Ethereum’s Foundation Holds .3% Of All ETH Coins: Report
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Ethereum’s foundation holds 0.3% of the ETH coins and spent $21.8 million on research and development that is prepared for the ETH merge so let’s read more in today’s latest Ethereum news.
Ethereum’s foundation holds .3% of the ETH coins and has $1.3 billion in Ethereum, $300 million in non-crypto investments, and $11 million in other cryptocurrencies. The foundation’s ETH holdings amounted to .3% of the entire ETH supply and the foundation announced grant spending and donations on the blog but this time it is the first time that it published an annual financial report.
As the network matures, the foundation supported third-party allocators according to ETH Foundation director Aya Mayaguchi:
“[We believe] that more decentralized funding is important for the future of the Ethereum ecosystem. We continuously try to allocate resources to third parties that we believe can make better decisions than us within certain domains.”
She noted that she will provide more details on the foundation’s vision. Last year, the foundation spent $48 million, and the layer one research and development accounted for up to $21 million including the ETH mainnet upgrade and the grants for network stress testing. The ETH merge will transition in the ETH network to a PoS consensus model which was pushed to Q3 in 2022. Tim Beiko, the ETH core developer said:
“It won’t be June, but likely in a few months after. No firm date yet, but we’re definitely in the final chapter of [proof of work] on Ethereum.”
Community development accounted for $9.7 million, the developer platform accounted for $5.9 million internal operations and supported accounted for $5.1 million, and applied ZK research and development accounted for $3.6 million. The layer 2 research and development includes developer tooling and software development kits which accounted for $1.9 million in spending. The report said that the foundation gave out $19.6 million in grants via its Ecosystem Support program.
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