In a move that could only be described as ‘bold’ (if not a tad theatrical), the Ethereum Foundation (EF) has announced it will convert 1,000 Ether (ETH) into stablecoins. This delightful sum-around $4.5 million at current prices-will go toward financing research, grants, and donations. A truly glamorous strategy, aligned with the Foundation’s broader treasury ambitions, including a keen focus on decentralizing finance (DeFi). A noble cause, indeed!
The transaction was executed through CoW Swap, a decentralized trading protocol. This ‘fancy’ mechanism aggregates liquidity from various exchanges, offering competitive prices-because, heaven forbid, they use a centralized exchange like mere mortals!
Interestingly, neither the foundation’s announcement nor its treasury policy deigned to specify which stablecoins would be received in exchange for the ETH. Ah, the mystery deepens. 🤔
Now, this rather modest sum follows EF’s previous announcement in September, in which they revealed plans to convert a whopping 10,000 ETH into stablecoins. However, Friday’s transaction-much smaller in scale-seems to have little in common with that grand venture. They went with CoW Swap, not a centralized exchange. How delightfully unpredictable!
As per the Ethereum Foundation Treasury Policy (that thrilling document), EF seeks to “balance returns above a benchmark rate” with “its role as a steward of the Ethereum ecosystem.” In short, they want DeFi to thrive, and they’re willing to throw some stablecoins around to make that happen. 🤑
Speaking of priorities, the Foundation has temporarily paused open grant submissions for its Ecosystem Support Program. This, apparently, is due to a deluge of applications. So, instead of funding your pet project, they’ll be focusing on “network’s most pressing needs.” Oh well, maybe next time! 😬
And because all the best stories come with a leadership shake-up, EF has recently appointed Hsiao-Wei Wang and Tomasz K. Stańczak as co-executive directors. They’re both familiar faces, having held positions within EF before. Oh, and did I mention? EF also laid off staff and restructured its core development team in June. Nothing like a little internal drama to keep things interesting. 🍿
Vitalik Buterin Doubles Down on DeFi: Because Who Needs ‘Traditional’ Finance Anyway?
Ever since its inception, Ethereum has proudly remained the reigning champion of DeFi applications. Despite stiff competition from other blockchain networks (who must be terribly disappointed), Ethereum still holds a lion’s share-roughly 68%-of the total value locked (TVL) in DeFi platforms. Eat your heart out, rivals!
And of course, Ethereum’s co-founder Vitalik Buterin continues to sing the praises of DeFi. He recently doubled down on the notion that “low-risk” DeFi applications are the secret sauce to a sustainable revenue stream for the ecosystem. In other words, Ethereum could become the Google Search of decentralized finance. A curious thought. Who would have thought that savings and payments could be so revolutionary? 😏
“Low-risk DeFi can play a similar role for Ethereum,” Buterin mused, pointing to the tried-and-true functions of payments, savings, and well-understood tools like synthetic assets and fully collateralized lending. Oh yes, why not? Low-risk. We’ll see about that. 😬
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2025-10-04 01:00