Five DeFi and Kraken projects donate $ 250,000 each to support Eth2 client teams

A group of DeFi projects and the US crypto exchange Kraken have donated $ 250,000 each to the Ethereum Foundation to support client teams...



A group of DeFi projects and the US crypto exchange Kraken have donated $ 250,000 each to the Ethereum Foundation to support client teams working on the Ethereum (ETH) 2.0 upgrade.

On August 24, the Ethereum Foundation announced that the donations were made by Kraken, Compound Grants, Lido, Synthetix, The Graph and Uniswap Grants. The funds will complement funding provided by the foundation earlier this year, to support Ethereum’s execution layer teams.

“Ethereum’s diverse customer ecosystem is the foundation of everything we build together. This includes both Execution Layer and Consensus Layer clients, both of which are essential elements of Ethereum’s post-merger future, ”the announcement said.

Donations totaling $ 1.5 million will go to open source developer teams, including Besu, Erigon, Geth, Nimbus and Nethermind, who will provide “critical infrastructure for the network” after the merger of ETH 1.0 and ETH 2.0 – who will see ETH transition proof of work to a proof of participation mechanism.

Kraken CEO and co-founder Jesse Powell said the company was proud be “to give back to the courageous, hard-working builders at the forefront of crypto innovation.”

According to Kraken, in July, exchange users had already wagered 800,000 ETH in Eth2, worth $ 2.5 billion at current prices. At the time, the platform claimed to have distributed 25,300 ETH in rewards generated by customer staking.

Related: Eth2 Staking Contract Ranks As Largest Ether Hodler With $ 21.5 Billion

“This project represents an effort to secure the long-term growth, health and decentralization of Ethereum. Each of these can be exemplified by the diversity of customers, the strength of the teams themselves, and our confidence that Ethereum will continue to succeed as they succeed, ”says the announcement.

Earlier this month, the Ethereum Improvement Proposal (EIP) Upgrade 1559 has gone live, who introduced a combustion mechanism as part of its adjusted gas pricing structure. At the time of writing, Etherscan data shows that there is currently 4.85 ETH worth about $ 15,300 burned per minute.