VanEck to Donate 10% of ETF Profits to Ethereum (ETH) Contributors
Discover how VanEck plans to donate 10% of its ETF profits to Ethereum (ETH) contributors. Learn about the Protocol Guild and their crucial role in maintaining Ethereum. Find out more about VanEck's upcoming EFUT ETF and its investment strategy.
Posted 10 months ago in Ethereum
Global investment manager VanEck has made a significant announcement regarding its support for Ethereum development. VanEck revealed its plan to donate 10% of the profits from its upcoming EFUT ETF to Protocol Guild. This entity is composed of ETH core developers and has been instrumental in maintaining Ethereum's core protocol. The donation will continue for at least 10 years, showing VanEck's commitment to the ongoing stewardship of Ethereum.
The Protocol Guild operates as a grassroots funding method, supporting over 150 individuals crucial to Ethereum's upkeep. It enables peer members to provide reciprocal support and facilitates contributions from the wider ecosystem. The guild has played a vital role in implementing recent improvements, such as the Merge and Shanghai updates. VanEck praised the guild's efforts and highlighted the ongoing work on EIP-4844, known as 'proto-danksharding,' which aims to lower Layer 2 costs and enhance Ethereum's accessibility.
This move by VanEck follows the example set by other communities, including Lido Finance, Uniswap, Arbitrum, and Optimism, who have previously shown support to ETH developers. VanEck's announcement coincides with the imminent launch of their VanEck Ethereum xStrategy ETF (EFUT), which will invest in standardized, cash-settled ETH futures contracts. The investment manager looks forward to the future mainstream adoption of Ethereum through the EFUT fund.
James Seyffart, an analyst at Bloomberg, believes that the upcoming week could be crucial for Ethereum ETFs, with the potential launch of nine ETFs with ETH futures trading. This development further underscores the growing interest and potential for Ethereum in the investment market.
Last updated 9/30/2023, 7:11:56 PM
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