50000 ETH invested in DeFi

While the operation of the Ethereum Foundation continues to be heavily criticized by the outside world, the Ethereum Foundation (EF) has announced the establishment of a new wallet address to officially participate in the DeFi (decentralized finance) ecosystem, which also confirms Ethereum co-founder Vitalik Buterin's recent statement about the foundation's organizational changes.

Wang Xiaowei, who has been appointed as a leading member of the foundation, posted on X (formerly Twitter) that the Ethereum Foundation has established a new multisig wallet and plans to inject approximately $150 million (50000 ETH) into the wallet to participate in the DeFi ecosystem. However, due to the need for signature confirmation during the setup process, the transaction process may take several days to complete.

Transparency and financial management issues have long been a concern

The financial transparency issue of the Ethereum Foundation has a long history, especially in its treasury management. In recent weeks, many well-known cryptocurrency commentators have raised questions about the foundation and its leadership, partly due to poor performance in the ETH market and increasing competition from rival public chain Solana.

Ethereum co founders Vitalik Buterin and Joe Lubin also announced on Saturday that the foundation's leadership structure will undergo a 'significant change'.

There is a community suggestion that the current Executive Director Aya Miyaguchi should be replaced by Danny Ryan, a former Ethereum Foundation researcher with a more technical background who previously led the Ethereum PoS upgrade. In addition, there are also voices calling for the foundation to stake or deploy approximately $1 billion of ETH treasury directly on the chain to enhance the foundation's participation in the ecosystem. For a long time, the foundation has been accused of being the culprit behind ETH selling pressure due to its frequent use of stablecoins to pay salaries.

Paul Dylan Ennis, lecturer and renowned Ethereum commentator at University College Dublin Business School, stated on X:

This is an interesting development. If we want to find a compromise solution that is acceptable to both parties within the community, it may be for EF to be more actively involved in decentralized applications (dapps)

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