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CoinGape 2024-11-29 08:49:18

Ethereum Foundation Invests Millions Into zkVM, What’s Happening?

Ethereum Foundation Invests Millions Into zkVM, What’s Happening?

The Ethereum Foundation once again caused a stir across the broader market on Friday, revealing that it is investing tens of millions into zkVMs (zero knowledge virtual machines). Justin Drake, a renowned researcher at the organization, revealed this investment strategy. Notably, this investment plan outlined three vital entities that remain poised to leverage the opportunity, per the researcher’s announcement. Ethereum Foundation Putting Millions Into zkVMs As per an X post by Justin Drake as of November 29, “The EF is investing tens of millions into zkVMs.” Further, the announcement revealed three key entities that remain poised to leverage this massive investment. According to Drake, zkevm.org , a zkRISC-V formal verification platform, remains primed to receive support from the Ethereum Foundation’s investment. Simultaneously, Poseidon cryptanalysis and ethproofs.org, other zkVMs, are also poised to leverage this investment. The Ethereum Foundation’s investments offer support to various components of zkVMs, spanning from formal verification to cryptographic analysis. Overall, the investment talks garnered significant attention as they further underscore ongoing efforts that aim to streamline the Ethereum ecosystem. What’s Next For ETH Price? On the other hand, Ethereum co-founder Jeffrey Wilcke’s trades ignited concerns across the broader market. Notably, the co-founder deposited 20,000 ETH to Kraken on November 28, raising severe concerns surrounding the crypto’s price movement ahead. Intriguingly, Wilcke has been recorded offloading 44,300 tokens at an average price of $3,342 in 2024, solidifying market concerns for one of the leading crypto by market cap. Against the backdrop of Ethereum Foundation investments and other developments, ETH price slipped more than 1% intraday and is trading at $3,552. Its 24-hour low and high were $3,531.87 and $3,642.19, respectively. Notably, the recent waning movement falls in line with selloff by whales. Notably, the weekly chart for the crypto shows a 5% pump, followed by a monthly upswing of 33%. Intriguingly, a recent ETH price analysis by CoinGape Media further indicated that the crypto eyes a $4000 target amid this bull cycle. This bullish projection also comes riding the back of strong market potential and ecosystem upgrades. The post Ethereum Foundation Invests Millions Into zkVM, What’s Happening? appeared first on CoinGape .

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