ECF officially launches with the goal of pushing the price of ETH to 10,000 USD

A new organization named Ethereum Community Foundation (ECF) has just been established by Zak Cole, a core developer of Ethereum, with the main mission of bringing the price of Ethereum (ETH) to reach 10,000 USD.

Speaking at the 8th Ethereum Community Conference held in Cannes ( France ) last Tuesday, Zak Cole stated that the main reason he founded ECF is that he believes the Ethereum Foundation is currently neglecting ETH.

According to Cole, ECF will fund infrastructure projects with the potential to expand the Ethereum ecosystem, while also creating price incentives for ETH.

“We are the Ethereum Community Foundation. We say things that the Ethereum Foundation cannot say, do things that the Ethereum Foundation does not want to do. We serve the holders of ETH, because you deserve more than that,” Cole declared.

In a post on X, Cole emphasized that the price of ETH is directly proportional to the level of security of the network. Therefore, ETH needs to reach the milestone of 10,000 USD.

Zak Cole asserts that the ECF is an independent organization, with no connections to the Ethereum Foundation. The ECF is committed to funding projects that increase the amount of ETH burned, contribute to public goods, develop core infrastructure, and scale the Ethereum network.

The condition for receiving funding is that the project must use Ethereum as a payment layer, in order to ensure that transactions occur on the Ethereum mainnet and thus reduce the supply of ETH. Additionally, the project must not have its own token and must be immutable, as described on the official ECF website.

The Ethereum Community Foundation aims to expand the Ethereum ecosystem by providing comprehensive support for the system | Source: Ethereum Community FoundationIn the speech, Cole specifically named projects such as Uniswap, Ethereum Name Service (ENS), and Optimism – which had received backing from the Ethereum Foundation but later issued their own tokens and raised funds from venture capital (VC).

“Publicly funded projects should maintain transparency and benefit the very people who contributed to them,” Cole emphasized.

He also openly criticized the Ethereum Foundation for underestimating the role of ETH as a valuable asset.

EVA – the first project funded by ECF

Ethereum Validator Association (EVA) is the first project to receive funding from ECF. This organization represents validators in the Ethereum network, allowing them to have a voice in shaping monetary policy, prioritizing upgrade proposals (EIP), and selecting Ethereum clients.

“EVA will provide representation rights for validators,” Cole said.

He also warned about potential conflicts of interest as Offchain Labs – the team developing Layer 2 Arbitrum – currently owns Prysmatic Labs, the operator of the Prysm client, which is the second largest consensus client on Ethereum, according to data from Ethernodes.

Itadori