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Ethereum Foundation (EF) Contributor Josh Stark It was published. Details of the organization’s social media spending over the past two years as of August 27.
Stark shared this information after speculation mounted that the foundation might be planning to sell a large amount of Ethereum. The rumors surfaced after a wallet linked to the foundation made a large transfer.
Stark also noted that the organization intends to release the expense report ahead of this year’s Devcon conference, scheduled for November 12.
Financing Details
Stark shared two pie charts showing the foundation’s allocation of funds for 2022 and 2023. The charts contain seven key areas: new enterprises, second-tier R&D, applied ZK, community development, developer platform, internal operations, and first-tier R&D.
In both years, the highest amount of funding was allocated to research and development of first-tier improvements and new enterprises. Stark explained:
“These charts show internal and external spending. For example, “L1 R&D” includes grants to external customer teams, but it also includes EF’s internal researchers. In both years, internal spending was about 38% and external spending was about 62%.”
Internal spending is associated with teams working under the EF umbrella in different sectors, such as the Geth client team, Solidity, Devcon, and the Ethereum organization team.
Meanwhile, external spending is tied to grants from the foundation’s Ecosystem Support Program. Between 2022 and 2023, the Ecosystem Support Program awarded $91.1 million in grants to 895 different projects, according to Data Collected from their website.
Stark confirmed that the ESP program publishes quarterly reports on grants awarded to new projects, with Latest version Description of grants awarded in the first quarter of 2024.
Speaking about the “New Organizations” category, Stark highlighted that this is one of the foundation’s efforts to “help build new organizations that can enhance and support the Ethereum ecosystem in the long term.”
Stark cited entities like open source software provider Nomic Foundation, decentralization research center, data aggregator L2Beat, and “other Ethereum-related and nearby devices” as examples.
Co-founder of Ethereum Vitalik Buterin Share Stark’s post and emphasize the importance of investing in new businesses. Added “There is no ‘World Economic Forum Insect Protein Research’ within the Foundation’s fund allocations.
$94 million deal sparks controversy
Stark shares funding details after major funding round Transfer 35000 Ethereum From EF Wallet to Crypto Exchange Kraken On August 23, this large sum — equivalent to $94 million at current prices — sparked discussions in the cryptocurrency community about where the funds would be allocated.
Given the large transaction volume, investors were concerned about a potential drop that could add further pressure to its price since ETH has fallen by 22% over the past 30 days.
Angel investor known as DCInvestor Proposed Buterin said that the next big trades should be broken down into 12 smaller moves, which would help calm fears of a market downturn.
Buterin She replied He added that the proposal faces the logistical challenge of coordinating multiple transfers from a multi-signature wallet that require four confirmations. Multiple transactions mean the transfer would have to be signed 48 separate times.
“There are solutions of course (e.g. multiple levels of wallets), but for obvious reasons we don’t want to rush into something so security-sensitive.”
