Ethereum Foundation Drops $32.65M Bomb on 90+ Projects in Q1 Grants Spree

Ethereum’s money cannon just fired—$32.65 million worth of grants landed in the laps of 90+ projects last quarter. No VC middlemen, no equity grabs—just pure, uncut builder fuel.

Who got paid? Layer 2 scalers, privacy wonks, and dev tool obsessives. The usual suspects building the plumbing for Ethereum’s next act. Because let’s face it—someone’s gotta clean up after the DeFi degens and NFT bros.

Meanwhile in TradFi land, bankers are still arguing about whether blockchain is a ’strategic priority’ while manually reconciling spreadsheets. Your move, Wall Street.

Recipients praise Ethereum Foundation’s efforts

The report marks the fourth time the Ethereum Foundation has disclosed an allocation report, a practice that started in August last year when it released the Q2 report. The decision to start reporting is likely due to concerns about the Foundation’s expenses.

When the first report was released, Ethereum co-founder Vitalik Buterin praised the effort, stating that anyone who wants more details on what the Foundation spends money on should review the report.

So far, many of the recipients of the grants have started acknowledging the grant and praising the effort. Amber Group noted that its Web3 Security Team got two grants for their efforts to improve EVM security.

It posted:

“From enhancing EVM security through Mothra’s reverse engineering toolkit to boosting Geth performance with PebbleDB, we’re proud to keep pushing the boundaries of Ethereum’s security and performance.”

The pseudonymous security expert SunSec also acknowledged that they were part of the ETH Rangers Program, which supports several individuals working on public goods security efforts in the Ethereum ecosystem.

While many recipients have praised the Foundation for the grants, some users believe publicizing the allocation is a good step. However, they want the Foundation to start including how much money it allocated to each project.

Ether back above $2k for the first time since March

Meanwhile, Ether has surpassed $2,000 for the first time since the end of March after seeing over 13% rise in value in the last 24 hours. The massive surge in ETH price comes amidst a general upswing in the crypto market.

However, ETH still stands out as the best performer among all the top ten crypto assets in the last 24 hours. This suggests that Ether might have more factors at play.  A possible catalyst for its gains was the successful Pectra upgrade, which has been the biggest improvement to the network since the merge event.

Nevertheless, it is too early to conclude that the ETH bullish run will last. The token is still down 39% year-to-date and, according to CryptoQuant analysts, faces many headwinds that could hinder price recovery.

Still, the gains represent a positive development, and according to technical analyst Ali Martinez, the major supply barrier for ETH is $2,380. He claimed that clearing this level WOULD start a new bull rally for the asset.

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