Ethereum dev Zack Cole launches initiative to fund 'tokenless' projects, promote ETH burning mechanisms

Ethereum developer Zak Cole is spearheading a new initiative called the Ethereum Community Foundation (ECF), which will primarily work to enhance the digital asset’s economic value.

The initiative was announced during the Ethereum Community Conference in Cannes, France.

Founded by Cole and a group of ecosystem supporters, the ECF has reportedly already raised “millions” and intends to allocate its treasury to projects that enforce immutability, avoid issuing new tokens, and implement mechanisms to burn Ethereum (ETH).

These requirements align with the foundation’s mission to reduce circulating ETH supply and strengthen the network’s monetary policy.

The ECF’s initial initiative, known as the Ethereum Validator Association (EVA), will give validators greater influence in protocol development by enabling them to signal preferences using their staked ETH.

The EVA will also invest in validator infrastructure to improve decentralization and network security.

Beyond validator initiatives, the ECF aims to fund real-world asset integrations that bring traditional financial instruments such as stocks, bonds, and real estate onto Ethereum’s blockchain. The foundation views these integrations as critical to institutional adoption, which it sees as a key driver of long-term network value.

Additionally, the ECF will prioritize funding for public goods that address technical challenges within the Ethereum ecosystem, including adjustments to mispriced blob space used in data availability layers.

Funding decisions will be governed by coin voting, allowing the broader Ethereum community to participate in determining grant allocations. The ECF has emphasized that all funding decisions, treasury movements, and project milestones will remain publicly transparent to ensure accountability and alignment with the community’s goals.

The launch of the ECF comes at a pivotal time for Ethereum, as the network undergoes a reorganization following executive changes at the Ethereum Foundation.

The ECF’s mandate extends to engaging with governments, regulators, and policymakers to promote Ethereum as a trusted institutional infrastructure layer. While specific backers of the foundation have not been publicly disclosed, further announcements regarding its supporters and upcoming funding rounds are expected in the coming weeks.

By focusing on projects that reinforce ETH’s economic integrity without introducing new tokens, the ECF is positioning itself as an alternative funding avenue within the ecosystem. It aims to complement but also differentiate from the Ethereum Foundation’s current priorities.