Ethereum Foundation to Sell 1,000 ETH for Research and Development Grants
The Ethereum Foundation is preparing to sell 1,000 ETH, with the proceeds designated for various initiatives, such as research, grants, and donations.
Summary
- The Ethereum Foundation plans to exchange 1,000 ETH for stablecoins using CoWSwap.
- This non-profit organization, which supports the Ethereum ecosystem’s growth, will utilize the funds for research and development, alongside grants and donations.
- Furthermore, the EF previously announced a plan to convert 10,000 ETH into stablecoins for similar aims in early September.
The Ethereum Foundation shared this news in a post on X, detailing its intentions to convert 1,000 Ether into stablecoins.
Consistent with past actions, this non-profit, dedicated to promoting the Ethereum protocol, seeks to use these funds to improve the network via research, development, and the distribution of grants and donations.
This sale is taking place as Ethereum (ETH) nears a new all-time high, having surged to almost $4,600 in a single day on October 3.
According to their announcement, the Ethereum Foundation intends to conduct the sale by converting 1,000 ETH into stablecoins through CoWSwap, leveraging CoW Protocol’s TWAP feature to mitigate potential market impact. This effort is part of a larger goal to demonstrate the capabilities of decentralized finance.
With the current ETH price at $4,517, the sale is anticipated to be worth around $4.51 million.
EF previously planned to sell 10,000 ETH
In September, the Ethereum Foundation disclosed plans to sell 10,000 ETH, which was valued at approximately $43 million at that time. This recent announcement is consistent with that initiative, indicating that the non-profit will convert the Ether to stablecoins “over several weeks.”
During that period, EF noted that the sale would be carried out in smaller batches or orders.
The foundation has been one of the most active sellers of ETH, especially as the leading altcoin faced challenges in 2024. Nevertheless, it has justified its actions in light of several significant ecosystem support programs. Recently, it paused all open grant applications, citing a reorganization of its processes in accordance with a revised strategy.