The Ethereum Foundation (EF) revealed its 2024 report, which boasts a treasury of $970 million. This news has sparked numerous discussions in the cryptocurrency market. The non-profit organization’s report highlights their teams, grantees, and ongoing efforts to enhance the Ethereum ecosystem. The report also provides an understanding of the firm’s influence across the broader ETH market.
The report caught the attention of market participants globally, and the EF’s significant influence is evident in the cryptocurrency market. The report reveals that the EF has numerous teams within its branch of operations that contribute to the broader ecosystem. Teams such as Robust Incentives Group (RIG), Protocol Support, and Devcon offer vital support to network development.
These teams oversee key aspects such as studying mechanism design and cryptos for Ethereum, processes, and perspectives to support its long-term maintenance and hosting events to foster collaboration, education, and promoting ETH’s values. The EF grants also play a crucial role in boosting work across the ecosystem.
These grants are often supported by EF teams as the teams play a role in approval and evaluation. The non-profit organization also supports organizations that drive ecosystem growth, encompassing entities like Argot Collective, Geodework, L2BEAT, Nomic Foundation, and 0xPARC. As of October 31 this year, the non-profit organization boasts $970.2 million in treasury.
This consists of $788.7 million in crypto and $181.5 million in non-crypto investments and assets, sparking discussions in the market. The lion’s share of the firm’s crypto holdings remains in ETH, an alarming concern for market participants. Notably, 99.45% of the firm’s holdings evaluate to 0.26% of the coin’s total supply, solidifying market concerns.
The Ethereum Foundation has implemented a conflicts of interest policy, aimed at overseeing and setting some boundaries for EF team members on how they navigate particular relationships with the broader ecosystem. The policy is also poised for a review after a year of its introduction for feedback and potential changes.
Overall, the report garnered significant attention, underscoring the firm’s influential stance across the broader ETH market. In addition, the EF announced launching its first short-lived Pectra testnet ‘Mekong,’ which brought further market attention to the organization.
