Ethereum Foundation Reveals It Made Yet Another Large Sale Following the Jump in ETH Price

The Ethereum Foundation, the main organization behind the Ethereum ecosystem, has taken a controversial step as the price of ETH has risen.

In an official statement, the foundation announced that it will convert, or sell, 5,000 Ethereum (ETH) holdings into stablecoins.

According to the announcement, this transformation will be carried out using the TWAP (Time-Weighted Average Price) feature of the CoWSwap platform, developed by CoW DAO, a decentralized finance (DeFi) protocol. This method minimizes the impact of large-volume transactions on the market, enabling sales with a more balanced average price.

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The Ethereum Foundation argued that the primary purpose of this move is to fund research and development (R&D) activities, grant programs, and donations. The foundation stated that, in line with its long-term goals, it will continue to support the sustainability of the ETH ecosystem.

The price of ETH has risen by 6% in the last 24 hours and is currently trading at $2,211. The Ethereum Foundation is facing criticism for selling ETH as the price increases. Additionally, the cryptocurrency community is questioning why the foundation doesn’t use ETH directly for its payments.

*This is not investment advice.

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