A new group aims to grow Ethereum and raise ETH’s value by funding public projects.
- Ethereum Community Foundation (ECF) launched by core developer Zak Cole
- Goal is to boost ETH to $10,000 through targeted ecosystem support
- First grant awarded to Ethereum Validator Association
ECF Launches to Support Ethereum Growth
A new group called the Ethereum Community Foundation (ECF) has been launched by Ethereum core developer Zak Cole. The group was introduced at the Ethereum Community Conference in Cannes, France. It aims to support the Ethereum network and raise the price of ETH to $10,000.
Cole said the existing Ethereum Foundation has not done enough to support ETH as a valuable asset. He wants to help projects that bring value to the whole Ethereum ecosystem and reward ETH holders. The ECF plans to provide funding for projects that improve Ethereum’s infrastructure and use the Ethereum mainnet for transactions.
Grant Rules Focus on Transparency
To receive grants, projects must follow strict rules. They must be tokenless and immutable, meaning they cannot be changed after launch. Also, they must use the Ethereum network directly, which increases ETH usage and leads to more ETH being burned.
ETH burn happens when small amounts of ETH are destroyed through transaction fees. This reduces the supply and can push the price higher. Projects chosen by ECF must contribute to this burn by choosing Ethereum as their settlement layer.
Validator Association Gets First Grant
The first project to receive funding from the ECF is the Ethereum Validator Association (EVA). EVA allows validators—who help keep the Ethereum network secure—to have a larger say in its rules and upgrades. Cole said this will improve Ethereum’s governance and make it stronger over time.
Cole also raised concerns about conflicts of interest in the Ethereum ecosystem. He pointed to Offchain Labs, the team behind Arbitrum, which owns a stake in Prysmatic Labs. Prysmatic operates Prysm, the second-largest client used in Ethereum’s consensus process. Cole believes these ties could affect how decisions are made within the network.
Source: cointelegraph.com
