Key Points
- The Ethereum Foundation (EF) is implementing significant restructuring to bolster the DeFi ecosystem.
- As part of this initiative, the EF has released 50K Ethereum, which will be used to participate in the DeFi ecosystem.
The Ethereum Foundation has announced its plans to provide support to the Ethereum DeFi ecosystem. This comes as part of a wider restructure within the organization, following recent criticism from the community.
Restructuring for a Better Ecosystem
The EF has revealed that it will be releasing 50,000 Ethereum (ETH) as part of its DeFi program, which will be initiated with Aave and Safe platforms. The statement from the EF stated that they will use the new wallet to participate in the DeFi ecosystem, and that they have already made a testing transaction on Aave.
The move has been well received by community members, who have praised the changes being made by the organization. Stani Kulechov, the founder of Aave, expressed his appreciation for the move, saying that it marks a new era for the EF.
Addressing Past Controversies
The EF has previously been in the news for the consistent dumping of ETH. Amid the backlash, the leadership clarified that the sales, which are capped at $100M annually, are necessary for running various projects in the ecosystem.
However, some ecosystem builders claimed that they had not received support from the organization. In response to these criticisms, the EF’s recent move could increase engagement and support for the DeFi sector.
The founder of Ethereum, Vitalik Buterin, has stated that the organization is currently undergoing significant changes to its leadership structure. He added that the new changes aim to enhance the use of Ethereum privacy and DeFi tech, ecosystem engagements, and the perception of the chain. This could potentially be a positive development for ETH in the long run. At the time of the announcement, the altcoin was valued at $3.2K.
