Non-profit organization Ethereum Foundation sparked a tidal wave of discussions across the broader crypto market on Friday as it revealed its 2024 report, boasting a treasury of $970 million. Notably, Aya Miyaguchi, the firm’s ED, spotlighted key details such as the current EF teams, EF grantees, and ongoing efforts to enhance the Ether ecosystem, underscoring the firm’s advancements. In turn, this report promptly caught the eyes of market participants globally, giving a clear understanding of the firm’s influence across the broader ETH market.
Here’s a brief overview of the EF’s 2024 report which was recently revealed by ED Aya Miyaguchi.
Ethereum Foundation Unveils 2024 Report Revealing Key Details
The Ethereum Foundation’s ED took to X on November 8, revealing the 2024 report while also offering vital insights into the firm’s recent work. As per the non-profit firm’s report, EF contains numerous teams within its branch of operations that contribute to the broader ecosystem.
Teams such as Robust Incentives Group (RIG), Protocol Support, and Devcon offer vital support to network development, per the EF’s report. These teams oversee key aspects such as studying mechanism design and cryptos for Ether, processes and perspectives to support its long-term maintenance and hosting events to foster collaboration, education, and promoting ETH’s values.
Further, the ‘EF grants’ also play a crucial role in jacking up work across the ecosystem. These grants are often supported by EF teams as the teams play a role in approval and evaluation. Also, the NPO reveals that it supports organizations that drive ecosystem growth, encompassing entities like Argot Collective, Geodework, L2BEAT, Nomic Foundation, and 0xPARC.
As of October 31 this year, the non-profit organization boasted $970.2 million in treasury. This encompassed $788.7 million in crypto and $181.5 million in non-crypto investments and assets, sparking market discussions.
Intriguingly, the lion’s share of the firm’s crypto holdings remains in ETH, an alarming concern for market participants. Notably, 99.45% of the firm’s crypto holdings evaluates to 0.26% of the coin’s total supply, solidifying market concerns. “The Ethereum ecosystem is supported by billions secured in treasuries belonging to foundations, organizations, and DAOs,” the report added.
EF Foundation Implements Conflicts of Interest Policy
Also, the report revealed that the non-profit firm introduced a conflict of interest policy this year. The aim remains to oversee and set some boundaries for EF team members on how they navigate particular relationships with the broader ecosystem.
The Ethereum Foundation clarified that the policy also remains poised for a review after a year of its introduction for feedback and potential changes. Overall, the report garnered significant attention, underscoring the firm’s influential stance across the broader ETH market.
Meanwhile, CoinGape Media recently reported that the EF announced launching its first short-lived Pectra testnet ‘Mekong.’ This advancement brought further market attention to the organization.
Also, it’s noteworthy that ETH price traded at $2,901 today, up nearly 2.5% intraday. The coin’s 24-hour low and peak were $2,781.30 and $2,954.87, respectively.
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