Five of the biggest names in DeFi and the cryptocurrency exchange Kraken have donated a total of $1.5 million to support Ethereum developers.
DeFi Gives Back to Ethereum
Ethereum execution-layer client teams will receive donations from some of the biggest names in DeFi.
An announcement published on the Ethereum Foundation blog Tuesday noted that DeFi blue chips Compound, Synthetix, and Uniswap had each contributed $250,000. Additionally, the liquid staking solution Lido Finance, Web3 indexing protocol The Graph, and centralized exchange Kraken all donated an equal amount, making a total of $1.5 million in contributions.
The Ethereum Foundation has selected five client teams to receive the donations: Besu, Erigon, Geth, Nevermind, and Nimbus. The foundation assured the community that the additional grants awarded to these teams would not affect its own continued financial support.
Commenting on the donations, Ethereum Foundation Executive Director Aya Miyaguchi said:
“We strongly believe that collaborative efforts and support are the most sustainable way to benefit Ethereum in the long-term. This joint effort to support teams and builders that maintain a diverse set of Ethereum clients is not only impactful, but sets a great example.”
Many DeFi projects built on Ethereum have exploded over the last year, thanks in part to the rigorous and active development on the network. Protocols such as Synthetix and Compound, which found their footing on Ethereum, have respectively registered $31.7 million and $28 million in revenue since launching. As such, many DeFi protocols are looking to invest in the people behind the Ethereum infrastructure that has allowed them to succeed.
Execution layer developers played an integral role in the development of Ethereum when the network implemented its London hardfork earlier this month. Since January, the Ethereum Foundation has spent more than $10 million on execution-layer client research and development. Today’s announcement marks continued support for the development teams, which have made everything the network has achieved so far possible.
Disclaimer: At the time of writing this feature, the author owned BTC and ETH.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article