Close Menu
    Ethereum

    Ethereum Foundation’s 2024 Annual Report outlines $500 million spent on projects and introduces conflict of interest policy

    By No Comments3 Mins Read
    HI, Innovation in fiat on-ramps can overcome crypto's expensive card fees, dollar, fiat money, investment, investing, fountain, adoption, Ethereum

    30s Summary

    The 2024 Annual Report of the Ethereum Foundation revealed it spent $500 million on various projects in 2022-2023, with Ethereum Foundation itself contributing $240.3 million. Also participating were other organizations like MakerDAO, Optimism, Gitcoin, and others. The ecosystem is presently holding over $22 billion in assets, with organizations like Optimism, Uniswap, and others having billions secured. However, these funds include liquid and reserved assets and can’t all be used at once. Furthermore, the Ethereum Foundation has introduced a policy to manage potential conflicts of interest which requires members to disclose significant non-ETH investments.

    Full Article

    Yo! Here’s the scoop from the 2024 Annual Report of the Ethereum Foundation: They shelled out a whopping $500 million on different projects in the span of 2022 to 2023. Ethereum Foundation itself funded around 48.3% of it, which is about $240.3 million.

    Lots of other groups joined the party and pitched in too. You’ve probably heard of some of them like MakerDAO (now called Sky), Optimism, Gitcoin, Decentraland, Aragon, Uniswap, Starknet, MetaMask DAO, and Protocol Guild. It was a real team effort!

    That’s not all though. The Ethereum ecosystem is sitting on a massive treasure chest of over $22 billion which helps to keep everything running smoothly. This giant stash belongs to various foundations, organizations, and decentralized autonomous organizations (DAOs).

    Loads of projects like Optimism, Uniswap, Mantle, Arbitrum, Gnosis and Ethereum Name Service have billions locked away in their piggy banks. And the Ethereum Foundation itself? They’ve got a cool $970 million in theirs.

    Now, here’s the thing. Not all of these funds can be used immediately as they include both liquid and reserved funds. Plus, many of these funds are in the form of projects’ own tokens. So, if they tried to sell a big chunk of their treasure, it could shake up the price of those tokens.

    But don’t worry. The Ethereum Foundation says this huge pot of money shows how strong and resourceful Ethereum is for the long haul. Even if they use just a small piece of this crypto pie, it’ll be more than enough to keep growing.

    Also, the Ethereum Foundation has introduced a new policy for dealing with potential conflicts of interest. For big investments (more than half a million bucks) not in ETH, members need to disclose it. If those investments might affect decision making, those members might have to sit out on the decision.

    Aya Miyaguchi, who heads the Ethereum Foundation, believes this rule will strengthen and secure their work’s integrity as well as the ecosystem as a whole.

    Related Posts