Ethereum Foundation Reveals It Holds $1.6 Billion In Assets: Here’s The Breakdown
The Ethereal Foundation (EF), a non-profit responsible for the Ethereal ecosystem’s financial support, has stated that as of March 2022, it has $1.6 billion (approximately Rs. 9,927 crores) in its treasury, with Ether accounting for 80% of that.
While primarily numbers, the 28-page report released on April 18 details the amount of money spent on research and development as the non-profit prepared for the “Merge,” as well as its current financial situation.
The EF has $1.3 billion (approximately Rs. 9,927 crores) in Ether, $300 million (about Rs. 2292 crore) in no crypto investments, and $11 million (roughly Rs. 84 crores) in several cryptocurrencies, according to the article. The foundation owns almost 0.3 percent of the total Ether supply.
The Ethereum Foundation spent $48 million (approximately Rs. 367 crore) in 2021, with $20 million (about Rs. 153 crore) going to grants, delegated domain allocations, third-party funding, bounties, and sponsorships. The remaining $28 million (about Rs. 214 crore) was used to fund Ethereum community teams and initiatives.
The paper claims that $21.8 million (approximately 167 crore) was spent on Layer-one research and development, which includes the Ethereal main net upgrade and external grants for network stress testing.
Additionally, community development costs totaled $9.7 million (roughly Rs. 74 crore), developer platform costs totaled $5.9 million (roughly Rs. 45 crores), internal operations and support costs totaled $5.1 million (roughly Rs. 39 crore), and applied Zero-Knowledge (ZK) research and development costs totaled $3.6 million (roughly Rs. 27 crore).
$1.9 million was spent on layer two R&D, which included developer tooling and software development kits (roughly Rs. 14 crore). Through its Ecosystem Support Program, the foundation provided grants totalling $19.6 million (approximately Rs. 150 crore).
The Ethereal Foundation team went on to explain why it sold Ether in order to diversify its no crypto holdings. The reason for selling during parabolic rallies in the ETH market, according to the EF, was to provide a buffer
The Ethereal network’s much anticipated ‘Merge,’ which will upgrade the network to a proof of stake (PoS) consensus architecture, will no longer take place in June, according to the article. The merger may now be postponed until the third quarter of 2022.
The Ethereal Foundation team went on to explain why it sold Ether in order to diversify its noncrypto holdings. The purpose for selling during parabolic surges in the ETH market, according to the EF, was to provide a large security buffer for its core budget.
To know More Updates Please Follow and Subscribe to Our Channel:-