Recently, Vitalik Buterin, co-founder of Ethereum, declared that he will not be investing in layer 1 projects anymore. He mentioned that any profits, from the sale of Ether ( ETH ) would be used to help goods within the Ethereum community and donated to charitable organizations.Â
This comes after Buterin faced accusations on social media of profiting from large Ether sales, allegations which he firmly denied.
In response to questions from users on X, Buterin reiterated that his sales of Ether were meant to support projects that align with his vision of fostering positive development within the Ethereum community.
He emphasized that the sales were not for personal profit but rather to fund initiatives he considers valuable for the future of Ethereum and the wider cryptocurrency space.
During a recent exchange on X, Buterin delved deeper into his investment philosophy. He explained that his approach to philanthropy goes beyond merely donating funds.
Buterin described a model where he grants money to firms that are aligned with Ethereum’s mission, seeking commitments from these firms to work in ways that benefit Ethereum or humanity as a whole.
He noted that such commitments could provide greater value than personal investment returns.
This stance reflects Buterin’s commitment to transparency and integrity, especially regarding his role in the Ethereum ecosystem. By choosing not to invest in layer-2 or token projects, Buterin aims to distance himself from any potential conflicts of interest. He believes this will help build trust within the community and ensure that his actions are not seen as influencing the protocol for personal gain.
Kelvin Santos, co-founder and CEO of Quiver Trade, also joined the discussion, suggesting that investing in projects with positive outcomes could generate profits that could be reinvested for good.
Buterin acknowledged Santos’ point but maintained his belief that setting a clear example by avoiding investments would yield greater long-term benefits for Ethereum.
Buterin has made it clear that his future focus will be on supporting valuable projects through donations rather than investments. His decision not to engage with layer-2 projects underscores his commitment to maintaining the integrity of Ethereum while continuing to contribute to public goods and charitable causes.
Also Read: Vitalik Buterin denies claims of selling ETH for Profits
