DeFi Ecosystem Participation: Aave Receives First Test Transaction as Ethereum Foundation Enters DeFi
To take part in the decentralized finance (DeFi) ecosystem, the Ethereum Foundation, which is in charge of the development of the second-largest blockchain in terms of market capitalization, is allocating 50,000 Ether (ETH), which is now valued at about $165.3 million. Safe, which the Foundation stated has demonstrated to be secure and has an excellent user experience, will be used to set up a 3-of-5 multisig wallet as part of this step. The lending protocol Aave, one of the biggest in the Ethereum ecosystem that supports the liquid staking protocol Lido, has received its first test transaction.
Buterin Addresses Ethereum Foundation’s Staking and Leadership Overhaul
Engaging with the DeFi ecosystem could aid in the growth of the Ethereum Foundation’s treasury, which as of October 31 had decreased by 39% in less than three years to $970.2 million. In contrast to bitcoin, ether, in which the organization holds the majority of its money, recently fell to a four-year low.
Because of regulatory and neutrality issues, Ethereum has not yet staked its ETH to make money through staking rewards, according to co-founder Vitalik Buterin. The nonprofit has been going through significant changes in its executive structure for almost a year, Buterin revealed over the weekend.
Buterin mentioned that among other things, the change was intended to strengthen the technical proficiency of the Ethereum Foundation’s top executives, enhance communication and relationships between its leadership and the players in the Ethereum ecosystem, and provide more active assistance for app developers. Additionally, he noted that the Foundation has no intention of becoming a highly centralized organization, implementing some sort of ideological shift, or vigorously lobbying regulators.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment