that Ethereum Ethereum
-3.48%
The foundation plans to release its financial report “relatively soon” as its spending has become a hot topic in the community.
In an Ask-Me-Anything (AMA) on the r/ethereum subreddit, Ethereum researcher Justin Drake, who goes by the handle “bobthesponge1,” wrote that the foundation is preparing to release a financial report similar to the one released in April 2022.
Drake said that according to his “limited personal understanding,” the foundation spends about $100 million annually, holds about $650 million worth of funds in its main Ethereum wallet, and has a runway of about 10 years, depending on the price of Ether.
“The current rough budget strategy is to spend 15% of your remaining money each year,” said Ethereum co-founder Vitalik Buterin. Said In a separate comment on the subreddit, “This implies a default path where EF will last forever, but become smaller and smaller (as part of the ecosystem) over time.”
The Ethereum Foundation has been receiving criticism and negative feedback from the community following a series of unexplained large-scale Ether movements. Community members have called on the Foundation to provide more transparency.
transmission, Blockchain Analytics Provider Look on Chain The foundation reported that it transferred 35,000 ETH ($94.07 million) to the Kraken exchange.
As an X user and Ethereum community member, @antiprosynth complained that he was in trouble due to the movement of funds. Aya Miyaguchi, executive director of the Ethereum Foundation, said the budget is part of “financial management” and is primarily used for grants and salaries, with some beneficiaries only being able to receive them in fiat currency.
“We have been advised for a long time not to engage in any financial activity this year due to regulatory issues, and we have not been able to share our plans in advance,” Miyaguchi said. “This transaction is not a sale. From here, there will be a planned and gradual sale.”
“Seriously, how hard is it to put out a quarterly report with financial information and basic updates? Expenses, projected revenue, where/how the money is being spent, team size and distribution, etc.” X User @econoar Wrote. “Honestly, it’s insulting that the community had to learn about a massive ETH sale from EF through a Twitter bot notification.”
Ether is currently trading at $2,380 and is down 0.79% over the last 24 hours. Ether price page on the block.
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