The Ethereum Foundation (EF) has once again made headlines with its decision to sell 100 ETH for Dai stablecoins. This move is part of the EF’s ongoing strategy to fund Ethereum projects by converting Ether into stablecoins to cover expenses such as salaries and services approved by its core team.
According to on-chain data, an Ethereum address linked to the EF recently deposited 100 ETH into the Cow Protocol and exchanged it for Dai stablecoins. This transaction was executed through a Gnosis Safe Proxy wallet holding a substantial amount of Ether, totaling over $10 million. With this latest sale, the EF has now sold a total of 4,366 ETH, valued at over $12.21 million, at an average price of around $2,796 per ETH.
The timing of this sale is particularly interesting as it coincides with a market correction that has seen ETH drop below $3,800. While these sales can be seen as a response to market conditions, they often indicate progress on key upgrades or initiatives within the Ethereum ecosystem. In this case, the EF’s continued sales may signal advancements in the development of the Pectra upgrade, a significant improvement set to launch early next year.
The Pectra upgrade is expected to enhance Ethereum’s speed, scalability, and user-friendliness. These improvements are crucial for maintaining Ethereum’s competitiveness in the face of emerging layer-1 networks like Solana. By strengthening its foundation with the Pectra upgrade, Ethereum aims to solidify its position as a leading blockchain and support the growth of its web3 ecosystem.
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