JUST IN: Ethereum Development Announced by Vitalik Buterin Arrives – Here Are The Details

According to Onchain data, Vitalik Buterin's plan to respond to recent concerns about the Ethereum Foundation is starting to work.

There was a fund inflow of 50,000 ETH to the Ethereum Foundation's multisig wallet. At the time of writing, this amount of ETH corresponds to $ 132 million. Buterin said in his statement that these funds will be spent on participation in the DeFi sector.

There have been long-standing concerns regarding the transparency of the Ethereum Foundation, particularly its treasury management.

Some of the suggestions made by Vitalik Buterin included replacing executive director Aya Miyaguchi with Danny Ryan, a more technically savvy former Ethereum Foundation researcher who is leading the blockchains proof-of-stake upgrade. There have also been calls for the foundation to either deposit or distribute some of its roughly $1 billion in ETH holdings onto the chain. The foundation has long been criticized for putting “selling pressure” on ETH by swapping its holdings for stablecoins to pay salaries.

*This is not investment advice.