In a recent social media post, Vitalik Buterin and the Ethereum Foundation spokesperson, Josh Stark, provided a detailed overview of the Ethereum Foundation’s expenditures for 2023 in response to community inquiries.
Here’s a breakdown of the spending:
New Institutions (36.5%) – The largest portion of the Foundation’s budget was allocated to establishing new organizations and entities that support and enhance the Ethereum ecosystem
Layer-1 Research and Development (24.9%) – This category includes funding for external teams, internal research, and development efforts. It covers grants to projects such as the Go-Ethereum (Geth) client, Solidity development, Devcon, and the Robust Incentives Group
Community Development (12.7%) – This significant expenditure was directed towards initiatives aimed at growing and strengthening the Ethereum community
Applied Zero-Knowledge Work (10.4%) – A notable portion of the budget was invested in research and applications related to zero-knowledge proofs
Other Expenditures (25.9%) – The remaining funds were distributed among internal operations, layer-2 research, and the developer platform
In response to recent criticism from DeFi developer, Kain Warwick, who alleged that the Ethereum Foundation is ‘anti-DeFi’ and misallocates its budget, Vitalik Buterin defended the Foundation’s focus. Buterin emphasized his commitment to sustainable DeFi projects and clarified that the Foundation does not support short-term or unsustainable schemes, such as those involving speculative token issuance.
Additionally, the Ethereum Foundation has been involved in educational initiatives. It recently collaborated with ETH Kipu to organize a workshop for high school students in Buenos Aires, Argentina, teaching them about blockchain technology and the Solidity programming language. This effort is part of a broader strategy to foster blockchain education and nurture new talent in the sector.
Follow us on X for the latest posts and updates
Join and interact with our Telegram community
_____________________________________
_____________________________________
