- Vitalik Buterin donated 100 ETH, worth about $300,000, to 2077 Collective to promote Ethereum adoption.
- Ethereum adoption fell from 65% in 2021 to 54% in 2023 due to competition from Solana and Binance Coin.
- Ethereum network fees hit record lows last week, averaging 2.94 Gwei per hour, the second-lowest in history.
Vitalik Buterin, the founder of Ethereum has, recently, contributed 100 ETH to 2077 Collective, a community-based organization that encourages the use of Ethereum. Ethereal in a report by Arkham Intelligence, Buterin sent ETH valued at about $300,000 to an address deemed owned by the organization.
Support for Community Initiatives
2077 Collective comprises creatives, researchers, developers, and marketers committed to “making Ethereum cool again.” The organization describes itself as Ethereum’s unofficial marketing department. Sharing the news on its warpcast account, 2077 Collective expressed excitement over the recent donation, thanking Buterin for his support and promising to continue its role in shaping Ethereum’s future.
The organization reiterated its mission of improving Ethereum’s presence and appeal through innovative initiatives and community-driven efforts.
The crypto community considers organizations like 2077 Collective crucial for Ethereum’s growth and development. Reports show a drop in Ethereum adoption, from 65% at the end of 2021 to 54% as of 2023. Users linked the decline to the rise of competitive smart contract platforms like Solana (SOL) and Binance Coin (BNB).
Ethereum’s Transaction Fees at Record Lows
In addition to the advent of competitive smart contract solutions, Ethereum’s previously high transaction fees also contributed to users migrating to more affordable platforms. However, recent data shows a significant reduction in Ethereum transaction fees. Last week, Coinbase Director Conor Grogan highlighted that Ethereum is experiencing its lowest network fees since its launch in 2016.
According to Grogan, nine out of ten of the blockchain network’s lowest fee periods occurred last week, with the average network fee per hour dropping to 2.94 Gwei, the second-lowest in history.
Buterin’s donation underscores the importance of community-driven efforts in maintaining and boosting Ethereum’s market position. As 2077 Collective continues its work, the Ethereum community remains hopeful for a resurgence in adoption and growth.
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