Ethereum Foundation new $2 million grant to boost Ethereum 2.0

• The distribution of funds will go towards the “imminent” launch of Serenity.
• The release of Ethereum 2.0 remains on the development team’s priority list.

The Ethereum Foundation has announced another $2 million grant will go towards the development of the long-awaited Ethereum 2.0. The grant has been co-led by Ethereum Foundation and ConsenSys. The distribution of funds will go towards the “imminent” launch of Serenity running on proof-of-stake blockchain as well as the “Beacon Chain.”

Several startups have benefited from the grants in the last several months. Some of them include Sigma Prime, Prysmatic Labs and Status. Ethereum Foundation believes that the funds support firms “currently tasked with delivering long-standing multi-client testnets” for Ethereum 2.0.

The release of Ethereum 2.0 remains on the development team’s priority list. Its launch will see Ethereum migrate to a proof-of-stake protocol. The network will benefit immensely from the anticipated high level of scalability.

Over the last few weeks, Ethereum has continued to press down against key support levels. The tentative support at $200 failed to hold as the price dived to the support at $170. The recovery staged in the last seven days has fizzled out under $200.