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Ready to start 'making money'? Ethereum Foundation is throwing 50,000 ETH to 'participate in the Decentralized Finance ecosystem'
The Ethereum Foundation, a non-profit organization that governs the development of the world's second-largest blockchain, recently announced an important initiative: investing 50,000 Ether coins (approximately $165.3 million) to officially participate in the Decentralized Finance (DeFi) ecosystem. This move not only demonstrates the foundation's strategy of optimizing fund allocation but also injects new energy into its internal reforms and technological advancements.
Hsiao-Wei Wang, who recently assumed a leadership position at the Ethereum Foundation, posted on Monday:
The Ethereum Foundation has set up a new '5-of-3' multi-signature wallet... We are preparing to transfer 50,000 Ether coins to the wallet, but please be patient; due to delays in the signing process, it is expected to take a few more days to process.
The Ethereum Foundation will use this new wallet to participate in the Decentralized Finance ecosystem.
Ethereum Foundation Treasury Update
The Ethereum Foundation (@ethereumfndn) has set up a new @safe 3-of-5 multisig wallet.
The wallet address is 0x9fC3dc011b461664c835F2527fffb1169b3C213e
An op has been initiated to send 50,000 Ether there, but be patient; due to signing delays,… pic.twitter.com/sIkAlH8ROf
— hww.eth (@icebearhww) January 20, 2025
The first test transaction has been successfully sent to the Decentralized Finance lending protocol Aave, which is the largest Decentralized Finance protocol in the Ethereum ecosystem following Lido.
The Ethereum Foundation has been criticized for selling Ethercoin repeatedly since last year. Now it is entering the field of Decentralized Finance and participating in it, aiming not only to promote the development of the Ethereum ecosystem but also to expand the foundation's financial reserves.
According to statistics, as of the end of October last year, the funds reserve of the Ethereum Foundation shrank by 39% in less than 3 years, to $970.2 million, and most of this reserve is still held in the form of Ethercoin. However, the exchange rate of Ethercoin to Bitcoin has recently fallen to a 4-year low, indicating the pressure.
Although the staking yield of Ethercoin has reached 3.31% currently, Ethereum co-founder Vitalik Buterin stated that the foundation has chosen not to earn revenue through staking Ethercoin in order to avoid regulatory controversies and maintain neutrality.
In addition to adjusting financial strategies, the foundation is also undergoing a comprehensive reform of its leadership. Vitalik Buterin revealed over the weekend that this reform has been ongoing for nearly a year, with the aim of strengthening the technical capabilities of the leadership team and enhancing communication and cooperation between the foundation and the Ethereum ecosystem.
<Want to start 'making money'? The Ethereum Foundation is investing 50,000 ETH to 'participate in the Decentralized Finance ecosystem'> This article was first published in Block Client.