A few of Ethereum’s key members, together with co-founder Vitalik Buterin, are trying to revive one of many community’s oldest and most iconic chapters, the DAO.
70,500 ether or extra $ETH$2,961.90 What was lengthy thought of to be an existential disaster for Ethereum because the 2016 DAO hack, however left untouched, will probably be redeployed right into a roughly $220 million Ethereum safety initiative, Unchained reported.
The report says $13.5 million will probably be allotted for safety grants to be distributed beneath a brand new entity, the DAO Fund, by DAO-style mechanisms together with secondary funding, retroactive public items funding, ranked RFPs, and different governance processes.
Remaining 69,420 $ETH is staked to generate donations for Ethereum’s safety efforts. The funding is anticipated to generate roughly $8 million yearly at present charges.
The transfer marks a symbolic and pragmatic return to DAO-based coordination, practically a decade after preliminary experiments divided the neighborhood and led to Ethereum’s historic exhausting fork.
“TheDAO is again,” the challenge wrote to X. “Ten years from now, we are going to open a brand new chapter.”
