The Ethereum Foundation (EF) continues its strategy of selling ETH to support the long-term growth of the Ethereum network. As a non-profit organization, the EF relies on these sales to fund Ethereum projects and cover expenses such as salaries and services approved by its core team.
Recent on-chain data reveals that the EF deposited 100 ETH into the Cow Protocol and exchanged it for Dai (DAI) stablecoins. This transaction, coming from a Gnosis Safe Proxy wallet holding over $10 million, marks the EF’s ongoing efforts in selling ETH. So far, a total of 4,366 ETH—worth over $12.21 million—has been sold at an average price of approximately $2,796 per ETH.
The EF’s decision to sell ETH amidst a market correction that pushed the price of ETH below $3,800 may seem significant. However, these sales often indicate preparations for major developments within the Ethereum ecosystem. It is possible that the EF’s continued sales signal progress on key upgrades or initiatives that will benefit the Ethereum network in the long run.
One such upgrade that developers are actively working on is the Pectra upgrade, set to launch early next year. The Pectra upgrade aims to enhance Ethereum’s speed, scalability, and user experience, solidifying its position as a leading blockchain. These improvements are crucial in the face of increasing competition from other layer-1 networks like Solana (SOL) and will support Ethereum’s web3 ecosystem.
With the Pectra upgrade, Ethereum is expected to strengthen its foundation for future growth and adoption. This hard fork will play a vital role in ensuring Ethereum remains at the forefront of blockchain innovation and continues to evolve to meet the needs of its users.
In conclusion, the EF’s ongoing sales of ETH and the upcoming Pectra upgrade demonstrate the organization’s commitment to advancing the Ethereum ecosystem. By staying ahead of the curve and implementing key improvements, Ethereum is poised to maintain its position as a leading blockchain platform. Stay tuned for more updates on Ethereum’s development and the impact of the Pectra upgrade on the network.