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Ethereum Foundation lays out details of $30M budget for network development

Wed, 22 May 2019, 05:28 am UTC

The Ethereum Foundation has detailed how it plans to allocate the previously announced $30 million on ecosystem development over the course of next year.

In an online post dated May 21, the foundation, which holds approximately 0.6% of all ETH, said that the budget of $30 million is insulated against downward ETH price movement.

A breakdown of the budget reveals that $19 million will be allocated towards the R&D that will realize the Ethereum community’s ambitions. This includes the ongoing work on ETH 2.0, smart contract languages, layer 2 projects like Plasma, Ethereum “Phase 3 and Beyond” R&D, as well as working with academic institutions and attracting exceptional research talent.

Of the total amount, $8 million will used to fund current projects. This includes many initiatives under the banner of “ETH 1.x”, Solidity, Geth, and Web3.js and Ethers.js.

$3 million will go towards developer growth and awareness. This includes focus on developer education & on-boarding, community event organizations focused on developers, supporting regional Ethereum community organizations, developer experience improvements and developer tooling, attracting exceptional developer talent, and continued improvements to, among others.

CoinDesk reported that the foundation spent around $27 million over the past year to award monetary grants to 90 different projects.

Last month, the foundation re-launched as an open-source portal to the community. It said:

“It won’t ever be a typical product website, because it isn’t trying to sell you something. This is a website for a community that is busy getting things done: on-boarding new developers and users, educating ourselves and each other, and building.”

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