Translation: Blockchain in Vernacular
The Ethereum Foundation (EF) holds $845 million in ETH, or 0.25% of the total ETH supply.
According to their latest report, the Ethereum Foundation (EF) spent $30 million on grants in Q4 2023. In Q3 2023, they allocated $8.9 million for grants.
Here are some examples:
Conferences held around the world that aim to "introduce new users through basic lectures and educate developers through technical sessions and workshops."
An online course on the core concepts and components of Zero-Knowledge (ZK) systems.
“Email Wallet” lets users send cryptocurrency via email without any action required by the recipient.
“Daimo” ERC-4337 smart contract wallet: supports stablecoins only, non-custodial, no seed phrase required.
It looks like the Ethereum Foundation (EF) is allocating funding to education and some niche (but cool) products that may not receive significant venture capital backing.
This may explain their reluctance to fund DeFi protocols that have received external funding from venture capital firms.
However, comprehensive and transparent reporting of total expenditure is lacking. Who is auditing EF?
The most recent report, for 2021, shows total spending of $48 million, including internal spending and outside grants and awards.
The largest expenditure items are:
$21 million for L1 development
$9.7 million for community development, including grants and education
$5.1 million for internal operations (salary, legal fees, etc.)
So, 10% of total spending in 2021 is going toward developer salaries and supporting the Ethereum Foundation’s maintenance work.
If I missed something, or if you have the latest financial report data, welcome to communicate and discuss!
