- An Ethereum core developer has launched the Ethereum Community Foundation
- The foundation is meant to “serve ETH holders” and to “do what the [Ethereum Foundation] won’t”
- The outfit plans to push the price of ETH to $10,000
Ethereum core developer Zak Cole has launched the Ethereum Community Foundation (ECF) to “do what the [Ethereum Foundation] won’t [do].” The foundation intends to “serve ETH holders” and push the price of ETH to $10,000 through collaborations and “funding efforts to bring stocks, bonds, real estate, and RWAs on-chain” to support the future of finance. Cole noted that the Ethereum Foundation hasn’t been committed to promoting ETH as an asset class, which has led to its slow price appreciation.
Supporting “Immutable and Credibly Neutral” Projects
According to the foundation’s website, ECF will support Ethereum projects that are “immutable, credibly neutral, token-free, and maximally burn ETH.” ECF will also support the development of the Ethereum blockchain’s core infrastructure and efforts seeking to bring governments and institutions on board the ETH train.
ECF disclosed that it’ll provide a “simple playbook” for institutions to build on Ethereum, with all decisions being made by the ETH community. According to the foundation, projects wishing to receive grants from ECF must implement non-upgradable smart contracts and not have a governance or utility token. The projects must also earn fees in “ETH only,” use the Ethereum mainnet, and they shouldn’t use third-party ecosystems for data availability.
The first project to be funded by ECF will be the Ethereum Validator Association (EVA). Cole said that supporting EVA will give Ethereum validators a voice in how the network handles improvement proposals, including selecting Ethereum clients.
Ethereum Foundation Strengthens DeFi Links
ECF’s launch comes at a time when the Ethereum Foundation is increasing its involvement in the DeFi ecosystem through lending and borrowing. It also comes three weeks after an Ethereum developer claimed that the Ethereum Foundation is sabotaging the growth of the Geth Ethereum client.
With the launch of ECF, it’s to be seen whether the Ethereum Foundation will support the foundation or it will expand its scope to include ECF’s main agendas.
