Ethereum Community Foundation Sets $10K ETH Price Goal
The Ethereum Community Foundation (ECF), led by Ethereum core developer Zak Cole, has announced an ambitious plan to push Ether (ETH) to a $10,000 valuation. This new organization aims to strengthen the Ethereum ecosystem by funding projects that improve network infrastructure and enhance ETH’s value. Unlike the Ethereum Foundation, the ECF places a strong emphasis on ETH as a critical asset class.
Strategic Grants to Fuel Ethereum’s Growth
The ECF will provide grants to projects focused on:
- Increasing ETH burn rates
- Advancing core infrastructure
- Scaling the Ethereum network
To qualify, projects must use Ethereum as their settlement layer, ensuring transactions contribute to ETH burns. They must also remain tokenless and immutable, as specified on the ECF’s official website.
Addressing Gaps Left by the Ethereum Foundation
Cole has voiced concerns over the Ethereum Foundation’s approach to ETH as an asset. He points to projects like Uniswap and Optimism, which, despite initial backing, later introduced their own tokens. “Publicly funded projects should remain public,” Cole stated, stressing the importance of projects benefiting their original supporters.
Ethereum Validator Association: A New Voice for Validators
The Ethereum Validator Association (EVA), the first recipient of an ECF grant, will empower validators to influence Ethereum’s monetary policy. This includes setting priorities for EIP roadmaps and selecting clients based on performance. Cole emphasized the role of validators in maintaining the network’s integrity.
Potential Conflicts of Interest in the Ecosystem
A potential issue involves Offchain Labs, the team behind Arbitrum, which has a stake in Prysmatic Labs. With Prysm being a leading Ethereum consensus layer client, this relationship could affect impartiality in client prioritization decisions.
