Ethereum Ecosystem Entities Donate $1.5M to Network Upgrade Efforts
Right now•1 min read•Ethereum
Six different crypto entities including exchange Kraken and decentralized finance (DeFi) protocols Uniswap and The Graph have each donated $250,000 to efforts around the upgrading of the Ethereum blockchain.
The $1.5 million donation will support execution-layer teams working on technical upgrades to achieve "Ethereum 2.0," according to an announcement Tuesday. The developments, most recently Ethereum's "London" hard fork that went live on Aug. 5, will see the network transition to a proof-of-stake model. As well as Kraken, Uniswap and The Graph, $250,000 donations are being made by DeFi protocols Compound, Lido and Synthetix. The five Ethereum clients who will receive this funding will be Besu, Ergon, Geth, Nethermind and Nimbus. Ethereum's goal is to lessen any risks associated with the network's overreliance on any single entity.