The Ethereum Foundation (EF) announced plans to transform 1000 ether (ETH) in Stablecouins to finance research, subsidies and donations, adapt to a wider tax strategy and commitment to financing decentralized financial initiatives (DEFI).
Sales worth about USD 4.5 million after current prices was made through the exchange of COW, a decentralized commercial protocol, which aggregates liquidity in many stock exchanges to offer users competitive prices without relying on a centralized intermediary.
Neither the announcement of the foundation nor its tax policy determined which stableleins will receive in exchange for ETH.
This last conversion occurs after prior revealing EF in September that in a few weeks it plans to transform 10,000 ETH into stablecoin. However, the Friday transaction seems to be separate from this initiative, taking into account its smaller scale and the utilize of cow exchange, not a centralized exchange.
According to the tax policy of the Ethereum Foundation, EF is looking “The balance between the search for phrases above the comparative pace and the extension of the role of EF as the manager of the Ecosystem Ethereum, with particular emphasis on DEFI.”
Increased utilize of stableleins also appears when EF temporarily stops open performances of subsidies for your ecosystem support program, citing the influx of applications. The foundation said that instead will prioritize the financing of the most smoking needs of the network.
In April, EF also announced leadership restructuring to improve strategic and operational management. The foundation was designated by HSIAO-Wei Wang and Tomasz K. Stańczak on executive directors who had previously played roles in EF. In June, the Foundation dismissed employees and restructured its main programming team.
Related: “Vitalik: An Ethereum Story” does not apply to cryptowal
Vitalik Buterin doubles DEFI
Since the launch, Ethereum remains a leading platform for the DEFI application. Despite the growing competition from other blockchain networks, Ethereum still constitutes about 68% of the total blocked value (TVL) on DEFI platforms, in accordance with industry data.
Co -founder Ethereum, Vitalik Buterin, recently repeated the concentration of the network on decentralized finances, arguing that the “low risk” DEFI applications can facilitate boost the sustainable revenues of the ecosystem, as well as Google search underlying Google business model.
“Low risk defs can play a similar role for Ethereum,” Barzon wrotePointing to “basic payment and savings functions and well -understood tools, such as synthetic resources and in full secured loans.”
Warehouse: ETH co -founder transfers USD 6 million ETH, Crypto Index ETF is expanding: Hodler’s Digest, 21–27 September