Ethereum core developer Zak Cole has established the Ethereum Community Foundation (ECF) to increase the price of Ether to $10,000. Cole announced the formation of ECF at the eighth Ethereum Community Conference in Cannes, France, criticizing the Ethereum Foundation for neglecting ETH as an asset class. ECF aims to fund projects that support the Ethereum ecosystem while enhancing ETH's value. To qualify for grants, projects must utilize Ethereum as the settlement layer, thereby increasing ETH burns through transactions on the Ethereum mainnet. Cole emphasized the need for publicly funded projects to remain beneficial to the community and criticized existing projects that have launched their tokens after initial support from the Ethereum Foundation. The Ethereum Validator Association (EVA) was introduced as ECF's first grant recipient, allowing validators to influence Ethereum's monetary policy by prioritizing EIP roadmaps and client performance. This move aims to establish clearer representation for Ethereum's validators, amid concerns over potential conflicts of interest within the ecosystem.

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