Kraken Supports Ethereum 2.0 Client Team Alongside Five DeFi Projects With Donation Of $ 250,000 Each
Kraken and five other DeFi projects are contributing $ 250,000 each to support teams working on the Ethereum upgrade. In addition, they donated the sum to the ETH Foundation to develop version 2.0 of the network.
Teams of open source developers like Erigon, Besu, Nimbus, Geth and Nethermind will join the ETH Foundation in the donation.
1 / A diverse customer ecosystem at the execution layer is at the heart of everything we build together.
– Ethereum (@ethereum) August 24, 2021
The Ethereum Foundation announced the source of the donations. They mentioned that the advice came from the crypto exchange Kraken, Synthetix, Graph, Compound Grants, and Uniswap Grants.
Related reading | Pakistan blockchain start-up dubbed Bazaar secures $ 30 million in funds
The donations will be in addition to funds the Foundation provided earlier to ETH’s execution layer teams.
The funds aim to empower the Ethereum team
The foundation of what we’re building together includes Ethereum’s different customer ecosystems. It is made up of the Consensus Layer and Execution Layer clients; both are vital aspects of future Ethereum mergers. The ad also says:
“The donation is $ 1.5 million and goes to teams of open source developers like Nimbus, Besu, Geth, Erigon and Nethermind.”
The developer team must plan the critical network infrastructure to see ETH transition. ETH must move to the proof of stake mechanism based on proof of work. August 24e post on the Ethereum webpage reads as follows:
“At the heart of what we develop together is a broad customer execution layer ecosystem. So today we are pleased to announce that Kraken-fx, Uniswap, synthetix_io, graph-protocol, compound-grants, LidoFinance, and are donating $ 250,000 each to support ETH 20 client teams.
ETH is trading in a sideways momentum on the daily chart | Source: ETHUSD on TradingView.com
Jesse Powel, co-founder and CEO of Kraken, says the company is proud to give back to the valiant builders who work hard on cutting-edge crypto innovation.
Kraken proposed that users of the exchange would have wagered up to 800,000 ETH in Eth2 by July. It’s worth around $ 2.5 billion at current prices. The network platform had distributed 25,300 ETH as rewards resulting from staking when it was first started.
Related reading | Kraken to re-enter the European market by requesting a new license
This project portrays an effort to ensure the security of the consistent growth and decentralization of Ethereum. Each element is exemplified by the diversity of customers, our belief in Ethereum’s continued success, and the strength of the teams. The announcement revealed.
ETH Improvement Proposal (EIP) upgrade 1559 launched earlier this month. It introduces a flaring mechanism as part of its regulated gas royalty structure.
According to Etherscan data, around 4.85 ETH worth almost $ 15,300 is burned every minute at the time of writing. Over 70,000 Ethereum (ETH) have been burned or taken off the network.
Etherscan is a block explorer and analysis platform for Ethereum, a decentralized smart contract platform. As of August 12, 31,792.48 ETH had been burned via Etherscan, amounting to $ 99,871,306.11.
Featured image from Pixabay, chart from TradingView.com