Ethereum Foundation Allocates $120 Million to DeFi Protocols
The Ethereum Foundation has allocated $120 million worth of Ether to decentralized finance (DeFi) protocols in response to concerns from the community regarding the foundation's reliance on selling ETH for funding. On February 13, the Ethereum Foundation's multisignature address transferred 4,200 Ether (ETH) to Compound, 10,000 ETH to Spark, and 30,800 ETH to Aave, totaling around $120.4 million with ETH priced at approximately $2,600. Aave's founder and CEO, Stani Kulechov, described the deployment of 30,800 ETH into Aave Prime and Aave Core as the foundation's largest allocation in DeFi, expressing confidence in the future of DeFi. The move was celebrated by many community members as it may reduce the need for the foundation to sell ETH to cover expenses.
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