VanEck to Donate 10% of Profits from Ether ETF to Ethereum Core Developers
Global asset manager VanEck has announced that it will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for a period of ten years. The beneficiary of this donation will be The Protocol Guild, a group of over 150 developers responsible for maintaining Ethereum’s core technology. VanEck believes that it is only fair for asset managers to give back to the community that builds the crypto protocol they benefit from. In urging other asset managers and ETF issuers to follow suit, VanEck joins a growing list of crypto-native communities that support the Ethereum network.
Supporting the Ethereum Network
The move by VanEck aligns with other initiatives supporting the Ethereum network, such as Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO. These communities have collectively generated over $12 million in donations for The Protocol Guild through a public dashboard. The funds are distributed among guild members based on their contribution periods and weighted ratios.
EIP-4844: Proto-Danksharding
Ethereum core developers are currently working on Ethereum Improvement Proposal EIP-4844 (Proto-Danksharding). This upgrade aims to introduce a new transaction type to Ethereum that will reduce transaction fees for layer-2 protocols.
VanEck’s Ethereum Strategy ETF
VanEck recently revealed its upcoming Ethereum Strategy ETF (EFUT), which will invest in ether futures contracts. The fund will be actively managed by Greg Krenzer and is expected to be listed on the Chicago Board Options Exchange soon. Other traditional investment firms, including Valkyrie and Bitwise, also plan to offer exposure to Ether futures. In addition, several companies are waiting for regulatory approval to launch a spot Ether ETF, including Invesco Galaxy, ARK 21Shares, and VanEck.
Hot Take: VanEck Sets New Standard for Giving Back to Crypto Community
VanEck’s decision to donate 10% of profits from its Ether ETF to Ethereum core developers sets a new standard for giving back to the crypto community. By recognizing the value and contributions of the developers behind the protocol they benefit from, VanEck demonstrates a commitment to supporting the ecosystem’s growth and sustainability. This move not only benefits Ethereum core developers but also encourages other asset managers and ETF issuers to consider similar initiatives. VanEck’s donation serves as a positive example of how traditional financial institutions can actively contribute to the crypto community’s development and advancement.
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