In its first annual financial report, the Ethereum Foundation (EF) has declared that its treasury holds US$1.3 billion in ETH, US$11 million in other cryptocurrencies and US$300 million in non-crypto investments.
As of March 31, 2022, Ethereum constituted 80 percent of the foundation’s holdings, amounting to nearly 0.3 percent of the entire ETH supply.
More Resource Allocations to Third Parties
According to EF director Aya Mayaguchi, the foundation has been supporting third-party allocators as the network matures. “[We believe] that more decentralised funding is important for the future of the Ethereum ecosystem,” she wrote in the report. “We continuously try to allocate resources to third parties that we believe can make better decisions than us within certain domains.”
In announcing the EF report, Miyaguchi tweeted that she would provide more details on the foundation’s vision and principles at an upcoming Devconnect event in Amsterdam:
Layer One R&D Accounts for Almost Half of EF Spending
Last year the foundation spent a total of US$48 million, with layer-one research and development accounting for nearly half that figure (US$21.8 million), including the Ethereum mainnet upgrade and external grants for network stress testing.
The remaining expenditure broke down as follows:
- Community development accounted for US$9.7 million;
- developer platform, US$5.9 million;
- internal operations and support, US$5.1 million; and
- applied zero-knowledge (ZK) research and development, US$3.6 million.
The proposed Ethereum ‘Merge’, set to transition the network to a proof-of-stake (PoS) consensus model, has been officially delayed until Q3 of 2022.
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