Ethereum

2024

Millions

Drake

<ul class="wp-block-list">
 <li><strong>Ethereum Foundation invests millions in zkVMs for scalability and security.</strong></li>
 <li><strong>Projects include zkRISC-V, Poseidon cryptanalysis, and L2beat zkVMs.</strong></li>
</ul>
<p>The Ethereum Foundation is making headlines with a substantial investment in zkVM (Zero-Knowledge Virtual Machines) technology. Researcher <a href="https://x.com/drakefjustin/status/1862175473196777748" target="_blank" rel="noopener noreferrer nofollow">Justin Drake</a> revealed on November 29 that the foundation is committing tens of millions of dollars to zkVM.</p>
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 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">The EF is investing tens of millions into zkVMs:<a href="https://t.co/XDaHyurNK9" rel="noopener noreferrer nofollow">https://t.co/XDaHyurNK9</a>—zkRISC-V formal verification<a href="https://t.co/ML0PUqliRb" rel="noopener noreferrer nofollow">https://t.co/ML0PUqliRb</a>—Poseidon cryptanalysis<a href="https://t.co/0Qns6MCIuu" rel="noopener noreferrer nofollow">https://t.co/0Qns6MCIuu</a>—L2beat for zkVMs, soon<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png" alt="™" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>DM me about contributing to zkVM public goods <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f642.png" alt="🙂" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>— Justin Ðrake <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f987.png" alt="🦇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f50a.png" alt="🔊" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@drakefjustin) <a href="https://twitter.com/drakefjustin/status/1862175473196777748?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 28, 2024</a>
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<p>The Ethereum Foundation’s funding targets three major initiatives. First, zkRISC-V formal verification, which ensures reliability and correctness in zkVM execution. Second, Poseidon cryptanalysis, focusing on advancing cryptographic hash functions essential for zkVMs. Lastly, L2beat’s zkVMs, which aim to enhance Ethereum’s scalability through layer 2 solutions. These projects aim to optimize Ethereum’s transaction efficiency and privacy.</p>
<p>By backing these innovations, the Ethereum Foundation <a href="https://x.com/ethereum" target="_blank" rel="noopener noreferrer nofollow">underscores</a> its commitment to addressing scalability challenges. These advancements could make Ethereum more accessible and cost-effective for users worldwide.</p>
<h3 class="wp-block-heading" id="h-eth-price-faces-market-pressure">ETH Price Faces Market Pressure</h3>
<p>Despite these significant ecosystem upgrades, Ethereum’s price experienced a slight decline. ETH dropped over 1% intraday, trading at $3,552, with a 24-hour range between $3,531.87 and $3,642.19. This decline aligns with concerns sparked by co-founder Jeffrey Wilcke’s recent activity.</p>
<p>Wilcke transferred 20,000 ETH to <a href="https://thenewscrypto.com/cz-tweets-kraken-for-listing-bnb-as-exchange-expands-with-19-new-tokens/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a> on November 28, heightening market apprehension. In 2024 alone, he offloaded 44,300 ETH at an average price of $3,342, contributing to bearish sentiments.</p>
<p>Ethereum’s current market cap stands at $430.17 billion, with a 24-hour trading volume of $28.48 billion. The crypto saw a weekly rise of 5% and a monthly increase of 33%, reflecting its resilience in the ongoing bull cycle. However, whale sell-offs remain a factor in ETH’s fluctuating price.</p>
<p>Despite recent dips, analysts remain optimistic. ETH eyes a $4,000 target, supported by strong ecosystem upgrades and<a href="https://thenewscrypto.com/ethereum-l2s-tvl-hits-record-51-5-billion-amid-overall-market-surge/" target="_blank" rel="noopener noreferrer nofollow"> market </a>potential. The foundation’s investment in zkVMs could play a pivotal role in driving this momentum.</p>
<p>As Ethereum advances zkVM technology, its long-term scalability and security prospects look promising. These developments could solidify Ethereum’s position as a leader in the blockchain space.<br><br><strong>Highlighted Crypto News Today<br></strong><a href="https://thenewscrypto.com/will-bitcoins-13-6b-options-expiry-drive-it-to-six-figures/" target="_blank" rel="noopener noreferrer nofollow">Will Bitcoin’s $13.6B Options Expiry Drive It to Six Figures?</a></p>

Ethereum Foundation Funds zkVM Projects in Millions as ETH Eyes $4K

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