The Ethereum Foundation announced plans to convert 1,000 ETH into the stablecoin. The transaction will be performed using CoWSwap’s TWAP feature.
The foundation stated that this sale will be used to fund R&D, grant programs, and donations. This step is part of the foundation’s public treasury policy, which mandates regular Ethereum sales when there are deviations from its fiat-based operating expense reserve target.
The Ethereum Foundation shared the following statement: “Today, we are converting 1,000 ETH into a stablecoin. This transaction is important not only to fund our work, but also to demonstrate the power of DeFi.”
Meanwhile, the Fusaka upgrade, a crucial step for the Ethereum network, has also been added to the calendar. Ethereum, the world’s second-largest blockchain, is preparing for two separate testnet phases this month. The mainnet upgrade is expected to be live by the end of November.
Dankrad Feist, co-leader of the Ethereum Foundation’s protocol architecture team, said that blockchain technology will become increasingly integrated into everyday financial services in the coming years. “In the next 10 years,” Feist said, “the majority of blockchain users will be ordinary people. They will look for easy solutions like a fintech app, rather than dealing with crypto wallets or complex blockchain interfaces.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/ethereum-foundation-makes-another-controversial-eth-sale/