VanEck Pledges 10% of Ethereum ETF Profits to Protocol Guild
Terrill Dicki Oct 02, 2023 08:31
VanEck has announced a 10-year commitment to donate 10% of its Ethereum ETF profits to Protocol Guild, supporting Ethereum's core protocol development. This pledge precedes the anticipated launch of the EFUT ETF, set to bolster mainstream Ethereum adoption.
VanEck, a notable investment management firm, has committed to donating 10% of the profits from its Ethereum Strategy ETF (EFUT) to Protocol Guild for a minimum duration of ten years. This declaration came ahead of the anticipated launch of the ETF, symbolized as EFUT, which is expected to play a significant part in fostering mainstream Ethereum adoption. The announcement was made on September 30, 2023, through a series of tweets from VanEck’s official Twitter account.
Protocol Guild is a community-centric funding mechanism dedicated to supporting individuals instrumental in maintaining and advancing the core protocol of the Ethereum blockchain. By providing financial backing, Protocol Guild contributes to the continuous development and stability of the Ethereum network, which is pivotal for various decentralized applications (dApps) and smart contract operations.
The pledged funds are aimed at supporting Protocol Guild, a community-driven funding platform that provides financial backing to approximately 150 individuals crucial to the maintenance and development of Ethereum's core protocol. This initiative is in recognition of the extensive contributions made by Ethereum developers towards the evolution of the blockchain, including the recent major network upgrades known as the Merge and Shanghai.
Among the key entities benefiting from Protocol Guild's support are the individuals and communities involved in the development of EIP-4844, dubbed "Proto-Danksharding." This protocol upgrade is geared towards reducing costs for Layer 2 solutions, thereby enhancing Ethereum's accessibility. Notable crypto entities like Lido Finance, Uniswap, Arbitrum, Optimism Foundation, ENS Domains, MolochDAO, and NounsDAO, have previously contributed to Protocol Guild, reflecting a broader communal effort to support Ethereum's ongoing development.
In its announcement, VanEck also beckoned other asset managers and ETF issuers to consider similar gestures of giving back to the Ethereum community, especially if they stand to gain from the protocol's advancements. The company has organized a community discussion scheduled for October 4, 2023, to delve further into this initiative and its broader implications on the Ethereum ecosystem.
VanEck has already initiated marketing campaigns for the EFUT, hinting at a possible launch on October 2, 2023. The ETF will be listed on the Chicago Board Options Exchange and will be overseen by Greg Krenzer, VanEck’s head of active trading. The marketing efforts included TV ads aired on September 28, 2023, under the tagline "Enter the Ether," amplifying the anticipation for the ETF's launch.
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