In its recently organized Academic Grants Round, the Ethereum foundation issued a $2 million grant that will be used to support research on Ethereum and the network’s related technologies.
Fund Allocated to 39 Research Projects
Earlier this year, the Ethereum foundation announced that it would issue a $750K grant to fund several “formal, scientific and systematic” research projects aimed at improving the Ethereum network.
Academic think tanks, research centers, Ph.D. students, and anyone interested in researching and advancing their knowledge of Ethereum were urged to submit proposals before April 2022.
Out of the several academic proposals submitted during that period, 39 have lately been selected as eligible for the grant. After a follow-up announcement by the foundation on Friday, the grant projects cut across seven primary categories of Ethereum, namely: Economics, Consensus Layer, P2P Networking Maximum Extractable Value, Formal Verification, Cryptography, zero-knowledge proofs, and other domains.
The teams for these research projects are said to be from Canada, China, the United States, Vietnam, and 15 other countries.
Notably, the initial grant budget of $750,000 was more than doubled to $2 million. The foundation mentioned that the reason for this was that the number of quality project proposals received exceeded their expectations. It also added that many of the proposals presented great potential, hence the reason for the increase in capital.
“We look forward to the results from the many academic projects supported in this round…We’re excited to follow these research teams and see their broad impact on expanding academic knowledge throughout the Ethereum ecosystem,” the foundation said.
Not the First Time
This is not the first time the Ethereum Foundation will be issuing millions of dollars worth of grants for research purposes.
In fact, the non-profit organization was created solely for sponsoring research projects focused on Ethereum and Ethereum-related domains.
Coinfomania reported one such sponsorship in 2020 of which the Foundation awarded a $2.4 million grant to about 25 firms, including Dark Forest, Web 3 Labs, Hardhat, and Bitfly. These firms were at the time working on Ethereum projects that cut across the network’s community, education, cryptography and zero-knowledge proof (ZKP), developer experience, Ethereum 1. x, Ethereum 2.0, Layer 2, indirect funding, and user experience.