Ethereum Foundation Reveals Q2 Grants

The Ethereum Foundation shared an Allocation Update for Q2 2023 with projects spanning community education, cryptography, zero-knowledge proofs

The Ethereum Foundation (EF) has allocated over $8.4 million in crypto grants for the second quarter of 2023, according to an Allocation Update. These grants span various projects, including community education, cryptography, zero-knowledge proofs, developer experience, protocol growth, and staking.

The foundation shared the update via its Ecosystem Support Program (ESP) Twitter handle on August 30. The post also included a link to a blog post with further details on the allocations.

“Grants that secured funding last quarter are in the spotlight Check out our Allocation Update: Q2 2024 blog post for the full rundown!” reads the tweet.

EF Responsibilities and Scrutiny

The EF is tasked with the development and sustainability of the Ethereum network. While its efforts have been lauded over the years, the foundation has recently come under scrutiny.

The community has been questioning the foundation's spending and budget allocations. In response, Ethereum co-founder Vitalik Buterin shared the ESP update on X, highlighting the details of EF's spending.

“This is a good post to poke through if you want more details on “the kinds of things that EF spends money on” (at least as far as grants go; internal teams look different). $8.4m allocated to grants in Q2.”

This week also saw crypto users examining the foundation's $100 million budget and its stance on decentralized finance (DeFi), highlighting the increased community involvement.

Among the key issues flagged was the significant jump in budget allocation from $41 million in 2021 to $100 million in 2024. However, EF's executive director Aya Miyaguchi clarified that the majority of the budget is allocated to grants and salaries.

Crypto Investments on the Rise

The grants provided by the Ethereum Foundation add to the increasing rate of web3 investments in the ecosystem. The higher allocations also align with the present status quo, as venture capitalist firms have raised their investment levels this year.

Recent reports have highlighted a spike in crypto adoption over the past few years, leading to growing use cases and price upticks. This year, institutional investment in the sector has been spurred by the approval of spot Bitcoin ETFs by the United States Securities and Exchange Commission.

As a result, billions of dollars have been pouring into the sector, and traditional firms are striking deals with various projects.

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