Five Ethereum development teams have each received $ 250,000 from the Kraken, Uniswap Grants, Synthetic, The Graph, Lido and Compound Grants crypto exchange. The Ethereum Foundation (EF) says the funding will bolster and fuel innovation in the network.

Ethereum customers receive fresh funding

The Ethereum Smart Contracts network has seen significant adoption over the years, and the network is one of the key enablers of decentralized finance (DeFi) today, with Ethereum-based protocols now dominating the industry in terms of popularity and popularity Total value locked (TVL).

However, the Ethereum success story would have been very different without the constant hard work and dedication of its diverse development teams.

To further nurture these Ethereum customer teams, especially as the development of Eth2 approaches the highly complex merge phase where Eth1 and Eth2 will be merged together to create a solid foundation for creating an ultra-fast and energy efficient proof-of-stake network A total of $ 1.5 million has now been donated by some stakeholders.

“We’re excited to announce that Compound Grants, Kraken, Lido, Synthetix, The Graph, and Uniswap Grants are each donating $ 250,000 to support the Ethereum Execution Layer customer teams. This project is the result of several months of work, ”the Ethereum Foundation wrote, adding that the funds are only intended to complement their grants and not as a substitute for the continued financial support it provides to client teams.

The Ethereum Foundation raised $ 4 million for their execution client teams this year, and EF says It has already distributed part of that allotment to a few of them including Besu, Geth (Go Ethereum), Nehermind, Open Ethereum, and Turbo Geth.

The recipients of the last donations are Besu, Erigon, Geth, Nethermind and Nimbus.

Promote decentralization

Additionally, EF has made it clear that it firmly believes that Ethereum’s success over the years has in part been due to the diversity of its customer teams and the support of capable stakeholders in the blockchain ecosystem further solidifying and accelerating innovation in the Ethereum ecosystem will .

“Part of our goal with this first round is to reduce the risk of being dependent on a single team or unit as we all work to make high quality open source products diverse, decentralized and sustainable Way to maintain. We continue to work on more decentralized funding mechanisms for Ethereum’s public goods, and this is another step that will allow larger groups of participants to directly support customer development and maintenance, ”added EF.

In related news, BTCManager informed August 2023 that the Eth2.0 staking contract is now the largest single holder of Ether, with nearly 7 million ETH now on the beacon chain.

At the time of writing, Ether (ETH) is trading at around $ 3,108 with a market cap of $ 364.52 billion, according to CoinMarketCap.

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