Bitwise Has Big Plans for Ethereum Developers, Here's What They Are

Bitwise will divert 10% of its Ethereum ETF proceeds to support developers

Tue, 23/07/2024 - 11:40

Bitwise Has Big Plans for Ethereum Developers, Here's What They Are

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on

Google News

The excitement ahead of spot Ethereum ETF trading is high, and ahead of this historic event, Bitwise has revealed its grand plans for the ecosystem. While its key stakeholders will benefit from the boost in Bitwise Ethereum ETF (ETHW), Ethereum developers are billed to benefit much more from the asset manager’s venture.

Bitwise ecosystem development focus

Without core developers working to make Ethereum an attractive blockchain, Bitcoin can be confident the success recorded thus far might not gain recognition. In light of this, the firm has pledged 10% of its profits from the product to development efforts.

Tue, 07/23/2024 - 10:42

Ancient Ethereum Foundation Wallet Sells Millions in ETH Ahead of ETF Launch

Bitwise named two major organizations that will benefit from the funding, including the Protocol Guild and the PBS Foundation. Both firms are dedicated to supporting the decentralization agenda of the Ethereum protocol in the drive for scalability and low fees, among other goals.

Bitwise revealed that the firm will send contributory funds to the developers annually. While Bitwise said it is starting with these two firms, it said the recipients are subject to change based on an annual performance review.

Bitwise will donate 10% of the profits of the Bitwise Ethereum ETF (ETHW) to Ethereum open-source protocol development.

Recipient orgs:
- @ProtocolGuild
- @PBS_Foundation

We cannot take Ethereum and its core protocol properties for granted.

We’re excited for ETHW to… pic.twitter.com/D0cAv8JmPt
— Bitwise (@BitwiseInvest) July 22, 2024

This support will span 10 years, the period in which the spot Ethereum ETF offering will have attained maturity.

Similar playbook with spot Bitcoin ETF

Bitwise CEO Hunter Horsley highlighted the firm’s commitment to serving the crypto community. When its Bitcoin ETF product achieved approval earlier in the year, Bitwise also announced similar support for Bitcoin developers, underscoring its sustained commitment to the ecosystem.

Tue, 07/23/2024 - 08:48

Vitalik Buterin Suprised by This New Ethereum Graph

The preparations for the spot Ethereum ETF launch are done, with a projected 9:30 a.m. launch, New York time (Eastern Time), for most issuers. While Bitwise pales in recent times against other ETF issuers, it is generally regarded as the third most successful in terms of net flows.

Many eyes will be on Bitwise as the Ethereum ETF opens up for trading beginning today.

#Bitwise #Ethereum ETF

About the author

Godfrey Benjamin

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.