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$ETH Community Foundation Raises Millions to Fund ETH-Burning Projects
A new organization called the Ethereum Community Foundation has launched with millions in funding to drive $ETH value.
The foundation exclusively backs projects that contribute to $ETH burn mechanisms and remain immutable and tokenless.
Zak Cole leads the initiative, stating the group will fund credibly neutral tech that reduces $ETH supply.
The foundation prioritizes real-world asset applications bringing stocks, bonds, and real estate on-chain.
Coin voting will dictate grant distribution, with all funding decisions being 100% transparent.
The first initiative is the Ethereum Validator Association, giving network validators development input using staked $ETH.
The launch comes amid reorganization at the #Ethereum Foundation and the formation of institutional firm Etherealize.
Cole criticized the Ethereum Foundation's direction, positioning this as "a fork in priorities” as opposed to a fork in the code.
