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Recent WuBlockchain data on X suggests that Ethereum’s co-founder Vitalik Buterin transferred 100 ETH to a multisig address on July 6. Many crypto observers on X suspected that the money, amounting to approximately $300,000, went to 2077 Collective. 2077 Collective later confirmed the transaction, expressing appreciation for the donation.
Dubbed Ethereum’s Unofficial Marketing Department, 2077 Collective is an organization of like-minded people who hope to brighten Ethereum’s future. Given Vitalik’s previous donations to projects that improve Ethereum, crypto enthusiasts believe the move shows Buterin’s dedication to pushing Ethereum adoption.
The organization launched its official website on June 28, encouraging people to support its cause. The announcement received many positive replies, with many people saying they were looking forward to it.
2077 Collective hopes to build a team of users, developers, marketers, and others to create tangible solutions on the Ethereum blockchain. Some of its supporters include MegaETH, StarkNet, EigenLayer, and Spire Labs.
Vitalik’s donation is one of the largest he has made in 2024, with the other significant one going to Tornado Cash developers’ legal fund. Data from Etherscan on May 30 showed that Buterin transferred 30 ETH to the ‘Free Alexey and Roman’ legal fund. Tornado Cash got into several legal battles concerning money laundering allegations.
2077 Collective’s mission is ‘making Ethereum cool again’
2077 Collective marked its launch by discussing the organization’s core values and what it hopes to achieve. The organization acknowledged the issues the crypto community and members of 2077 Collective have aired about Ethereum.
One issue raised was Ethereum’s marketing shortcomings. Emmanuel Awosika, a researcher at 2077 Collective, mentioned that the network’s marketing team needed to step up. He applauded efforts by chains like Arbitrum to market what its developers are building.
“While Ethereum blockchain boasts of builders and developers building innovative infrastructures, there’s an obvious lack of effective marketing, sadly.”
2077 Collective
The organization stated that what the crypto world mostly knows about the blockchain is its high gas fees. The 2077 Collective team believes it is time to show Ethereum’s capabilities to the crypto community.
2077 Collective says its primary mission is to change the narrative by researching, encouraging ideas, building projects, and boosting Ethereum user adoption. The organization launched EIP-2077 as a marketing initiative for Ethereum to build the brand and onboard helpful members, including developers, users, and investors.
We're building @2077Collective to coordinate marketing for Ethereum. 2077's Discord server is a group chat with a purpose: plotting Ethereum's path to attracting more mindshare, users, and developers. Join us: https://t.co/ScNpVTVz3D (DM for a new invite if this expires). https://t.co/f2cY7GDpt8
— Emmanuel Awosika (eth/acc)⚡ (@eawosikaa) June 26, 2024
2077 Research, another initiative under 2077 Collective, aims to explore Ethereum’s ecosystem and tech to provide helpful suggestions that can help users. Other initiatives include EIP Wiki and Etherpedia, which provide information to everyone interested in Ethereum.
Ethereum gas fees reach an all-time low
According to data shared by Coinbase Director Conor, Ethereum is experiencing the lowest average network fee since 2016. Among the 10 periods with the lowest average fee per hour on the Ethereum network, 9 were recorded this week, all below 3.3 gwei. At 4:00 UTC on June 30, the…
— Wu Blockchain (@WuBlockchain) June 30, 2024
Coinbase’s Director, Conor Gregon, revealed that Ethereum experienced its lowest gas fees since 2016 in the past week. Conor’s report indicated that Ethereum’s average fee per hour on June 30 was 2.94 Gwei, the second-lowest in history.
Unnawut, a web3 developer, tweeted about Ethereum’s low transaction fees. He reported that the Ethereum network recorded gas fees as low as 1.75 Gwei.
Reports attribute the transaction fee reduction on Ethereum to the Dencun upgrade in March. Since then, the network has seen a 92% reduction in gas fees. Dencun was the most extensive upgrade received on Ethereum since the Merge.
Cryptopolitan reporting by Collins J. Okoth