Ethereum Foundation Secures $1.5M in Donations to Support Network Upgrade Efforts
The donations will support execution-layer teams working on technical upgrades to achieve "Ethereum 2.0."
Six crypto entities including exchange Kraken and decentralized finance (DeFi) protocols Uniswap and The Graph have donated $250,000 each to efforts around upgrading the Ethereum blockchain.
- The $1.5 million donation will support execution-layer teams working on technical upgrades to achieve "Ethereum 2.0," according to an announcement Tuesday.
- The developments, most recently Ethereum's London hard fork that went live on Aug. 5, will see the network transition to a proof-of-stake model.
- As well as Kraken, Uniswap and The Graph, donations are being made by DeFi protocols Compound, Lido and Synthetix.
- The five Ethereum clients that will receive this funding are Besu, Ergon, Geth, Nethermind and Nimbus.
- Ethereum's goal is to lessen the risk associated with the network's over-reliance on a single entity.
UPDATE (AUG. 24, 14:42 UTC): Rewrites headline, body to add donors in addition to Kraken, total amount, recipients.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.