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Ethereum Foundation Utilizes 50,000 ETH for DeFi Participation

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by A1

5 hours ago


The Ethereum Foundation takes steps to enhance its DeFi involvement by allocating 50,000 ETH through a secure multisignature wallet.

Multisig Wallet Setup for DeFi

The Ethereum Foundation has set up a 3-of-5 multisig wallet via Safe, formerly Safe Gnosis, to securely interact with DeFi protocols. A test transaction has already been completed on Aave, one of the largest decentralized lending platforms in the Ethereum ecosystem.

$150M ETH Investment Plans for DeFi

The Foundation plans to invest approximately $150 million worth of ETH into the newly established multisig wallet. According to Foundation leader Hsiao-Wei Wang, this move aims to actively participate in DeFi protocols, generating passive income from Ether holdings, as an alternative to large ETH sales for funding operations.

Response to Criticism and Strategic Shift

Ethereum co-founder Vitalik Buterin has revealed the Foundation's interest in exploring staking strategies to minimize ETH sales. While planning substantial changes, the Foundation has also faced calls for increased transparency and leadership review to better compete against blockchain projects like Solana.

With 271,415 ETH, the Foundation aims to leverage its assets more actively within Ethereum's decentralized ecosystem, easing sale pressures on ETH, which could become a steady income source for project's sustainable development.

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