The Ethereum Foundation reported nearly $500 million was deployed to support ecosystem projects between 2022 and 2023, according to its 2024 annual report.
The foundation’s report revealed that entities across the Ethereum ecosystem spent over $497 million to fund projects, with $240.3 million, or roughly 48.3%, contributed by the Ethereum Foundation itself.
Total funding deployed across the Ethereum ecosystem from 2022 to 2023. Source: Ethereum Foundation
The remaining funding came from organizations like MakerDAO (now rebranded as Sky), Optimism, Gitcoin, Decentraland, Aragon, Uniswap, Starknet, MetaMask DAO and Protocol Guild, showcasing the collaborative effort within the Ethereum community.
Ethereum supported by $22.2 billion in treasury funds
Apart from the funds spent to support projects, the Ethereum Foundation also reported that the entire ecosystem is supported by over $22 billion in treasury funds.
The treasuries belong to foundations, organizations and decentralized autonomous organizations (DAOs). Projects like Optimism, Uniswap, Mantle, Arbitrum, Gnosis and Ethereum Name Service hold billions in treasuries. Meanwhile, the Ethereum Foundation itself has $970 million in its treasury.
Treasury totals across the Ethereum Ecosystem. Source: Ethereum Foundation
According to the report, the amounts included liquid and vested funds. The foundation also said that most project treasuries are mainly comprised of projects’ native tokens. The report states:
“This means that the total value of a project treasury is much greater than the total value that could be deployed immediately in fiat terms. If a project tried to sell a significant portion of their treasury, it could have a large impact on the price of the underlying token.”
Despite this, the Ethereum Foundation suggested that the amount shows the “depth of resources” available to Ethereum in the long term. The organization argued that even if a small fraction of the amount is deployed, it would be enough to sustain and grow the ecosystem.
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Ethereum Foundation implements Conflict of Interest policy
Within the report, the Ethereum Foundation also noted that it had implemented a Conflict of Interest policy. According to the organization, the policy includes disclosure requirements for Ethereum Foundation members for investments above $500,000 other than Ether (ETH). The organization said that high exposure may require EF members not to be included in decisions that relate to the conflict.
Ethereum Foundation executive director Aya Miyaguchi said on X that the policy aims to “reinforce the integrity” in their work. The executive hopes that it will also improve the integrity of the ecosystem.
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