What to know:
- Lo and behold! The Ethereum Foundation, in a grand gesture, is shifting a staggering $165.3 million to a new wallet, all in the name of joining the DeFi party. 🎉
- After witnessing a 39% nosedive in its treasury over the past three years, the Foundation is now on a quest to replenish its coffers, while still clutching a hefty stash of ether. 💸
- In a twist of fate, the Ethereum Foundation is also reshuffling its leadership deck, aiming to sprinkle some technical wizardry, enhance communication, and lend a hand to app creators. 🧙♂️
Ah, the Ethereum Foundation, the noble overseer of the second-largest blockchain, has decided to allocate a princely sum of 50,000 ether (ETH), which, at this very moment, is worth around $165.3 million, to dive headfirst into the decentralized finance (DeFi) realm.
In this audacious move, the Foundation shall establish a 3-of-5 multisig wallet through Safe, which they claim is as safe as a cat in a sunbeam and boasts a user experience that would make even the grumpiest of users smile. An initial test transaction has already been dispatched to the lending protocol Aave, one of the titans in the Ethereum ecosystem, right behind the liquid staking protocol Lido. 🐱
Engaging in the DeFi escapade could very well help the Ethereum Foundation’s treasury swell after it shrank by a staggering 39% in less than three years, now totalling a mere $970.2 million as of the end of October. The nonprofit holds the lion’s share of its treasury in ether, which has recently taken a tumble to a four-year low against bitcoin. Ouch! 😬
According to the illustrious Ethereum co-founder, Vitalik Buterin, the organization has thus far shunned staking its ETH to rake in revenue through staking rewards, all due to regulatory and neutrality concerns. At the current CESR Composite Ether Staking Rate, it could generate a modest 3.31% yield on its ether holdings. Not too shabby, eh? 🤔
Over the weekend, our dear Vitalik confirmed that the nonprofit is undergoing a metamorphosis in its leadership structure, a process that has been in the works for nearly a year. Talk about taking your sweet time! ⏳
In his grand proclamation, Buterin emphasized that this move aims to bolster the technical prowess of the Ethereum Foundation’s upper echelons, enhance communication and camaraderie between its leaders and the actors of the Ethereum ecosystem, and provide more robust support to app builders, among other noble pursuits.
He also made it clear that the Foundation isn’t on a quest to execute some kind of ideological pivot, nor is it looking to become a centralized overlord. Phew! 😅
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2025-01-20 23:49