During its recently organized academic grant round, the Ethereum Foundation awarded a $2 million grant that will be used to support research on Ethereum and related network technologies.
Funds allocated to 39 research projects
Earlier this year, the Ethereum Foundation Announced that he would award a grant of $750,000 to fund several “formal, scientific, and systematic” research projects aimed at improving the Ethereum network.
University think tanks, research centers, doctorate. students and anyone interested in researching and advancing their knowledge of Ethereum were invited to submit proposals by April 2022.
Of the many academic proposals submitted during this period, 39 were recently selected as eligible for the grant. After a tracking ad by the foundation on Friday, the grant projects cover seven main categories of Ethereum, namely: economics, consensus layer, maximum extractable value from the P2P network, formal verification, cryptography, zero-knowledge proofs and other areas.
The teams for these research projects would come from Canada, China, the United States, Vietnam and 15 other countries.
Notably, the initial grant budget of $750,000 more than doubled to $2 million. The foundation mentioned that the reason was that the number of quality project proposals received exceeded its expectations. He also added that many proposals have great potential, hence the reason for the capital increase.
“We look forward to the results of the many academic projects supported in this cycle… We are excited to follow these research teams and see their broad impact on expanding academic knowledge across the Ethereum ecosystem” , said the foundation.
Not the first time
This is not the first time the Ethereum Foundation has awarded millions of dollars in grants for research purposes.
In fact, the non-profit organization was created solely to sponsor research projects focused on Ethereum and Ethereum-related fields.
Coinfomania reported one such sponsorship in 2020, of which the Foundation awarded a $2.4 million grant to approximately 25 companies, including Dark Forest, Web 3 Labs, Hardhat, and Bitfly. These companies were working on Ethereum projects at the time that intersected with network community, education, cryptography and zero-knowledge proof (ZKP), developer experience, Ethereum 1.x, Ethereum 2.0, layer 2, indirect funding and user experience.