The Ethereum Community Foundation has been established with the goal of pushing ETH to $10,000.
In addition to the Ethereum Foundation (EF), the Ethereum ecosystem has recently welcomed a new organization called the Ethereum Community Foundation (ECF).
The Ethereum Community Foundation was officially announced by Zak Cole, managing partner of Number Group, during the Ethereum community meeting on July 1, boldly stating that achieving $10,000 for Ether ($ETH) is an 'obligation.'
Cole stated that the reason for establishing the Ethereum Community Foundation is that the Ethereum Foundation failed to adjust its development direction based on community feedback, so they decided to step up.
"We hope the Ethereum Foundation can correct its direction, but they haven't, so we stepped up. This is not a fork of the code, but a fork of priorities."
According to reports from (The Block), the Ethereum Community Foundation has raised millions of dollars worth of Ether as a financial reserve for the foundation's development.
Fund projects without tokens, burn core projects, and reject token games.
Besides the obligation to push ETH to $10,000, what else is the Ethereum Community Foundation primarily doing?
According to the official website, the organization's mission is quite clear: to enhance the value of ETH through education, funding, outreach, and ecosystem support.
Unlike the existing Ethereum Foundation, the Ethereum Community Foundation explicitly states that it is 'an organization focused on price,' dedicated to supporting institutional-grade assets.
The conditions for projects funded by the Ethereum Community Foundation are quite strict and must meet the following four criteria:
Must be non-tokenized (no governance or utility tokens).
Fees are charged only in $ETH and are burned.
Implement immutable smart contracts (non-upgradable).
Must be deployed on the Ethereum mainnet.
If these Ethereum projects use third-party ecosystems for data availability (DA) instead of using ETH blob space, they will be disqualified directly.
Source: Ethereum Community Foundation's funding project criteria.
Aiming for institutional adoption and promoting RWA development.
Another important mission of the Ethereum Community Foundation is to promote institutional adoption of Ethereum infrastructure.
The foundation will actively support institutional adoption of Ethereum infrastructure and provide institutions with simple guidelines for building projects on Ethereum, especially on how to bring real-world assets (RWA) like stocks, bonds, and real estate onto the chain to support the future development of the financial industry.
In addition, the foundation also plans to directly engage with the U.S. government and the governments of other countries, regulatory agencies, and policymakers to promote adoption at the government level.
The first initiative of the Ethereum Community Foundation will be the so-called ‘Ethereum Validators Association,’ aimed at giving Ethereum blockchain validators a voice in development and allowing them to express their preferences (voting) using staked $ETH.
Source: Ethereum Community Foundation's six major missions.
The Ethereum Community Foundation focuses on enhancing the value of $ETH, loudly proclaiming to push $ETH to $10,000, which is a concept quite straightforward for ordinary investors.
However, regarding price discussions, Nick Johnson, founder of the Ethereum Name Service ENS, has a different perspective. He believes the Ethereum community is experiencing a crisis of identity and urges that attention should not be diverted by price fluctuations, governance dramas, or competitive narratives, but should focus on building 'trustworthy neutral infrastructure.'
Further reading:
Stop fantasizing about coin prices! Unraveling the Ethereum identity myth: What is the real value of the second brother?
Major changes in the Ethereum ecosystem: EF personnel changes, new product company established.
Recently, the Ethereum Foundation has faced significant personnel changes, separating management from the board, with Ethereum co-founders becoming technical advisors to the board, and the two executive directors being Wang Xiaowei and Tomasz K. Stańczak.
On the other hand, a new Ethereum marketing and product company called Etherealize has also been established, led by Vivek Raman and former Ethereum Foundation developer Danny Ryan.
This highlights that as Ethereum faces competition from rivals like Solana, its spiritual leaders are attempting to reshape the public image of the blockchain.
Further reading:
Major restructuring of the Ethereum Foundation! Separating management from the board, what is Vitalik's role?
‘Pump and Dump Mutual Aid Society? The Ethereum Community Foundation has been established with the goal of pushing ETH to $10,000!’ This article was first published in ‘Crypto City’
