Ethereum Foundation recently revealed in a report that it has $1.6 billion in assets. Out of this, 80.5% is Ethereum which brings it to $1.288 billion. The remaining $300 million are non-crypto investments. The foundation is a non-profit organization that assists the second-largest cryptocurrency protocol, ETH. They have a lot going on and are not just restricted to funding developments or leading the project.
Ethereum Foundation
The Ethereum foundation has a support program, fellowship program, and Devcon. In the first initiative, they provide support monetarily and otherwise for new projects in the ETT community. The idea is to boost the growth and adoption of the Ethereum ecosystem. Secondly, in the fellowship program, the foundation aims to look for new opportunities in growing economies. They look to make a substantial impact on the growth of emerging economies. Finally, Devcon is an annual conference for developers, researchers, markers, and thinkers in the community.
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The foundation has played a crucial role in the growth of Ethereum and will continue to do so. In 2021, they spent $48 million, which included $20 million in external grants. They also funded projects and teams in the ETH ecosystem. The foundation had different categories which they targeted with these funds. For example, L1 research, L2 R&D, internal operations spending, and more.
The financial report
The report that was recently published by the ETH foundation showed that they hold 0.297% of the total supply of Ethereum. This brings it to nearly $1.3 billion, which is adequate for their needs. ETH foundation says even if there is a multi-year bear market, they can get through it with these funds. They have a long-term perspective, so they are holding so many ETH tokens. With the network shifting from POW to POS mechanism, they can also earn rewards by staking.
Right now, the markets seem a little dodgy, so there can really be the need for more than adequate funds to sustain in a bear market. Ethereum has recovered from yesterday’s correction and is now trading at over $3000, which is excellent as it hasn’t broken the trendline.
What are your thoughts as Ethereum Foundation reveals that it has $1.6 billion in assets? And do you think we are in a bear market, or it’s just a consolidation phase? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Safemoon fraud exposed: Token crashes 26% in a day.
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