Ethereum Foundation has revealed that six crypto-companies have donated $250k each. According to the official announcement, the funds secured will be used to aid efforts to upgrade the Ethereum blockchain. Over the past several years, the ETH ecosystem has witnessed unprecedented developments and innovations.
To foster the growth of the blockchain, several platforms have come together and donated a total of $1.5 million. Announcing the same, Ethereum Foundation stated,
“Today, we’re excited to announce that Compound Grants, Kraken, Lido, Synthetix, The Graph and Uniswap Grants are donating $250K each to support ETH execution-layer client teams. This project is the result of several months of work, and will supplement the significant funding provided by the Ethereum Foundation this year. This fundraise will have no impact on the EFs continued financial support for these teams.”
Recipients of Ethereum Foundation’s fund
The official blog post also stated that the Ethereum Foundation has allocated more than $10 million on execution-layer client R&D since the beginning of 2019 and that it remains on its highest priority list.
The foundation reportedly picked five of its client teams- Besu, Erigon, Geth, Nethermind, and Nimbus to receive the funds. It will offer the necessary infrastructure for the network after the unification of ETH 1.0 and ETH 2.0. The non-profit organization asserted to the community that the additional grants will not influence its current financial support efforts.
Besides, TWJ had earlier reported Kraken’s contribution to the Ethereum Foundation to support the open-source developer teams behind ETH 2.0. In addition to the cryptocurrency exchange, the six entities include Uniswap, Synthetix, The Graph, Compound Grants Program, and lastly, Lido Finance.
Revealing the main intention behind this approach, the foundation said,
“Part of our goal with this first round is to lessen risks that come from reliance on any single team or entity as we all work to maintain quality open source products in a diverse, decentralized, and sustainable way. We continue to work towards more decentralized funding mechanisms for Ethereum’s public goods, and this is one more step that enables larger groups of participants to directly support client development and maintenance.”