Vitalik and Ethereum Foundation destroy ETH?
The sentiment around #Ethereum is pretty bad right now, with talk that SOL has overtaken Ethereum in Mimecoin and retail. There are also rumors that Vitalik has a new girlfriend and has sold some of his Ethereum.
But there is one thing that no one can deny - the Ethereum Foundation. The Ethereum Foundation is for sale. And they're selling. They've been trading everywhere for the last few weeks, including Token 2049 in Singapore, where the ETH-BTC trading pair has plummeted. There is evidence everywhere that the funds are selling.
So today's question. Does the fact that Ethereum Foundation sold some of its #ETH matter? If so, how much? In the short or long term? Today we're going to look at all the possible implications, and whether EF is telling you what to do with your ETH.
The Ethereum Foundation has an annual budget of $100 million. This includes salaries, marketing, and an extensive grant program. And that money has to come from somewhere - the annual report for 2022 is the latest published online.
It shows that at that time the foundation was funded to the tune of $1.6 billion, of which 80%, or $1.2 billion, came from ETH. Naturally, the foundation has to sell some of its funds from time to time to finance these transactions.
One of the largest and most effective uses of EF's funds is its grant program: in the second quarter of 2024, the foundation awarded $8.4 million to more than 75 different projects in all areas of the Ethereum ecosystem. These include regional ETH hubs and communities, as well as educational projects aimed at improving technologies such as privacy in ETH.
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