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Global asset manager VanEck will donate 10% of all profits from its upcoming Ether futures exchange-traded fund (ETF) to Ethereum core developers for ten years, the company announced on X (formerly Twitter) on Sept. 29.\u00a0<\/p>\n
The beneficiary will be The Protocol Guild, a group of over 150 developers<\/a> maintaining Ethereum\u2019s core technology. According to VanEck, it\u2019s only fair for asset managers to return part of their proceeds to the community building the crypto protocol. It stated: <\/p>\n \u201cIf TradFi stands to gain from the efforts of Ethereum\u2019s core contributors, it makes sense that we also give back to their work. We urge other asset managers\/ETF issuers to consider also giving back in the same way.”<\/p><\/blockquote>\n With this move, VanEck joins other crypto-native communities supporting the Ethereum network, including Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO. <\/p>\n According to a public dashboard tracking donations sent to the Guild\u2019s mainnet, 4,846 contributions have generated<\/a> over $12 million in donations. Funds are then distributed among its members according to a weighted ratio based on their contribution periods.<\/p>\n Big announcement!<\/p>\n We intend to donate 10% of our $EFUT<\/a> ETF profits (https:\/\/t.co\/gr652AkUvv<\/a>) to @ProtocolGuild<\/a> for at least 10 years.<\/p>\n Thank you, Ethereum contributors, for nearly a decade of relentless building & ongoing stewardship of this common infrastructure.<\/p>\n Details <\/p>\n \u2014 VanEck (@vaneck_us) September 29, 2023<\/a><\/p><\/blockquote>\n The network core developers are reportedly working on Ethereum Improvement Proposal EIP-4844<\/a> (Proto-Danksharding). The upgrade will introduce a new kind of transaction type to Ethereum, promising to reduce transaction fees for layer-2 protocols. <\/p>\n VanEck disclosed its upcoming Ethereum Strategy ETF<\/a> (EFUT) on Sept. 28, saying it will invest in ether futures contracts. The fund will be actively managed by Greg Krenzer, head of active trading at VanEck, and is expected to be listed on the Chicago Board Options Exchange in the coming days. <\/p>\n Other traditional investment firms set to offer exposure to Ether futures include Valkyrie, and Bitwise, while the line for a spot Ether ETF keeps growing with Invesco Galaxy<\/a>, ARK 21Shares, and VanEck waiting for regulatory approval. The United States Securities and Exchange Commission (SEC) recently delayed a decision on whether to approve a spot Ether product until December.<\/p>\n Magazine:<\/em><\/strong> Joe Lubin \u2014 The truth about ETH founders split and \u2018Crypto Google\u2019<\/em><\/strong><\/a><\/p>\n<\/div>\n\n