A core Ethereum developer has established a new organization called the Ethereum Community Foundation (ECF), with one of its main goals being to drive the price of Ethereum to $10,000.
The ECF is led by Ethereum core developer Zak Cole, who elaborated on the founding intentions of the ECF at the 8th Ethereum Community Conference held in Cannes, France.
Cole pointed out that the Ethereum Foundation has long overlooked the value of ETH as an asset class.
He stated that the new organization will fund infrastructure projects that contribute to the development of the Ethereum ecosystem and promote an increase in ETH prices.
"We are the Ethereum Community Foundation. We say what the Ethereum Foundation dares not say and do what the Ethereum Foundation is unwilling to do. We serve ETH holders because you deserve better," Cole emphasized.
In a post on the X platform, Cole stated that the price of ETH is a "direct function of security." Therefore, ETH needs to move towards the $10,000 target.
The project has no affiliation with the Ethereum Foundation.
The ECF stated that it will provide funding for projects that can enhance "ETH burn rates, promote public welfare, advance core infrastructure, and expand Ethereum."
To qualify for funding, relevant projects must use Ethereum as the settlement layer, meaning all transactions must occur on the Ethereum mainnet, leading to the burning of ETH.
Additionally, according to the ECF's official website, projects must not issue their own tokens and must possess immutability.
In his speech, Cole specifically mentioned Uniswap, Ethereum Name Service, and Optimism, which had previously received support from the Ethereum Foundation but later launched their own tokens backed by venture capital.
"Projects supported by public funds should maintain public attributes and benefit those who pay for them," Cole stated.
He also criticized the Ethereum Foundation for neglecting the asset value of ETH.
Cointelegraph has reached out to the Ethereum Foundation for a response but has not received a reply as of the time of publication.
The Ethereum Validator Association (EVA) has become the first project to receive funding from the ECF.
Cole stated that with EVA, validators will have more say in the formulation of Ethereum's monetary policy by prioritizing the Ethereum Improvement Proposal (EIP) roadmap and selecting Ethereum client priorities.
"EVA introduces a validator representative mechanism," Cole said.
He added that EVA will grant greater influence based on the actual performance of the clients.
Furthermore, Cole pointed out potential conflicts of interest: the Offchain Labs team behind the layer two network Arbitrum holds shares in Prysmatic Labs.
Notably, according to Ethernodes data, Prysm is the second-largest consensus layer client on the Ethereum network, operated by Prysmatic Labs.
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Original article: “Ethereum Community Foundation Launched with the Mandate of Getting ETH to $10K”
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