Ethereum Core Developer Launches ECF to Boost ETH Price 10000

Zak Cole, a prominent Ethereum core developer, has initiated a new endeavor aimed at expanding the Ethereum network and enhancing its market value. During a speech at the Ethereum Community Conference on July 2, Cole unveiled the Ethereum Community Foundation (ECF), an independent organization dedicated to supporting Ethereum as an asset and driving its price towards $10,000.

The ECF is distinct from the Ethereum Foundation (EF) in its mission to fund projects that strengthen the Ethereum ecosystem. According to the ECF’s website, the foundation focuses on initiatives that the EF has been unable or unwilling to pursue. The ECF aims to grow Ethereum’s value through education, funding, outreach, and ecosystem support. To achieve its $10,000 ETH goal, the ECF plans to take a more direct approach in supporting ETH holders and fostering the ecosystem’s growth. This includes funding projects that enhance Ethereum’s infrastructure, collaborating with governments and institutions, and prioritizing actions that maximize ETH value and minimize the issuance of new tokens.

Cole emphasized the importance of ETH’s value, stating that the price is crucial for supporting validators, securing the network, and enabling ETH to handle global transactions. He asserted that reaching $10,000 for ETH is not just a speculative goal but a requirement for Ethereum to compete with gold’s monetary role. A $1.2 trillion market cap, according to Cole, would make ETH competitive with gold’s monetary role. Price, he argued, is not just speculation but funds validators, secures the network, and earns ETH the right to settle global value.

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.