VanEck announces big decision to support Ethereum (ETH) development

VanEck announces big decision to support Ethereum (ETH) development
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Global Investment Manager VanEck has announced its big decision to support the development of Ethereum. In a tweet, VanEck made the “big announcement” that he plans to donate 10% of his next EFUT ETF earnings to the Protocol Guild, an entity comprised of core ETH developers, for at least 10 years.

The Protocol Guild is a grassroots funding method for over 150 people who are critical to maintaining the core Ethereum protocol. It offers reciprocal support to peer members, as well as a method for the broader ecosystem to support the work of the protocol.

Its members worked together with the rest of the community to bring the recent improvements to Merge and Shanghai to life. This included efforts in research, implementation, testing, coordination and other areas.

Many members of the “protocol guild” are currently focused on EIP-4844 (“proto-danksharding”); According to VanEck, this improvement will reduce the cost of Layer 2 and perhaps bring Ethereum closer to greater accessibility.

VanEck noted that communities like Lido Finance, Uniswap, Arbitrum, and Optimism have given back to these core ETH developers in the past and that now it is their turn to give back to this community of ETH contributors.

In a statement on September 28, VanEck announced the imminent launch of the VanEck Ethereum xStrategy ETF (EFUT). EFUT will invest in standardized, cash-settled ETH futures contracts rather than directly in ETH or other digital assets.

The global investment manager expresses hope that Ethereum will be widely adopted in the future through the upcoming EFUT fund.

The fund went into effect on September 29, 2023, according to VanEck; However, it is not yet available for commercialization. VanEck promises to provide additional updates on his progress.

According to Bloomberg analyst James Seyffart, next week could be crucial in the Ethereum ETF’s journey. According to Seyffart, nine potential ETFs with ETH futures trading could be launched next Monday.

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