Hold onto your hats, crypto enthusiasts! The Ethereum Foundation (EF) is diving headfirst into the DeFi ocean, and they're making waves with a whopping $165 million splash! That's right, they've just moved 50,000 ETH into a multisig wallet, marking their first big DeFi adventure as they look for new ways to manage their treasury.
For those who may not know, the Ethereum Foundation is the nonprofit powerhouse behind the Ethereum blockchain. They're now stepping into the world of decentralized finance, and to make it official, they've set up a wallet using a secure multisig setup through Safe (formerly Safe Gnosis). A recent post from Hsiao-Wei Wang, a new leader at the foundation, gave us the scoop on this exciting venture.
The foundation's choice to use Safe isn't just a stab in the dark; it's known for being secure with a user-friendly vibe. Plus, they've already tested the waters by sending a transaction to Aave, one of the big shots in Ethereum's lending scene.
But why the big move now? Well, the EF has been under the microscope for its treasury management, with critics raising eyebrows over their frequent ETH sell-offs, which some say add pressure to the market. By venturing into DeFi, the foundation aims to find new ways to boost its coffers, which have seen a dip over the years.
With a treasury that's mostly in crypto—81.3% to be precise—the EF has been cautious about staking its ETH, fearing regulatory headaches and wanting to stay neutral in case of network drama.
But it's not just about the money. Ethereum co-founder Vitalik Buterin has heard the whispers of concern about Ethereum's competition and is shaking things up. They're cooking up some major leadership changes to sharpen their technical chops and bolster ties with the Ethereum community.
And there's more! Joseph Lubin, another Ethereum co-founder, has thrown his hat in the ring with a proposal for a dual-leadership model. He's putting forward Danny Ryan and Jérôme de Tychey to bring a blend of tech smarts and business savvy to the table.
So, buckle up folks, because the Ethereum Foundation is on a DeFi journey that promises to be an exciting ride!
