Ethereum Foundation has created a wallet for investing in DeFi protocols

What’s new? The Ethereum Foundation, a non-profit organization dedicated to assisting the development of the Ethereum network, has created a multi-signature wallet to participate in the DeFi ecosystem. The first tranche sent 50 000 ETH worth $162,5 million at the current exchange rate to the address, but the organization noted that it could take several days to process the transaction due to delays in signing.

Source: X.com

What else is known? In recent weeks, the crypto community has voiced concerns about the Ethereum Foundation and its leadership, partly due to ETH’s poor market performance and growing competition from the Solana (SOL) network.

One reason for the discontent was that the 47th President of the United States, Donald Trump, whose inauguration took place on January 20, chose the Solana network over Ethereum to launch his meme token TRUMP.

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Among other things, commenters suggested replacing executive director Aya Miyaguchi with the more technically-minded Ethereum Foundation former researcher Danny Ryan. He oversaw an upgrade called The Merge that saw the blockchain move to the Proof of Stake (PoS) consensus algorithm in September. 2022.

The organization was also encouraged to stake its ETH to participate in maintaining network security or invest in ecosystem protocols. In total, the organization holds about $1 billion worth of ETH.

The Ethereum Foundation has long been criticized for putting pressure on the price of ETH as it exchanged its savings for stablecoins to pay salaries.

Last week, in response to the criticism, Ethereum co-founder Vitalik Buterin hinted at “large changes” in the Ethereum Foundation’s leadership structure.

Source: X.com

Buterin outlined a number of goals for the changes, including increasing technical knowledge among management, improving communication with developers and users, attracting new talent, and increasing the organization’s use of decentralized and privacy-oriented technologies.

However, Buterin criticized calls for the Ethereum Foundation to engage in lobbying activities. He said this could compromise “Ethereum’s position as a global neutral platform.” “These things aren’t what EF does and this isn’t going to change. People seeking a different vision are welcome to start their own orgs,” the developer wrote.