Kraken is supporting ETH 2.0 customer teams among other five Defi projects with a contribution of $ 250,000 each to support them as we can see more on our latest Ethereum news today.
In addition, they donated to the Ethereum Foundation to develop version 2.0 of the network and the open source teams like Besu, Nimbus, Gth, ERigon, Nethermind will join the foundation in the donation. The foundation also disclosed the source of the donation, mentioning that the tips were from Kraken, The Graph, Compound Grants, Uniswap Grants, and Synthetix. The donations will also be added to the foundation’s funds previously made available to the execution player teams. In addition to the other companies, Kraken also supports ETH 2.0 customers.
1 / A diverse execution-level client ecosystem is at the heart of everything we build together.
We’re excited to announce today that @compoundgrants, @krakenfx, @LidoFinance, @synthetix_io, @graphprotocol, and @Uniswap are each donating $ 250,000 to support # Ethereum customer teams.
– Ethereum (@ethereum) August 24, 2021
The foundation encompasses the diverse client ecosystem of ETH and consists of the consensus layer clients and the execution layer, both of which are important aspects of the future Ethereum mergers, as the announcement reads:
“The donation is $ 1.5 million and goes to open source development teams such as Nimbus, Besu, Geth, Erigon and Nethermind.”
The development team should take more precautions for the critical infrastructure of the network in order to see the transition from fETH, as ETH will move from the proof of work to the proof of stake mechanism, as the post on the ETH website reads:
“The heart of what we are developing together is a broad customer ecosystem at the execution level. That is why we are happy to announce today that Kraken-fx, Uniswap, synthetix_io, graph-protocol, Compound-Grants, LidoFinance are each donating US $ 250,000 to support the ETH 20 customer teams.
Kraken co-founder Jesse Powell said the company prides itself on giving back to the brave builders who work hard to create a cutting-edge crypto innovation. Kraken suggested that users of the exchange will wager up to 800,000 ETH in July, which is worth about $ 2.5 billion at current prices. The network platform is giving away 25,300 ETH as rewards resulting from staking when it was launched. The project represents an effort to ensure the security of network growth and its decentralization. Each of the elements is illustrated by the diversity of customers and the goal of making teams more successful and stronger, as the announcement revealed.
Kraken CEO Jesse Powell
The ETH improvement proposal 1559 upgrade was published earlier this month and introduces a burning mechanism as one aspect of the regulated gas fee structure. According to the Etherscan data, at the time of writing, every minute about 4.85 ETH worth about $ 15,300 is being burned and over 70,000 ETH has been burned or removed from circulation on the network. Etherscan is a block explorer and analytics platform for Ethereum as a decentralized smart contract platform.
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