Investment management firm VanEck has declared its commitment to donate 10% of profits generated by its upcoming Ethereum Futures ETF (EFUT) to the Protocol Guild.
The Protocol Guild serves as a compensation plan for core contributors to the Ethereum network, supporting approximately 150 individuals crucial to maintaining the core Ethereum protocol.
VanEck revealed the news on September 29th, announcing the launch of the VanEck Ethereum Strategy ETF (EFUT). This actively managed ETF is designed to achieve capital appreciation by investing in Ether (ETH) futures contracts rather than directly holding ETH or other digital assets.
The fund will focus on standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), with a preference for those on the Chicago Mercantile Exchange.
EFUT will be listed on the Chicago Board Options Exchange (CBOE) and managed by Greg Krenzer, Head of Active Trading for VanEck, who brings over two decades of experience trading various asset categories, including futures.
Ethereum’s Protocol Guild Ecosystem Impact
VanEck expressed its gratitude to Ether contributors in a tweet on September 29th, emphasizing its commitment to donate a significant portion of EFUT’s profits to the Protocol Guild. This gesture reflects the company’s recognition of the Ether community’s dedication and its hope for its widespread adoption in the future.
This move by VanEck aligns with its acknowledgment and appreciation for nearly a decade of relentless work by Ethereum contributors.
The Protocol Guild, consisting of approximately 150 members, played a significant role in recent upgrades like the Merge and Shanghai. Presently, many members are dedicated to EIP-4844 (“Proto-Danksharding”), an upgrade aimed at reducing costs for Layer 2 solutions and advancing Ethereum’s accessibility.
VanEck’s decision to give back to the Ether community echoes a sentiment of shared responsibility and gratitude. The firm encourages other asset managers and ETF issuers in the traditional finance sector to consider similar initiatives, recognizing the contributions of Ethereum’s core contributors to the broader financial ecosystem.
Related Reading | Former FTX CEO’s 21 Days Lengthy Trial Set To Begin: Facing 115 Years In Prison?
