Ethereum Foundation to Spend $30 Million on Development Over Next Year

The Ethereum Foundation's executive director, Aya Miyaguchi, announced how much the non-profit aims to spend on critical projects.

AccessTimeIconMay 11, 2019 at 4:45 p.m. UTC
Updated Sep 13, 2021 at 9:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The Ethereum Foundation plans to spend $30 million on ecosystem development over the next 12 months.

The foundation's executive director, Aya Miyaguchi, announced the plan at the ConsenSys-organized Ethereal Summit in Brooklyn on Friday. Over the past year, the foundation spent roughly $27 million on its grants program, which supports critical projects across the ethereum ecosystem.

Speaking to the criteria the Ethereum Foundation upholds when deciding grant winners, Miyaguchi highlighted four areas of interest:

  • How important is the problem the team is working on?
  • How unique is the solution?
  • Will the grant produce second-order effects?
  • How urgent is the problem?

Last year's grants were awarded in five waves, with the first wave in March 2018 doling out roughly $2.5 million to 13 projects.

Since 2014, the non-profit has been supporting the development of the world’s second largest blockchain. Miyaguchi's analysis of 90 grants showed the largest amount of funding going to projects focused on blockchain scalability – with $13 million going into scalability efforts alone since March 2018.

Both Miyaguchi and ethereum founder Vitalik Buterin have said more information on the Ethereum Foundation's finances will be released in the coming weeks.

Aya Miyaguchi image by Christine Kim for CoinDesk

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.