In an unprecedented move, VanEck declared that it will devote 10% of the impending earnings from its soon-to-go-live Ethereum (ETH) futures exchange-traded fund (ETF) to the backbone of Ethereum – its core developers. Slated for a decade, this donation will be channelled through a bunch of more than 150 techno-geeks known as The Protocol Guild, who work assiduously in maintaining and updating the Ethereum protocol. Such a gesture appreciates the toil and contributions of the tech-cornerstones who, honestly, have played an indispensable role in this fast-evolving and lucratively thrilling crypto world.
Noticeably, this noble endeavour is not alone and has several fellow contributors. Various crypto-communities, including eminent names like Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO, have joined the race in bolstering the Ethereum network. Close to $12 million has been raised via 4,846 donations that have been tracked publicly. These proceeds are rightly shared amongst Guild members in coherence with their individual contributions.
VanEck’s soon-to-launch Ethereum Strategy ETF (EFUT) is expected to invest in ether futures contracts. Architect of this fund, Greg Krenzer, is the current head of active trading at VanEck and has plans to launch the ETF on the Chicago Board Options Exchange. Meanwhile, whispers in the alley suggest that Ether futures-based ETFs may see the light of the day as early as next week, adding to the mounting excitement.
On the other side of the table, other traditional investment ventures are also keen to jump on this bandwagon. Valkyrie plans to offer Ethereum futures exposure via its existing Bitcoin Strategy ETF, rechristened as the Valkyrie Bitcoin and Ether Strategy ETF. Bitwise is also rearing to go with their own equal-weight Bitcoin and Ether futures ETF. Invesco and Galaxy Digital have also entered the fray, filing for a spot Ether ETF named Invesco Galaxy Ethereum ETF.
While these developments spark enthusiasm, the steady hand of the regulatory body, the U.S. Securities and Exchange Commission (SEC), has reasonably delayed its nod for a spot Ether ETF until December. This strategic pause, though seemingly an impediment, could also turn out to be beneficial, particularly for smaller, independent issuers who are grappling to keep up with the fast-paced changes and the SEC’s expected acceleration in approvals.
So, while the nexus of crypto-investment and technology evolves at breakneck speed, one can also sense a thoughtful, balanced approach to share the profits with the real heroes of the crypto-world – the developers.
Source: Cryptonews
