Ethereum Foundation Releases First Financial Report, Holds $1.3B in Treasury
The Ethereum Foundation (EF), a non-profit responsible for the financial support of the Ethereum ecosystem, has revealed it holds $1.3 billion in its treasury as of March 2022, of which 80% of that is held in ETH (Ether.)
EF Releases Its First Financial Report
The EF released its 2021 financial report today as part of its plan to communicate its vision and increment the transparency to its community. The non-profit regularly updates its grant spending and donations on its blog, but this financial report is the first of its kind.
1. Today we’re publishing the EF report! We hope it helps the community understand what the Ethereum Foundation is, our core principles, and our vision of Ethereum as an infinite garden.
Read it here: https://t.co/jpUzvKS8F0
— Aya Miyaguchi (ayamiya.eth) (@AyaMiyagotchi) April 18, 2022
As per the report, the EF has $1.3 billion in ETH, $300 million allocated to non-crypto investments, and $11 million invested in several cryptocurrencies. The foundation’s ETH holdings represent nearly .3% of the entire ETH supply.
The EF has also incremented its funding to third-party organizations aligned in the process of supporting the Ethereum ecosystem, said EF director Aya Mayaguchi. One of these organizations is 0xPARC, to which the ET provided a major grant in 2021 to support its own activities.
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. —Stated Miyaguchi in the report.
When it comes to community development, the EF has spent $9.7 million on core protocol communities, such as Next Billion, Devcon, as well as Ethereum.org, and other educational resources.
ETH 2.0 Delayed, Again
The report comes a few days after Tim Beiko, core developer of Ethereum, announced that the Merge —a stage in Ethereum’s transition from PoW (Proof-of-Work) to PoS (Proof-of-Stake)— had to be delayed again for Q3 instead of the intended month of June.
When asked about what information can he provide to miners who have heavily invested in mining rigs lately, Beiko said “I would strongly suggest not investing more in mining equipment at this point.” Of course, the ETH community wasn’t happy with the news, as this is just another delay in a long string of delays for a project that should have been completed in 2019.
— Walrus (@Walrus37958891) April 13, 2022
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ABOUT THE AUTHOR
ABOUT THE AUTHOR
José is a copywriter and journalist with over 4 years of experience in the crypto field. He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then.