Ethereum Foundation to set aside 50K ETH to support DeFi apps
The Ethereum Foundation’s move to support Ethereum’s DeFi ecosystem comes after months of criticism accusing it of not caring enough about the space.
The Ethereum Foundation said it will allocate 50,000 Ether worth around $165 million to support Ethereum’s decentralized finance ecosystem.
Ethereum co-founder Vitalik Buterin wrote to X on Jan. 20 that the nonprofit Foundation would undergo organizational changes to more actively support app builders and provide more transparency to the community.
The funds will be secured in a 3-of-5 multisig wallet on Safe, which has already executed a test transaction on lending protocol Aave, the Ethereum Foundation’s Hsiao-Wei Wang said in a Jan. 20 X post.
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Author: Brayden Lindrea
