Ethereum Foundation Plans to Spend $30M on Ecosystem Development

The Ethereum Foundation has set aside a $30 million budget on ecosystem development for the next 12 months.

Aya Miyaguchi, executive director of the foundation, revealed the plan at the Ethereal Summit in Brooklyn on May 10. The foundation spent around $27 million last year on its grants program, which backs worthy projects across the ethereum ecosystem.

Miyaguchi underscored four areas of interest as to how Ethereum Foundation decide on grant winners:

  • How significant is the problem the team is dealing with?
  • How exceptional is the solution?
  • Will the grant develop second-order effects?
  • How critical is the problem?

Last year’s grants were distributed in five stages, with the first stage in March having around $2.5 million for 13 projects.

The foundation has been backing the establishment of the world’s second-biggest blockchain since 2014. Miyaguchi’s breakdown of 90 grants presented that the biggest amount of funding was centered on blockchain scalability—with $13 million given to scalability initiatives alone since March last year.

Both Miyaguchi and ethereum founder Vitalik Buterin have stated that more details regarding the foundation’s finances will be released in the next few weeks.