In a controversial move, the Ethereum Foundation sold 100 ETH for 307,893 DAI, at an average price of $3,078.93 per ETH. This is the third sale by the foundation this year, and the sale took place at a time when ETH prices had seen a significant 6.63% decline in 24 hours, from $3,343 to $3,024, raising many questions about the timing of this move.
Many community members criticized this move, as they believed that the foundation’s repeated sales could negatively impact investor confidence in the Ethereum network, especially in light of volatile market conditions. Some believed that these actions could lead to further pressure on prices, which would be reflected in the overall performance of the market.
It is worth noting that the Ethereum Foundation had sold 300 ETH for 980,388 DAI earlier this year using the Cow protocol, reflecting the foundation’s continuation of this financial strategy that some still see as questionable.
In parallel, the Ethereum Foundation is working to restructure its leadership structure and organize its participation in protocol governance. One of the important steps the foundation is taking is to create a staking wallet on platforms like Kraken, which aims to enhance confidence in the future of the network despite the current price fluctuations. These steps indicate the foundation’s desire to maintain the stability of the network and ensure its long-term sustainability.
Despite criticism, the Ethereum Foundation appears to be seeking to ensure the financial and technical sustainability of the network, reflecting its strategy in dealing with economic challenges and fluctuations in digital markets.
