The Ethereum Foundation (EF) has published a report detailing how its $1.6 billion treasury consists mostly of Ether (ETH), but with a staggering 18.8% in non-crypto assets.
In total, the non-profit organization EF that manages the funds for Ethereum developments owns around 0.3% of the current total supply of ETH, which amounts to approximately $1.3 billion, which is verifiable on Etherscan. However, his non-crypto holdings account for a hefty $302 million stake.
The April 2022 report is the first issued by the Foundation to describe what it has in the treasury and how it is allocating expenses, including grant funding for various Ethereum-based projects. In all, the EF appears to be on a very solid financial footing having spent just $48 million in 2021.
The report stated that he has increased his non-crypto holdings to $302 million from a previously undisclosed amount. That amount is intended to provide “an increased margin of safety” in an effort to protect you against a downturn in the crypto market.
The Foundation did not immediately respond to a request to reveal details about those non-crypto holdings. However, Ethereum researcher Justin Drake suggested that non-crypto holdings are just fiat reserves in a report on April 18. cheep.
the EF spent $48 million in 2021
he has 350K ETH ($1B) and $300M fiathttps://t.co/1AL68I5YgF pic.twitter.com/0yLXNHy3Aj— Justin Ðrake (@drakefjustin) April 18, 2022
The Foundation spent $21.8 million on level one (L1) research and development, the largest share of its spending last year. This total does not include the Customer Incentive Program (CIP), which is an ongoing program that rewards nine private node operators with a stake of 39,168 ETH ($132 million) on a fixed schedule.
It spent another $9.7 million on community development, $5.9 million on Ethereum as a development platform, $5.1 million on international operations, $3.6 million on ZK (zero knowledge) research and development, and $1, 9 million in research and development of layer two (L2). growth.
To my knowledge, this is the first time that the Ethereum Foundation has publicly detailed all of its treasury holdings.
Finally pic.twitter.com/AugWk2GF2H— sassal.eth (@sassal0x) April 18, 2022
Related: ETH Devs Implement First ‘Shadow Fork’ As PoS Testing Continues
The EF financial report arrives only a few months early The merger is scheduled will take place where the Ethereum mainnet transitions to a proof-of-stake (PoS) consensus algorithm. Doing this is expected to greatly reduce grid power requirements and carbon footprint.