The Ethereum Foundation has inflamed a heated discussion within the crypto community after he has announced its intention to sell around 10,000 ETH through centralized fairs.
On September 2, the Ethereum Foundation issued A transparency knowledge in which his plan is set out to convert 10,000 ETH for a few weeks.
The foundation stated that the proceeds from this sale would support critical research and development initiatives, subsidy programs and charity donations.
To minimize the market impact, the organization emphasized that conversions would take place through several smaller transactions instead of a single large order.
Earlier today Lookonchain Blockchain Analytics Firmain confirmed That the Ethereum Foundation has already started the sales process.
The company reported that the Foundation has deposited 10,000 ETH, with a value of $ 42.7 million at the time of transfer, to the Kraken Exchange.
Despite this substantial movement, the public portfolios of the foundation retain approximately 224,800 ETH worth around $ 1.05 billion.
Moving mixed reaction paths
Various members of the community have criticized the decision to sell ETH directly, with the argument that alternative financing mechanisms exist within the Ethereum ecosystem.
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These critics claim that the foundation could use existing Defi protocols instead of selling assets at centralized fairs, which they consider potentially harmful to the sentiment of the market.
Aavechan -founder Marc Zeller expressed His disapproval, which suggests that the foundation “just has to use an aave” instead of striving for direct sales.
His remark reflects a broader community sensation that the foundation must use the very Defi infrastructure that helps support. In particular, the Foundation had previously borrowed $ 2 million to GHO Stablecoins via the Aave protocol, with the help of packed ETH as collateral.
However, not all community reactions have been negative.
Some members have praised The transparency of the foundation when announcing the planned sale prior to implementation, in contrast to this approach with organizations that carry out similar transactions without prior notice.
Ethereum Foundation Employee Binji too defended Sales by contextualizing its scale in broader market activity. He noted that the 10,000 ETH is a relatively small amount compared to the 403,800 ETH that Treasury companies bought in the same week.
Binji emphasized that the sale of the foundation ultimately serves to strengthen the Ethereum network by financing Human Resources and research initiatives that attract more developers and users to the platform, thereby increasing the general value proposition of the ecosystem.