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- Ethereum Foundation has invested a total of $12.848 million in the third quarter.
- The Foundation invested heavily into community development across the globe.
- The non-profit organization is also set to invest millions of dollars into zkVMs.
The Ethereum Foundation, the non-profit advancing the Ethereum (ETH) blockchain, allocated $12.848 million in Q3 2024 to strengthen and expand its ecosystem through a wide range of strategic projects. These investments reaffirm its commitment to enhancing Ethereum’s infrastructure, tools, and global outreach.
According to their latest update, the Foundation backed initiatives like the Blockchain Summer Bootcamp by the Africa Blockchain Institute and the BlockHack Hackathon hosted by the Kerala Blockchain Academy in India. These efforts focus on education and engagement in digital asset communities.
Key events supported this quarter include Ethereum México 2024, ETHShanghai, ETH Pura Vida, Ethereum Hungary Meetups, and ERC55 Community Meetups. Another highlight was Ethereum for Everyone: Learn & Build, organized by blockchain software architect, Danny Thomx.
The Foundation prioritized funding for tools like Web3.js and OpenZeppelin’s account abstraction contracts. It also supported projects such as Lighthouse, Nimbus, and Grandine consensus clients.
Investment in zkVMs
A few days back, Justin Drake, a researcher at the Ethereum Foundation, unveiled intentions of the non-profit organization to allocate tens of millions of dollars in zero-knowledge virtual machines (zkVMs). The money will be distributed among three key entities, i.e., the zkevm project, ETH Proofs, and Poseidon cryptanalysis.
Read also: Ethereum’s Hidden Strengths: Growth Signals You Can’t Ignore
Women’s participation in blockchain received a boost through the WiEP Internship program, emphasizing study groups, community calls, and in-person events.
With significant investments made by Ethereum Foundation, Ether (ETH) gained 48.84% in value over the past month, trading at $3,716.40. Analysts suggest that these investments could drive further growth and adoption.
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