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Ethereum Foundation to set aside 50k ETH to support DeFi apps

The Ethereum Foundation plans to set aside 50,000 ETH to bolster decentralized finance applications, addressing criticism of insufficient engagement in this sector. The funds are secured in a multisig wallet and represent 18.5% of the foundation’s current Ether holdings.

Vitalik Buterin announced that the foundation will undergo structural changes to better support app developers and improve transparency. This response comes after critiques regarding the foundation’s support for DeFi initiatives and its sale of Ether for operational expenses.

Critics have expressed doubts over the foundation’s commitment to DeFi, highlighting the pressure from sold Ether. However, Buterin clarified that the organization focuses on creating value rather than profits, distancing itself from lobbying efforts.

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