As a seasoned crypto investor with a keen eye for detail and a knack for navigating the complex world of digital assets, I find Vitalik Buterin’s transparency about his earnings and the Ethereum Foundation’s spending commendable. It’s not every day we see such high-profile figures willingly sharing their income details.
With attention focused on the Ethereum Foundation’s expenses, Vitalik Buterin disclosed his yearly income and hinted at a forthcoming review detailing the organization’s actions.
Vitalik Buterin, one of the key figures at Ethereum (ETH), disclosed to its community that he makes approximately $139,000 per year as part of the Ethereum Foundation. Despite possessing a substantial amount of Ether, which translated to a net worth close to $1 billion in June 2024, Vitalik Buterin, the co-creator of Ethereum, has refrained from selling Ether tokens for personal profit since around 2018.
As a researcher delving into the intricacies of Ethereum, I found myself caught in the whirlwind of conversations on social media regarding the distribution of resources by the Ethereum Foundation. The focus was particularly on the gas fees amassed by the non-profit entity committed to enhancing ETH‘s broader ecosystem. Stakeholders were vocal about their questions and concerns in this regard.
Subsequently, Buterin and his colleague Josh Stark from EF shared a glimpse into the foundation’s focus areas. They mentioned that the comprehensive report will be unveiled prior to Devcon SEA, which is a four-day gathering slated for November in Bangkok, Thailand.
Updates from @0xstark on EF spending.
The key info is in this chart.
The “new institutions” category basically means @NomicFoundation, @TheDRC_ , @l2beat, @0xPARC etc – no World Economic Forum insect protein research here!
More info has been and will be published; see thread.
— vitalik.eth (@VitalikButerin) August 27, 2024
According to the initial data, about one-third (36.5%) of the Ethereum Foundation’s resources in 2023 were dedicated towards nurturing “New Institutions.” Interestingly, this category represented only around a quarter (23.8%) of EF’s budget in 2022, indicating a rise in support for projects related to Ethereum in the previous year.
In simpler terms, Buterin clarified that these funds were allocated to groups such as the Nomic Foundation, the Decentralized Research Center, L2Beat (a layer-2 analytics provider), 0xPARC Foundation, and other organizations aligned with Ethereum’s future goals.
The largest portion of funds was dedicated to research and development on Ethereum’s foundational layer, encompassing on-chain experiments and improvements for its main network, including the Dencun update that took place this year. Moreover, Stark mentioned that the Ethereum Foundation has awarded grants to internal teams like Geth and distributed approximately $11.4 million to external teams during Q1 of 2024.
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2024-08-27 20:58