Ethereum Foundation allocates $165 million ETH to boost the development of Decentralized Finance! Vitalik: continue to support technological innovation

The Ethereum Foundation announced that it will allocate approximately $165 million, or a total of 50,000 Ethercoins (ETH), to support the development of Decentralized Finance, indicating that it will continue to strengthen the connection and transparency of the Ethereum community.

The details of fund operation are disclosed to ensure safety and transparency

Ethereum co-founder Vitalik Buterin stated on Twitter on 1/18 that the foundation will undergo organizational restructuring, continue to strengthen community connections and support developers, and commit to increasing transparency.

Capital management method: These 50,000 Ethercoin (ETH) will be stored in the 3/5 multisig wallet.

Operation test: The wallet has conducted transaction tests on the lending protocol Aave.

Official activation time: According to Hsiao-Wei Wang, a member of the Ethereum Foundation, the wallet setup may still need a few more days.

This payment is equivalent to 18.5% of the total amount of Ether held by the Ethercoin Foundation, which demonstrates Ethereum's determination to support the development of its own Decentralized Finance ecosystem.

Ethereum Foundation member Hsiao-Wei Wang announced that multi-signature wallet transactions are being tested, the foundation's financial situation, and community pressure.

According to Arkham data, the total assets of Ethereum Foundation's Ethercoin have decreased from 610,000 Ethercoin (ETH) in 2020 to only 260,000 Ethercoin (ETH) currently, equivalent to 8.94 billion US dollars.

The Ethereum Foundation currently has only 260,000 Ethercoins remaining.

The reasons for the reduction include salary payments and offline activities, which have also raised concerns among community members about selling pressure on Ethercoin. Ethereum core developer Eric Conner believes that the foundation's staking income is sufficient to cover internal operating expenses, which will reduce market selling pressure and stabilize community confidence in the future.

Ethereum core developer Eric Conner urged the community not to worry, and Vitalik stuck to his original intention despite constant questioning.

Recently, some members of the Ethereum community have criticized the foundation for its apparent lack of participation and management, believing that this is one of the reasons for the underperformance of Ether (ETH) compared to Bitcoin (BTC) and Solana (SOL). They stated that blockchain competitors to Ethereum are actively engaging with regulatory agencies to enhance market confidence and drive price increases.

In response, Vitalik stated that the mission of the Ethereum Foundation is to focus on technical and ecological development, and to remain neutral and not participate in political or regulatory controversies. This is to ensure the credibility and long-term development direction of Ethereum.

Vitalik's position has also received a lot of support from industry insiders, such as CryptoQuant founder Ki Young Ju, who praised him and the foundation for prioritizing 'creating value' over 'chasing money' in the current trend of celebrities and politicians being enthusiastic about meme coin profits. This demonstrates the importance of Ethereum sticking to its core principles amidst market fluctuations.

CryptoQuant Founder Publicly Praises Vitalik for Upholding the Original Intention

(Vitalik: Will adjust the leadership structure of Ethereum Foundation, will not become the dominant force of the ecosystem)

The Ethereum Foundation has allocated $165 million in ETH to support the development of Decentralized Finance! Vitalik: Continue to support technological innovation first appeared on Chain News ABMedia.