began its migration to its future new version – Ethereum 2.0. However, there is still a lot to do to finalize the various aspects of this update. Fortunately, funding is coming in from all directions to support the major innovation of the leading smart contract network.
Kraken Bets on Ethereum 2.0
Kraken was one of the first exchange platforms to add support for ETH, when it was released in 2015. Now, it wants to contribute to the building that is Ethereum 2.0 via donations to fund the development of this ambitious update.
In a statement
posted on its blog on August 24, Kraken announced that it has made a $250,000 donation to fund the development of Ethereum 2.0. <img src=”//www.w3.org/2000/svg’%20viewBox=’0%200%200%200’%3E%3C/svg%3E” alt=’Announcement of $250,000 donation by Kraken to fund development of Ethereum 2.0″ /><img src=”https://yellowrocketagency.com/wp-content/uploads/2021/08/img_61277095a2fa9..png” alt=’Announcement of $250,000 donation by Kraken to fund development of Ethereum 2.0″ />Announcementof $250,000 donation by Kraken – Source: Kraken
“As the first major exchange to support ETH trading, Kraken is proud, once again, to lead the way in giving back to the brave builders working hard on the front lines of crypto innovation. “
Jesse Powell, Kraken co-founder and CEO
In effect, the funds have been distributed to the Ethereum Foundation, which will be responsible for distributing them to teams of developers working on Ethereum 2.0 clients, such as Prysm, Lighthouse, Teku and Nimbus, to name
This initiative follows an initial donation
made by the exchange last March as part of the decentralized grant program offered by Gitcoin. At that time, Kraken distributed $150,000 to various projects working on the transition from Ethereum 1.0 to Ethereum 2.0.
Who else is funding Ethereum?
Obviously, Kraken is not the first structure to make donations to fund the development of the blockchain to smart contracts.
Indeed, the projects Lido, Uniswap, Compound, Synthetix and The Graph have also
made a $250,000 donation to fund the transition to Ethereum 2.0. A total of $1.5 million was donated to support the development effort.
According to the announcement released the same day by the Ethereum Foundation, these funds will be used primarily to encourage customer diversification on Ethereum 2.0. As a result, the money will be allocated to the following projects: Besu, Erigon, Geth, Nethermind and Nimbus.
Unsurprisingly, the Prysm client is not part of this list. Indeed, according to estimates made in January 2021, the Prysm client was used by 50% of the nodes in the network. As a result, it has become necessary to allocate funds to other clients in order to improve their accessibility.
Diversification in the clients of the Ethereum network is a necessity for the stability of the network. In November 2020, the Ethereum network had come close to disaster after a series of service providers on Ethereum, such as Infura, missed an update to the Geth client, currently the majority client on Ethereum 1.0. This had led to widespread network paralysis, which fortunately was quickly fixed at the time.
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