A Historic Step Has Been Taken for Ethereum (ETH)! Will It Be Able to Raise the ETH Price? "They Spoke Boldly!"

Zak Cole announced that the Ethereum Community Fund (ECF)** has officially been launched.

Zak Cole from the Ethereum Community Fund, stated that the purpose of the ECF is to support the institutional adoption of the Ethereum (ETH) infrastructure and ultimately increase the price of ETH.

Ethereum Community Fund Launched!

According to The Block, the Ethereum Community Fund aims to support the institutional adoption of the ETH infrastructure and, as a result, increase the price of ETH.

In the official statement from ECF, it was stated that "ECF is determined to increase the price of ETH. The price of ETH has been overlooked for a very long time. ECF is here to change that."

Cole stated that ECF has raised millions of dollars worth of ETH so far, and that this will be distributed to projects building reliable neutral technology.

"We already have a treasury consisting of ETH contributed by individual supporters.

We hoped that the Ethereum Foundation would act in the right direction, but it did not. That’s why we took action. We will address the shortcomings of the Ethereum Foundation by financing projects that burn Ethereum, strengthening immutability, and aligning incentives.

Cole also added that every project supported by ECF must also be "non-fungible, symbolic, and not issue new tokens."

On the official website of ECF, it states, "The Ethereum Community Foundation (ECF) transparently funds Ethereum projects that are immutable, reliably neutral, token-free and burn ETH to the maximum extent. We support core infrastructure development, government and institutional access, and providing value to all ETH holders."

Ethereum is moving within a certain range after making a significant breakout on May 8th and reaching the level of 2,600 dollars.