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Ethereum founder Vitalik Buterin made statements regarding the Ethereum Foundation’s recently criticized ETH sales. In a response to a follower, Buterin said, “I haven’t sold a single ETH in the last month. The amount of ETH I have actually increased.” These statements presented an important opportunity to understand the reasons behind the Ethereum Foundation’s sales.
Buterin stated that the Ethereum Foundation’s ETH sales had some important purposes:
- Proof of Work Loss Prevention: The Foundation is working to ensure that Ethereum does not lose 5 million ETH to the Proof of Work system each year.
- Low Transaction Fees: Research is being conducted to ensure that Ethereum users can transact with low transaction fees.
- Fast Transaction Times: Investments are being made to ensure that transactions take less than 30 seconds instead of 1-30 minutes.
- Zk Technology: Work continues on zk (zero-knowledge) technology, which allows users to use Ethereum while protecting their privacy. The “Railway” project was shown as an example.
- Account Abstraction Technology: Account abstraction technologies are being developed to enable users to use Ethereum securely without recovery words or centralized security vulnerabilities.
- Local Ethereum Events: Supporting local Ethereum events around the world, often without even mentioning the foundation’s name.
- Uninterrupted Service: Since 2016, security efforts have continued to ensure that there have been no interruptions due to DoS attacks and consensus failures.
- Security Efforts: Various security measures and efforts are in place to prevent the loss of many funds.
- Developer Tools: Support is provided for the development of libraries included in all the code that users use, such as wallets and DeFi applications.
Buterin noted that although ETH sales account for a very low percentage of trading volume, the attention of investors and the community is still focused on the Ethereum Foundation. In particular, ETH’s 32 percent depreciation against BTC throughout the year increased the reaction of investors. However, Buterin emphasized that the foundation’s activities serve long-term goals.
Today, the Ethereum Foundation holds about 270 thousand ETH and the value of these assets reaches 670 million dollars. This year, the foundation sold 4,66 ETH worth $11 million. Buterin emphasized the importance of the work done to ensure the sustainability of Ethereum, stating that the community should show more respect.
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