Kraken and five other DeFi projects are each contributing $ 250,000 to support the teams working on the Ethereum upgrade. They also donated the sum to the ETH Foundation in order to develop version 2.0 of the network.

Open source development teams such as Erigon, Besu, Nimbus, Geth and Nethermind will contribute to the ETH Foundation’s donation.

1 / A diverse execution-level client ecosystem is at the heart of everything we build together.

We’re excited to announce today that @compoundgrants, @krakenfx, @LidoFinance, @synthetix_io, @graphprotocol, and @Uniswap are each donating $ 250,000 to support # Ethereum customer teams.

– Ethereum (@ethereum) August 24, 2021

The Ethereum Foundation announced the source of the donations. You mentioned that the tips came from the Kraken, Synthetix, Graph, Compound Grants and Uniswap Grants crypto exchange.

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The donations will be added to the funds previously made available by the foundation to the shift teams of ETH execution.

The funds aim to strengthen the Ethereum team

The foundation of what we’re building together encompasses Ethereum’s diverse client ecosystem. It consists of the consensus layer clients and the execution layer; both are important aspects of future Ethereum mergers. The announcement also reads:

“The donation is $ 1.5 million and goes to open source development teams such as Nimbus, Besu, Geth, Erigon and Nethermind.”

The development team should ensure that the critical infrastructure of the network sees the transition from ETH. ETH is to move from proof of work to the proof-of-stake mechanism. A post from August 24 on the Ethereum website reads:

“The heart of what we are developing together is a broad customer ecosystem at the execution level. That is why we are happy to announce today that Kraken-fx, Uniswap, synthetix_io, graph-protocol, Compound-Grants, LidoFinance are each donating US $ 250,000 to support the ETH 20 customer teams.

ETH is trading sideways on the daily chart | Source: ETHUSD on TradingView.com

Kraken co-founder and CEO Jesse Powel says the company prides itself on giving back to brave builders who work hard on cutting edge crypto innovations.

Kraken suggested that exchange users would invest up to 800,000 ETH in Eth2 by July. This is worth about $ 2.5 billion at current prices. The network platform initially issued 25,300 ETH as a reward from staking.

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This project represents an attempt to ensure the security of the steady growth and decentralization of Ethereum. Each of the elements is illustrated by the diversity of customers, our belief in the continued success of Ethereum and the strength of the teams. The announcement revealed.

Etherscan reports

The upgrade ETH Improvement Proposal (EIP) 1559 was launched earlier this month. It introduces a combustion mechanism as one aspect of its regulated gas charge structure.

According to Etherscan data, at the time of writing, about 4.85 ETH, worth nearly $ 15,300, is being burned every minute. Over 70,000 Ethereum (ETH) have been burned or removed from circulation on the network.

Etherscan is a block explorer and analytics platform for Ethereum, a decentralized smart contracts platform. By August 12, 31,792.48 ETH had been burned via Etherscan, which is worth $ 99,871,306.11.

Featured image from Pixabay, chart from TradingView.com

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