Vitalik Buterin Details 2023 Ethereum Foundation Spending

August 28, 2024 04:31 PM AEST | By Team Kalkine Media

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Vitalik Buterin Details 2023 Ethereum Foundation Spending — Image source: shutterstock

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The Ethereum Foundation's annual expenditure on new institutions increased significantly, representing 36.5% of its 2023 budget. This marked a substantial rise from the previous year's allocation of 23.8% for similar initiatives. The category of "new institutions" encompasses emerging organizations and entities that contribute to the Ethereum ecosystem.

In 2023, the {Ethereum} (ETH) Foundation allocated 24.9% of its budget to layer-1 (L1) research and development. This expenditure included both external grants and internal research efforts. Notable allocations within this category included support for the core Ethereum client Go-Ethereum (Geth), Solidity research and development, Devcon, and Ethereum's Robust Incentives Group.

Community development emerged as the third-largest expenditure category, accounting for 12.7% of the foundation's spending. The remaining 25.9% was distributed among several areas: applied zero-knowledge work received 10.4%, while internal operations, layer-2 research, and the developer platform collectively absorbed the rest of the budget.

Recent critiques from Kain Warwick, a veteran developer in the decentralized finance (DeFi) sector, have Vitalik Buterin and the Ethereum Foundation. Warwick accused the Foundation of neglecting DeFi development and misallocating resources. In response, Buterin emphasized his continued support for decentralized finance, clarifying his focus on sustainable, long-term projects rather than short-term or speculative schemes such as liquidity farming.

In a separate initiative, the Ethereum Foundation, in collaboration with ETH Kipu, organized a workshop in Buenos Aires, Argentina. This educational event aimed to introduce high school students to blockchain technology. Additionally, ETH Kipu announced plans to establish internships in the blockchain field and launch an online course in Solidity, the programming language used for Ethereum smart contracts.

These efforts reflect the Foundation’s commitment to both expanding its ecosystem and nurturing future talent in the blockchain space.

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