A new organization, the Ethereum Community Foundation (ECF), has been launched by Ethereum core developer Zak Cole with the ambitious goal of driving the price of Ether (ETH) to $10,000. The ECF aims to fund infrastructure projects that will grow the Ethereum ecosystem while directly impacting ETH's value.
A Bold New Mandate for Ethereum
Zak Cole unveiled the Ethereum Community Foundation at the eighth Ethereum Community Conference in Cannes, France. Cole stated that the ECF's primary objective is to serve ETH holders, asserting that the existing Ethereum Foundation has neglected ETH as an asset class. The ECF positions itself as an entity that will address what the Ethereum Foundation "can't" and "won't," focusing on the direct financial security of ETH.
Key Takeaways
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Target Price: The ECF's explicit goal is to push ETH to a $10,000 valuation, viewing it as crucial for the network's security.
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Funding Focus: The ECF will provide grants to projects that:
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Increase ETH burn mechanisms.
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Contribute to public goods within the Ethereum ecosystem.
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Advance core infrastructure.
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Scale Ethereum's capabilities.
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Grant Requirements: To receive ECF grants, projects must:
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Utilize Ethereum as their settlement layer, leading to ETH burns.
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Be tokenless.
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Be immutable in nature.
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Independence: The ECF operates independently and has no ties to the Ethereum Foundation.
Addressing Perceived Shortcomings
Cole criticized the Ethereum Foundation for its perceived neglect of ETH as a valuable asset. He also highlighted instances where publicly funded projects, such as Uniswap, Ethereum Name Service, and Optimism, later launched their own venture capital-backed tokens, arguing that "publicly funded projects should remain public and benefit those who have paid for them."
First Grant Recipient: Ethereum Validator Association
The Ethereum Community Foundation announced the Ethereum Validator Association (EVA) as its inaugural grant recipient. Cole emphasized that the EVA will empower validators by giving them a voice in shaping Ethereum's monetary policy, prioritizing Ethereum Improvement Proposal (EIP) roadmaps, and selecting client priorities. This initiative aims to introduce validator representation and empower clients based on their performance.
Cole also pointed out a potential conflict of interest involving Offchain Labs (the team behind Arbitrum) and its ownership stake in Prysmatic Labs, which operates Prysm, the second-largest consensus layer client of the Ethereum network.
Sources
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Ethereum Community Foundation Has Mandate For $10K Ether, Cointelegraph.
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