Category: News, NFT News

Ethereum Projects Urged To Donate 1% Of Token Supply To Support Development

Protocol Guild, a collective of core Ethereum contributors, is calling […]

Protocol Guild, a collective of core Ethereum contributors, is calling on ecosystem projects with native tokens to donate a share of their tokens’ supply to support Ethereum development.

On Jan. 30, Tim Beiko, protocol support for the Ethereum Foundation, outlined the “Protocol Guild Pledge” via tweet and blog post. Beiko called on projects operating within the Ethereum ecosystem to donate 1% of their native tokens’ supply to the guild to support ongoing research and development toward Ethereum’s Layer 1 mainnet.

The post argues that Ethereum’s core contributors are in high demand and could likely generate greater monetary earnings working elsewhere within web3. It warns that without funding commitments from the broader Ethereum ecosystem, the network could become maintained by a small group of underpaid contributors.

“Relying exclusively on passion, or status, as a long-term strategy to attract and retain core contributors puts Ethereum at risk of ending up in a… situation where only a small set of (relatively) underpaid maintainers are responsible for infrastructure securing billions in value,” Beiko said. “With a commitment from Ethereum ecosystem projects to donate 1% of their native tokens to Protocol Guild, I believe we can align incentives between L1 R&D work and the rest of the crypto ecosystem.”