Bold Ethereum Community Foundation Targets $10k ETH Price Goal
A significant development is unfolding in the Ethereum world. A new organization, the Ethereum Community Foundation (ECF), has emerged, spearheaded by core developer Zak Cole. Its mission? To actively support the Ethereum ecosystem and, notably, push the ETH price target towards an ambitious $10,000 mark. This move signals a potential shift in how community-led initiatives aim to influence the network’s development and valuation.
Why a New Ethereum Community Foundation?
Zak Cole launched the Ethereum Community Foundation at the recent Ethereum Community Conference (EthCC) in Cannes. His primary motivation, as articulated during his presentation, stems from a perceived gap in the existing landscape, specifically regarding the Ethereum Foundation role. Cole suggested the established Ethereum Foundation has not adequately focused on ETH as a valuable asset class.
The ECF aims to fill this void, stating its purpose is to “do what the [Ethereum Foundation] won’t.” The focus is on serving ETH holders directly by funding infrastructure projects designed to foster Ethereum ecosystem growth while simultaneously increasing the price of ETH.
Setting an Ambitious ETH Price Target
One of the most striking aspects of the ECF’s formation is its explicit aim for ETH to reach $10,000. Cole links this price point directly to the network’s security. He argues that a higher ETH price is essential for maintaining and enhancing the security of the Ethereum blockchain.
This target is not merely speculative; it is presented as a functional requirement for the network’s long-term health and security, distinguishing the ECF’s approach from organizations that might shy away from commenting directly on price.
Funding Criteria for Ethereum Ecosystem Growth
The Ethereum Community Foundation plans to issue grants to projects that align with its mission. The criteria for receiving ECF funding are specific and designed to benefit the network directly:
- Projects must use Ethereum as the settlement layer.
- They should contribute to increasing the ETH burn rate through transaction activity.
- Projects must advance core infrastructure and contribute to public goods.
- They should help scale Ethereum’s capabilities.
- Crucially, funded projects must be tokenless and immutable in nature.
This last point highlights a key difference Cole emphasized between the ECF and the Ethereum Foundation. He criticized the EF for supporting projects like Uniswap, ENS, and Optimism, which later launched their own tokens backed by venture capital. Cole believes publicly funded projects should remain public and benefit the community that supports them.
First Steps: Supporting Ethereum Validators
The first recipient of an ECF grant is the Ethereum Validator Association (EVA). Cole stated that the EVA will provide validators with a voice in shaping Ethereum’s monetary policy, prioritizing EIP roadmaps, and influencing client priorities. The EVA aims to introduce validator representation and empower clients based on their performance.
During his presentation, Zak Cole Ethereum also raised a potential conflict of interest concerning Offchain Labs (the team behind Arbitrum) having an ownership stake in Prysmatic Labs, which operates Prysm, a significant Ethereum consensus layer client. This highlights the ECF’s stated intention to address potential issues within the ecosystem.
Summary
The launch of the Ethereum Community Foundation by Zak Cole represents a bold new initiative within the Ethereum ecosystem. With an explicit mandate to reach a $10k ETH price target and a focus on funding specific types of infrastructure projects, the ECF positions itself as a community-driven alternative aiming to serve ETH holders directly. By supporting initiatives like the Ethereum Validator Association and setting clear funding criteria, the ECF is taking concrete steps towards its goals of fostering Ethereum ecosystem growth and enhancing network security, while also challenging existing norms within the community.
