• Ethereum Foundation has rolled out plans to support the ETH DeFi ecosystem.
• The plan is part of a broader overhaul of the organization after recent community backlash. 

After several months of community backlash, the Ethereum Foundation (EF) has revealed key restructuring to improve the DeFi ecosystem.

The organization said they released 50K Ethereum[ETH] (worth over $163M at current prices) as part of the DeFi program, starting with Aave [AAVE] and Safe platforms. 

Part of the statement read, 

“The EF will use this new wallet to participate in the DeFi ecosystem. We’ve made a testing transaction on Aave. Also, Safe has proven safe and has a great user experience, and we will transfer more of our funds here over time!”

New beginnings for ETH?

Community members praised the move and the changes being made by the organization. Reacting to the update, Stani Kulechov, founder of Aave, said, 

“This is incredible from EF. This is the beginning of a new era for EF, powering and participating in DeFi on Ethereum. After building 8 years on Ethereum, this feels really good. Thank you for using Aave.” 

For context, EF has been grabbing headlines for the wrong reasons — consistent dumping of ETH.

Amid the backlash, Ethereum’s leadership clarified the sales, reportedly capped at $100M annually, are critical for running various projects in the ecosystem.<

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Author: Benjamin Njiri