“We choose to hold the remainder of our treasury in ETH. The EF believes in Ethereum’s potential, and our ETH holdings represent that long-term perspective,” the report says. Although the foundation regularly publishes announcements on grant spending and donations, it’s the first time it issued the annual report.
In 2021, the foundation spent a total of $48m, with layer 1 research and development accounting for $21.8m. Layer 1 R&D includes mainnet upgrades, mining software Geth, internal security research, cryptography, and grants to external testers. Layer 2 R&D, which includes developer tooling, security reviews, and stress-testing, accounted for $1.9m.
