The Ethereum Foundation (EF) announced plans to convert 1,000 ether (Eth) in Stablecoins to supply research, grants and donations, which align the broader approach to the wealth of wealth and participation in funding financial decentralized (DEFI) initiatives.
The sale, which costs approximately $ 4.5 million in current prices, is carried out by a cow swap, a decentralized trade protocol that combines liquidity in many exchanges to offer users of competitive prices without relying on a centralized mediator.
Neither the announcement of the foundation nor its treasury policy specifies which stablecoins will receive it in exchange for ETH.
The latest conversion follows the EF The disclosure was earlier in September It planned to convert 10,000 ETHs to Stablecoins for weeks. However, the Friday’s transaction appears to be separate from that initiative, given the smaller size and use of a cow swap instead of a centralized exchange.
According to the Treasury Policy of the Ethereum Foundation, EF looking In the “balance between finding returns above a benchmark rate and expanding EF paper as a steward of the Ethereum ecosystem, with a particular focus on Defi.”
Increasing use of stablecoins will also come as The EF has temporarily posted open submission submissions In its ecosystem support program, it cites a flow of applications. The foundation said it would instead prioritize funding for the network’s most pressing needs.
In April, the EF also announced A reorganization of leadership To improve strategic and operational management. The foundation has appointed Hsiao-Wei Wang and Tomasz K. Stańczak as co-executive directors, both of whom have previously held duties within the EF. In June, The foundation has laid the staff and reorganized the main group of its development.
Related: ‘Vitalik: an Ethereum story’ is not much about crypto and more about being human
Double Vitalik Blerin to Defi
Since its launch, Ethereum has remained a leading platform for Defi applications. Despite growing competition from other blockchain networks, Ethereum still has about 68% of the total amount locked (TVL) throughout the DeFI platforms, according to industry data.
Ethereum co-founder Vitalik Baterin recently reiterated The focus of the network in decentralized finances, focusing that the “low-pegged” DEFI applications will help create more sustainable revenue for the ecosystem, similar to how the Google Search studies the Google business model.
“The defi of the low risk can play a similar role for Ethereum,” Baterin write.
Magazine: ETH co-founder moves $ 6m of ETH, Crypto Index ETF Expands: Hodler’s Digest, Sept. 21-27
