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Crypto Potato 2025-01-26 21:42:57

Ethereum Foundation Launches Multisig Wallet for DeFi Participation

Ethereum Foundation Launches Multisig Wallet for DeFi Participation

The Ethereum Foundation (EF), a non-profit supporting the Ethereum blockchain network, has established a multisig wallet to participate in the decentralized finance (DeFi) ecosystem. In line with this, the organization has initiated a transfer of 50,000 ETH worth approximately $165.3 million into the wallet. The New Multisig Wallet According to a January 20 X post by Hsiao-Wei Wang, recently appointed to a leadership role at the entity, the wallet uses a 3-of-5 multisig configuration and is managed via Safe, previously known as Safe Gnosis. The announcement described Safe as having proven to be secure while also providing “a great user experience.” An initial test transaction has also been sent to Aave, one of the largest lending protocols within the Ethereum ecosystem. This development comes as the foundation faces longstanding concerns regarding its lack of transparency, particularly in its treasury management. Frequent ETH sell-offs by the EF, ostensibly to cover expenses and operational costs, have also drawn criticism for contributing to pressure on the asset. This has resulted in suggestions that the non-profit should explore alternatives, such as staking or deploying a portion of its ETH holdings on-chain to generate returns and meet its financial needs. Participating in the DeFi ecosystem could offer a pathway to boost the establishment’s treasury, which, over the past three years, has shrunk by 39% to $970.2 million as of October 31, 2024. A financial report released last year revealed that $788.7 million, or 81.3% of its total treasury, is held in cryptocurrency, with 99.45% of that amount in ETH. Despite these significant holdings, Ethereum co-founder Vitalik Buterin disclosed that the organization has refrained from staking its ETH to earn staking rewards due to concerns about regulatory implications, maintaining neutrality, and the potential challenge of taking sides in the event of a network hard fork. Leadership Reforms In recent weeks, several prominent crypto commentators raised fresh issues, pointing to Ethereum’s market underperformance and increasing competition from Solana as factors justifying scrutiny of the foundation’s leadership. Buterin has acknowledged these concerns, confirming that major changes are underway to reshape the group’s leadership structure. He explained that the planned reforms aim to enhance the technical expertise of the foundation’s senior leadership, strengthen communication and collaboration with key participants in the Ethereum ecosystem, and provide more active support for application developers. He also stressed that the EF does not intend to undergo an ideological shift, aggressively lobby regulators, or move toward a highly centralized governance model. Additionally, Ethereum co-founder Joseph Lubin proposed a dual-leadership structure for its future direction. He suggested Ethereum developer Danny Ryan and Jérôme de Tychey, President of Ethereum France, as candidates to balance technical proficiency with business strategy. The post Ethereum Foundation Launches Multisig Wallet for DeFi Participation appeared first on CryptoPotato .

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