Ethereum Community Foundation Officially Established to Strongly Promote ETH Price Growth.
On July 2nd, according to information from The Block, Ethereum's core developer – Zak Cole – announced on platform X the official launch of a new organization called Ethereum Community Foundation (ECF). The primary goal of this organization is to promote Ethereum infrastructure application at an organizational scale, thereby contributing to pushing ETH price higher.
Zak Cole stated that ECF has already raised millions of dollars worth of ETH from individual supporters, and this fund will be used to support projects building "reliable and neutral" technology. He emphasized: "Our treasury has ETH donated by supporting individuals."
On the official website, ECF affirms that all funded projects must aim to reduce ETH supply through the burn mechanism. The statement clearly states: "This mechanism helps align organizational user interests with the value of ETH holders. By prioritizing funding for mechanisms that reduce total ETH supply, we ensure that adoption behavior will reinforce the monetary sustainability of the Ethereum network."
Additionally, two mandatory criteria for projects funded by ECF are immutability and being tokenless.
One of ECF's major focuses is applications that bring real-world assets such as stocks, bonds, real estate… onto the blockchain. Besides, ECF will also fund projects serving community interests, such as addressing data storage cost imbalances (blob space) on Ethereum.
Zak Cole emphasized that the process of allocating funding to projects will be conducted through community voting and all discussions and decisions will be completely public and transparent. Speaking at the Ethereum Community Conference in Cannes, France, he declared: "Every grant is transparent. Every project is committed to accompanying ETH. Every penny spent aims to enhance ETH's value."
The first project funded by ECF is Ethereum Validator Association (EVA) – an organization for Ethereum network validators. EVA aims to increase validators' voice in protocol development, while encouraging them to use staked ETH to express their views. Additionally, EVA will also provide budget for infrastructure development for validators.
Currently, the identities of individuals and organizations supporting Ethereum Community Foundation's activities have not been disclosed. Zak Cole added that detailed information about the team behind and upcoming plans will be revealed in the next few weeks.
