The Ethereum Community Foundation (ECF) was launched by well-known developer Zak Cole to promote Ethereum development by funding projects that burn ETH.
Key Objectives of the Ethereum Community Foundation
ECF aims to fund immutable and tokenless projects that burn ETH. The initiative focuses on key areas such as infrastructure development, institutional adoption, and government engagement. All projects must meet strict criteria, including a tokenless design and immutable smart contracts.
The Eth Burn Maximalism Philosophy
The motto of ECF is 'Eth Burn Maximalism', which is based on the Ethereum EIP-1559 upgrade introduced in 2021. This allows for the reduction of ETH supply by burning transaction fees. To date, over 4.3 million ETH have been burned. Zak Cole stated, 'No VCs. No equity. No tokens. Our upside is burning ETH and sending it to $10k. It's that simple.'
The Future of Ethereum with the New Initiative
According to forecasts, the success of ECF could lead to ETH prices reaching $10,000, with its future dependent on adoption and burn volume. The initiative has already received support from the Ethereum community, which believes that ECF could advance the network better than the existing Ethereum Foundation.
The launch of the Ethereum Community Foundation marks a significant event for the Ethereum community, aimed at setting a new level of its development and scaling.
