VanEck will donate 10% profits from the Ether ETF to the core developers ScrgruppEn
Global asset management firm VanEck will donate 10% of all profits from its upcoming Ethereum Futures Trading Fund (ETF) to Ethereum core developers for ten years, the company announced on X (formerly Twitter) on September 29.
The beneficiary will be the Protocol Guild, a group made up of more than… 150 developers Maintaining the core technology of Ethereum. According to VanEck, it is fair for asset managers to return a portion of their revenue to the community building the crypto protocol. It stated:
“If TradFi is going to benefit from the efforts of Ethereum core contributors, it only makes sense that we also give back to their work. We encourage other asset managers/ETF issuers to also consider giving back in the same way.”
With this move, VanEck joins other native crypto communities powering the Ethereum network, including Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO.
According to a public dashboard tracking donations sent to the guild’s mainnet, 4,846 contributions have been sent I was born More than $12 million in donations. The funds are then distributed among its members according to a weighted percentage based on their subscription periods.
Big announcement!
We intend to donate 10% of our funds $EFUT Profits of ETFs (https://t.co/gr652AkUvv) l @Guild Protocol For at least 10 years.
Thank you, Ethereum contributors, for nearly a decade of continuous building and stewardship of this shared infrastructure.
details
– Van Eck (@vaneck_us) September 29, 2023
The network’s core developers are said to be working on a proposal to improve Ethereum EIP-4844 (Proto-Dunksharding). The upgrade will introduce a new type of transaction to Ethereum, promising to reduce transaction fees for Layer 2 protocols.
VanEck unveiled its upcoming Ethereum Strategy ETF (EFUT) on September 28, saying it will invest in Ether futures. The fund will be actively managed by Greg Krenzer, head of active trading at VanEck, and is expected to list on the Chicago Board Options Exchange in the coming days.
Other traditional investment firms set to offer Ethereum futures include Valkyrie and Bitwise, while the spot investment pipeline for Ether ETF continues to grow as Invesco Galaxy, ARK 21Shares and VanEck wait for regulatory approval. The US Securities and Exchange Commission (SEC) recently postponed a decision on approval of the Ethereum spot product until December.
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