Global investment firm VanEck has announced it will allocate 10% of the profit generated from its Ether futures exchange-traded fund (ETF) to Ethereum’s core developers for a period of “at least 10 years.”
Protocol Guild is the beneficiary of this charitable act. The Protocol Guild is a group that works on the development, governance, and improvement of the Ethereum protocol. The guild comprises developers, researchers, and other vital participants collaborating to improve the Ethereum network.
They have various responsibilities, such as suggesting and evaluating upgrades to the protocol, ensuring its security and scalability, and more. The guild also plays a key role in bridging the gap between different actors in the Ethereum ecosystem, such as developers, miners, and users, to achieve a consensus on various matters.
The guild’s role is crucial given the decentralized nature of Ethereum, where protocol changes require broad agreement. The Protocol Guild helps to foster dialogue, provide technical guidance, and even offer governance models, to uphold the democratic and transparent values of the network.
VanEck expressed that it is fair for investment managers to give back some of their profits to the community that develops the cryptocurrency protocol. The firm urged other asset managers and ETF issuers to think about a similar approach, saying that traditional finance (TradFi) should reward the efforts of Ethereum’s core contributors.
VanEck is preparing to launch its Ether futures ETF, the Ethereum Strategy ETF (EFUT). Which will invest in standardized, cash-settled ETH futures contracts trading on exchanges registered with the Commodity Futures Trading Commission (CFTC).
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/oct/02/
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