Ethereum Foundation Allocates 50,000 ETH to New Multisig Wallet for DeFi Amid Leadership Changes

Jan 20, 2025, 08:51 PM

The Ethereum Foundation has announced the allocation of 50,000 ETH, valued at approximately $165 million, to a new 3-of-5 multisig wallet to participate in the Ethereum decentralized finance (DeFi) ecosystem. This move is part of a broader strategy to support DeFi projects and enhance the foundation's engagement with the Ethereum community. The wallet, established using Safe, has already conducted a test transaction on Aave, indicating the foundation's intent to actively engage in DeFi. The decision comes amidst a backdrop of leadership changes at the Ethereum Foundation, aimed at improving technical expertise, communication, and support for app builders within the Ethereum ecosystem.