The Ethereum Foundation is preparing to invest tens of millions into zkVMs (Zero Knowledge Virtual Machines). The development has been revealed by Justin Drake, who is a researcher at the organisation. In a separate development, yesterday, Ethereum co-founder Jeffrey Wilcke moved over 20,000 ETH to Kraken, triggering concerns across the cryptocurrency market. In the last 24 hours, the Ethereum market has dropped slightly by 0.7%. Will it decline further? Let’s analyse the key developments to understand the market scenario better. Please join!
Ethereum Foundation Bets Big on zkVMs
In a post on X, Drake states that the EF is preparing to invest tens of millions into zkVMs. He notes that zkevm.org, a zkRISC-V formal verification platform, will be a key beneficiary of the investment. He also points out that Poseidon cryptanalysis and ethproofs.org will also benefit from the EF’s investment.
Reports suggest that the investment of EF will enhance support to various components of zkVMs, from formal verification to cryptographic analysis.
Ethereum Co-Founder’s Trades Raise Concerns
A recent report says that Jeffrey Wilcke last day moved at least 20,000 ETH to the Kraken cryptocurrency exchange. In the year 2024 alone, this Ethereum co-founder has sold at least 44,300 ETH. Reports indicate that these sales have been done at an average price of $3,342.
ETH Price Trends: $4K in Sight?
Since November 5, the Ethereum market has witnessed a rise of 49.59%. Between November 5 and 11, the market sharply soared by at least 40.55%. Later, the market experienced a sharp correction of nearly 9.31%. On November 27, propelled by a strong single-day momentum of 9.86%, the market hit a monthly peak of $3,654.03. However, in the last 24 hours, the market has slightly slipped by around 0.7%.
Nonetheless, experts predict that the Ethereum market could hit $4,000 during this cycle itself.
In conclusion, Ethereum’s zkVM investments signal robust ecosystem growth, but co-founder Wilcke’s ETH trades have added caution to the market.
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