{"id":441425,"date":"2024-08-30T21:00:53","date_gmt":"2024-08-30T20:00:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=441425"},"modified":"2024-08-30T20:33:03","modified_gmt":"2024-08-30T19:33:03","slug":"ethereum-foundation-disburses-8-5m-in-grants-for-q2-backing-98-projects","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/ethereum-foundation-disburses-8-5m-in-grants-for-q2-backing-98-projects\/","title":{"rendered":"Ethereum Foundation disburses $8.5M in grants for Q2, backing 98 projects"},"content":{"rendered":"<p>The <a href=\"https:\/\/cryptoslate.com\/companies\/ethereum-foundation\/\">Ethereum Foundation<\/a> Ecosystem Support Program (EFESP) allocated a total of roughly $8.5 million to support 98 projects, according to the foundation's inaugural grants <a href=\"https:\/\/blog.ethereum.org\/2024\/08\/30\/esp-allocation-q224\">allocation report<\/a> published on Aug. 30.<\/p>\n<p>Although the report breaks down the projects by type, recipient, and contact, it does not provide a detailed breakdown of how much each project received.<\/p>\n<p>Most of the projects that received support from the EFESP are labeled &#8220;Community & Education,&#8221; with 41 getting boosted by the Ethereum Foundation (EF), including events such as ETH conventions and small meetups worldwide.<\/p>\n<p>Moreover, the EFESP supported 28 projects dedicated to &#8220;Cryptography & zero-knowledge proofs,&#8221; the category with the second-largest number of projects backed by the foundation.<\/p>\n<p>This second category includes projects such as a protocol using zero-knowledge technology to prove ownership of an Indian Residence ID on Ethereum, the creation of a domain-specific language to write zero-knowledge circuits, and the production of educational content.<\/p>\n<p>The EFESP also supported seven projects dedicated to &#8220;Developer experience and tooling,&#8221; two projects focused on enhancements destined to the &#8220;execution layer,&#8221; two projects aimed at &#8220;general growth & support,&#8221; and three &#8220;general research&#8221; initiatives.<\/p>\n<p>Additionally, the grants batch for the second quarter also included efforts to boost advancements in staking and protocol growth.<\/p>\n<h2>Reporting amid controversy<\/h2>\n<p>Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) co-founder <a href=\"https:\/\/cryptoslate.com\/people\/vitalik-buterin\/\">Vitalik Buterin<\/a> praised the initiative on social media and highlighted that the report was a <a href=\"https:\/\/x.com\/VitalikButerin\/status\/1829550851532476787\">good way to find<\/a> out &#8220;the kinds of things that EF spends money on.&#8221;<\/p>\n<p>Buterin's remarks come following the EF <a href=\"https:\/\/cryptoslate.com\/ethereum-foundation-reveals-spending-after-speculation-over-massive-transfer\/\">being questioned<\/a> after sending 34,000 ETH to a Kraken address, likely in a selling movement. The amount is equivalent to $94 million using the price of the transfer\u2019s day.<\/p>\n<p>Given the significant amount, the crypto community on X questioned where the EF would allocate the funds.<\/p>\n<p>EF contributor Josh Stark addressed some of the past two years' spending on social media on Aug. 27. So far, the EFESP has spent over $20 million in grants this year, which is nearly 33% of the amount destined as grants for projects last year.<\/p>\n<p>According to <a href=\"https:\/\/platform.arkhamintelligence.com\/explorer\/entity\/ethereum-foundation\">on-chain data<\/a>, the Ethereum wallet address tied to the foundation holds over $751 million in various cryptocurrencies, with the largest amount being 273,532 ETH.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Ethereum Foundation Ecosystem Support Program (EFESP) allocated a total of roughly $8.5 million to support 98 projects, according to the foundation&#8217;s inaugural grants allocation report published on Aug. 30. Although the report breaks down the projects by type, recipient, and contact, it does not provide a detailed breakdown of how much each project received. [&hellip;]<\/p>\n","protected":false},"author":1511,"featured_media":441431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,77968],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ethereum Foundation disburses $8.5M in grants for Q2, backing 98 projects<\/title>\n<meta name=\"description\" content=\"Nearly $9 million in grants were distributed to 98 projects, raising the yearly spending to foster the Ethereum ecosystem to $20 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/ethereum-foundation-disburses-8-5m-in-grants-for-q2-backing-98-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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