ETHEREUM | Vitalik Buterin Provides a Detailed Overview of the Ethereum Foundation’s 2023 Spending

The largest portion of the Foundation’s budget was allocated to establishing new organizations and entities that support and enhance the Ethereum ecosystem.

In a recent social media post, Vitalik Buterin and the Ethereum Foundation spokesperson, Josh Stark, provided a detailed overview of the Ethereum Foundation’s expenditures for 2023 in response to community inquiries.

Here’s a breakdown of the spending:

  • New Institutions (36.5%) – The largest portion of the Foundation’s budget was allocated to establishing new organizations and entities that support and enhance the Ethereum ecosystem
  • Layer-1 Research and Development (24.9%) – This category includes funding for external teams, internal research, and development efforts. It covers grants to projects such as the Go-Ethereum (Geth) client, Solidity development, Devcon, and the Robust Incentives Group
  • Community Development (12.7%) – This significant expenditure was directed towards initiatives aimed at growing and strengthening the Ethereum community
  • Applied Zero-Knowledge Work (10.4%) – A notable portion of the budget was invested in research and applications related to zero-knowledge proofs
  • Other Expenditures (25.9%) – The remaining funds were distributed among internal operations, layer-2 research, and the developer platform

In response to recent criticism from DeFi developer, Kain Warwick, who alleged that the Ethereum Foundation is ‘anti-DeFi’ and misallocates its budget, Vitalik Buterin defended the Foundation’s focus. Buterin emphasized his commitment to sustainable DeFi projects and clarified that the Foundation does not support short-term or unsustainable schemes, such as those involving speculative token issuance.

Additionally, the Ethereum Foundation has been involved in educational initiatives. It recently collaborated with ETH Kipu to organize a workshop for high school students in Buenos Aires, Argentina, teaching them about blockchain technology and the Solidity programming language. This effort is part of a broader strategy to foster blockchain education and nurture new talent in the sector.

 

 

 

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