Ethereum Based Projects Injects $1.5M to Support R&D Efforts

The Ethereum Foundation announced on Tuesday that it has raised $1.5 million funding from six crypto entities to support the developer teams working on Ethereum’s ongoing technological upgrade, dubbed “Ethereum 2.0.”

The funding is provided by Compound Grants, Kraken, The Graph, Uniswap, Lido and Synthetix. Per the Ethereum Foundation (EF) blog post, each of these crypto space players has donated $250,000 to the Ethereum Foundation as a collaborative effort aimed to benefit Ethereum and its developer teams in the long run.

222 out of 245 DeFi Projects are built on Ethereum

Ethereum blockchain is considered the most popular for building Dapps and smart contracts. So far, there are 245 DeFi projects listed globally, out of which 222 are built on Ethereum. Observing this, ethereum’s successful upgrade is very significant to the donors.

Kraken’s CEO and co-founder Jesse Powell seemed optimistic about the donation. He said, “It is our responsibility to reward the developers who are building the next generation of cryptocurrency.”

“Kraken is excited to work with Ethereum Foundation and ensure that developers amass funding from a diverse spectrum of stakeholders.” To be noted, Kraken has claimed that its consumers have staked over 800,000 ETH, worth approximately $2.6 billion, to secure the Beacon chain. The Beacon chain is an important network protocol that will introduce proof-of-stake to Ethereum.

EF Prioritizes R&D

As posted by Ethereum Foundation (EF), the reward will be given to the following recipients helping to build the ecosystem; Besu, Nethermind, Erigon, Geth and Nimbus. These teams have helped Ethereum to fulfil its goal of diversity and network success over the past several years. These teams will also continue to work on ethereum infrastructure after the migration to the Proof of Stake consensus algorithm.

While Ethereum Foundation has spent over $10M on execution-layer client research and development, since January 2020, they promise to continue the steady support as the teams adapt and scale with the broader community.

Today’s announcement comes after Ethereum’s successful implementation of the London Hard Fork on August 5, which introduced five much-anticipated changes to its network. The Ethereum community aims to grow with each new day. To which the foundation noted that it is “excited to level up and continue the growth.”

It is also worth noting that EIP-1159 upgrade faced worse critics from experts. However, it has proven to bring a clear sky for the world’s second largest cryptocurrency ETH. Since the implementation of upgrade, ETH has surged nearly by over 20% from July and is looking for higher highs.