into the foundation’s substantial impact within the broader Ethereum market.

Here’s a brief overview of the EF’s 2024 report which was recently revealed by ED Aya Miyaguchi.

Ethereum Foundation Unveils 2024 Report Revealing Key Details

On November 8th, the Ethereum Foundation’s ED unveiled their 2024 report, shedding light on the organization’s recent activities and providing crucial insights. According to the non-profit’s report, the Ethereum Foundation (EF) comprises several operational teams that contribute significantly to the wider ecosystem.

According to the EF’s report, teams like Robust Incentives Group (RIG), Protocol Support, and Devcon play essential roles in the growth of the network. These teams are responsible for crucial functions such as investigating Ethereum’s mechanism design and cryptocurrencies, providing ongoing support with their strategies and viewpoints to maintain Ethereum long-term, organizing events to encourage collaboration, education, and the spread of ETH values.

Additionally, ‘EF grants’ are significant in stimulating work within the entire system. Typically, these grants receive support from EF teams, as they participate in the approval and assessment process. Moreover, it is disclosed that the NPO backs organizations that foster ecosystem expansion, which includes entities such as Argot Collective, Geodework, L2BEAT, Nomic Foundation, and 0xPARC.

By the end of October this year, the non-profit group was reporting a total of $970.2 million held in its treasury. This substantial sum consisted of approximately $788.7 million invested in cryptocurrencies and $181.5 million in non-crypto assets, generating market debates.

It’s interesting to note that most of the company’s cryptocurrency assets are in Ethereum, causing unease among investors. In fact, 99.45% of their holdings equates to just 0.26% of the entire Ethereum supply, increasing market worries. The report further stated, “The Ethereum system is backed by billions held by foundations, organizations, and DAOs.

EF Foundation Implements Conflicts of Interest Policy

Additionally, it was disclosed in the report that the non-profit organization implemented a conflict-of-interest guideline this year. The purpose is to monitor and establish limits for EF team members regarding their dealings with specific connections within the wider community.

After being in effect for a year, the Ethereum Foundation has stated that their policy is open to revision, considering feedback and possible modifications. The document attracted considerable interest, highlighting the foundation’s prominent position within the wider ETH market.

Meanwhile, CoinGape Media recently reported that the EF announced launching its first short-lived Pectra testnet ‘Mekong.’ This advancement brought further market attention to the organization.

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2024-11-08 11:06