In a bold move aimed at revitalizing the Ethereum ecosystem, core developer Zak Cole has announced the formation of the Ethereum Community Foundation (ECF). The foundation’s mandate is clear: to elevate the price of Ether (ETH) to an astonishing $10,000 and to undertake initiatives that the existing Ethereum Foundation has seemingly neglected.
This announcement was made during the eighth Ethereum Community Conference held in Cannes, France, where Cole expressed his vision for ECF, stating, “We are the Ethereum Community Foundation. We say what the Ethereum Foundation can’t, we do what the Ethereum Foundation won’t. We serve ETH holders because you deserve better.” This statement resonates strongly with many in the community who feel that ETH’s potential has not been fully realized.
The Ethereum Community Foundation aims to fund strategic infrastructure projects that will not only bolster the Ethereum ecosystem but also stabilize and increase the value of ETH. Cole emphasized that the price of ETH is a “direct function of security” and achieving the $10,000 mark is critical for the asset’s future. By providing grants to projects that enhance ETH burn, contribute to public goods, and advance core infrastructure, the foundation intends to solidify Ethereum’s role as a leading blockchain network.
To qualify for funding, projects must utilize Ethereum as the settlement layer and adhere to specific guidelines that promote tokenlessness and immutability. Cole pointed out that supporters of the Ethereum Foundation, including successful projects like Uniswap and the Ethereum Name Service, have transitioned to launching their own tokens, which complicates the foundation’s mission of prioritizing public benefit. “Publicly funded projects should remain public and benefit those who have paid for them,” he insisted.
In a significant step, the Ethereum Validator Association (EVA) has been recognized as the first recipient of a grant from ECF. This partnership is expected to empower validators, allowing them to influence Ethereum’s monetary policy through priority setting in EIP roadmaps and client performance recognition. Cole also raised concerns over potential conflicts of interest within the ecosystem, signaling a desire for transparency and accountability as the ECF moves forward.
The establishment of the Ethereum Community Foundation marks a pivotal moment for ETH holders and the wider community, as it promises to take bold actions aimed at enhancing the framework within which Ethereum operates. As developers and users alike look towards the future, the call for a more focused and assertive approach to Ethereum’s development is louder than ever. With the support of the community, the ECF aims to reshape the narrative surrounding Ethereum and reignite interest in its foundational value.
