Ethereum Foundation to Convert 1,000 ETH into Stablecoins
The Ethereum Foundation is planning to sell 1,000 ETH. The funds will support research, grants, and donations. This move aims to strengthen the Ethereum ecosystem.
The foundation will use CoWSwap to convert the ETH into stablecoins. This conversion will help fund various initiatives. The goal is to boost the network’s development.
In September, the foundation announced a similar move.It converted 10,000 ETH into stablecoins.The latest sale aligns with that plan. The foundation will sell the ETH in small chunks over several weeks.
The sale comes as ETH prices rise. The foundation will use CoW Protocol’s TWAP feature. This will minimize the impact on market prices.The sale is valued at around $4.51 million at current prices.
The foundation has been selling ETH since 2024. It justifies these sales with ecosystem support programs. Recently,it paused grant applications.This is due to a reorganization of its process.
The foundation supports the Ethereum protocol’s development. It aims to highlight decentralized finance’s power. The funds will go towards research and development.
The foundation is one of the top ETH sellers. It has faced pressure in 2024. However, it has justified its actions. It cites several ecosystem support programs.
At ethereum prices near $4,517. The move is part of a broader goal. It wants to support the network’s growth. The foundation is a non-profit entity. It supports the ethereum ecosystem’s development.
- Convert 1,000 ETH into stablecoins.
- Use funds for research and development.
- Plans to sell ETH in small orders.
