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Zak Cole, a leading Ethereum core developer, has launched a new initiative to drive the Ethereum network’s expansion and boost its market value.
In a speech at the Ethereum Community Conference on July 2, Cole introduced the Ethereum Community Foundation (ECF), an independent entity dedicated to supporting Ethereum as an asset and pushing its price to $10,000.
What is the Ethereum Community Foundation?
Cole emphasized that the ECF’s mission is to fund projects aimed at strengthening the Ethereum ecosystem.
The ECF website stated that the project distinguishes itself from the Ethereum Foundation (EF) by focusing on initiatives the EF has been unable or unwilling to pursue.
According to ECF’s website:
“ETH price has been overlooked for too long. The ECF is here to change that. We are mission focused on growing its value through education, funding, outreach, and ecosystem support.”
To achieve its $10,000 ETH goal, Cole explained that the ECF would take a more direct approach in supporting ETH holders and fostering the ecosystem’s growth.
This includes funding projects that aim to enhance Ethereum’s infrastructure, collaborate with governments and institutions, and prioritize actions that maximize ETH value and minimize the issuance of new tokens.
He also pointed out the importance of ETH’s value, stating that the price is about more than mere speculation and actually plays a vital role in supporting validators, securing the network, and enabling ETH to handle global transactions.
According to him:
“ETH to 10K isn’t a meme. It’s a requirement, a benchmark, a mandate. A $1.2 trillion market cap makes ETH competitive with gold’s monetary role. Price isn’t just speculation. It funds validators. It secures the network. It earns ETH the right to settle global value.”
Meanwhile, the creation of the ECF follows criticisms of the Ethereum Foundation, particularly its decision to sell ETH earlier this year, which some believe contributed to a dip in the asset’s price.
In response, the EF has introduced a new leadership team and is now utilizing a more community-aligned approach, including lending ETH for stablecoin liquidity through platforms like Aave to avoid further sales.
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