Ethereum team revives TheDAO to bolster network security.
Key members of the Ethereum team have revived the project TheDAO, which was hacked in 2017, to support the network.
“TheDAO is back. […] A decade later, we’re opening a new chapter,” the publication states.
According to the initiative, the organization is being repurposed into a blockchain security fund worth $220 million. It will be financed by approximately 75,000 ETH left unclaimed since the attack.
About $13.5 million will be allocated for grants to third-party developers. Distribution will occur through DAO mechanisms.
The remaining amount will be directed into staking. It is expected that the lock-up will yield approximately $8 million annually at the current ETH rate.
TheDAO fund manages assets from two sources:
New curators of the project include some core Ethereum developers, including Vitalik Buterin, and members of other teams.
