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The Future of Ethereum is Shaping Up: Vitalik Spoke, 50,000 ETH Step Taken! - Coin Bulletin
The Ethereum Foundation, which has long been criticized for its lack of transparency and governance structure, has taken a major step by announcing its entry into the DeFi ecosystem.
The foundation announced that it will transfer approximately 50,000 ETH worth of about 150 million dollars to a newly established 3-of-5 multisig wallet. This process may take several days.
Hsiao-Wei Wang, one of the new leaders of the Ethereum Foundation, announced on social media platform X, "The Ethereum Foundation has set up a new Safe 3-of-5 multisig wallet. An operation has been initiated for the transfer of 50,000 ETH to this wallet, but due to signing delays, it will take a few days." Wang stated that the foundation plans to use this wallet in DeFi activities.
This step comes at a time of increasing criticism, especially with the low market performance of Ethereum and the rise of rival chains like Solana. The Ethereum Foundation had previously been accused of creating 'selling pressure' due to converting its ETH holdings into stablecoins for salary payments.
Calls for former researcher Danny Ryan to replace the current director Aya Miyaguchi are particularly noteworthy. Ryan stands out as a successful figure in managing Ethereum's proof-of-stake transition.
Ethereum founders Vitalik Buterin and Joe Lubin implied over the weekend that there will be 'significant changes' in the foundation's governance structure. Another member of the foundation, Josh Stark, argued that the Ethereum Foundation carries out various activities on the blockchain, such as token sales, grant payments, and event ticketing.