Ethereum Foundation’s balance-sheet assets reach $1.6 billion

In 2021, the non-profit Ethereum Foundation (EF) spent $48 million to develop the ecosystem of the second-largest cryptocurrency by market capitalization. The value of its balance-sheet assets reached $1.6 billion, according to the report published by the foundation.

Today we’re publishing the EF report!

This is a new way to communicate our core values, explain what makes the EF unique, and share information about all of the ways that EF teams contribute to our vision of Ethereum as an Infinite Garden.

Read it here: https://t.co/dW41XUJo1y pic.twitter.com/1OK8L8YHoM

— Ethereum (@ethereum) April 18, 2022

About $20 million of the spending was allocated in the form of grants, delegated domain allocations, funding third parties, bounty programs, and sponsorships. The remaining $28 million was invested in community teams and projects.

The EF noted that the spending can be broken down into six main categories:

• research and development on the mainnet — $21.8 million;
• research and development related to layer-2 solutions — $1.9 million;
• applied research and development related to the zero-knowledge protocol — $3.6 million;
• enhancing Ethereum as a platform for developers — $5.9 million;
• development related to the Ethereum community — $9.7 million;
• internal EF operations — $5.1 million.

According to the report, as of March 31, 2022, the EF balance sheet showed assets worth $1.6 billion — $1.3 billion in cryptocurrencies and $300 million in ‘non-crypto investments and assets’.

The organisation noted that more than 99% of the crypto reserves are ETH. These funds include 39,168 ETH allocated to the Client Incentive Program. The initiative is designed to reward teams developing client applications on Ethereum.

Earlier, in October 2021, the NEAR Protocol established a fund of $800 million for ecosystem development.

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