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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 10, 2024 12:30 UTC
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Ethereum Foundation Sells 100 ETH as Pectra Upgrade Looms
Ethereum Foundation sold 100 ETH for DAI stablecoins to fund operations and upcoming developments.
This sale coincides with the ongoing crypto market correction and the Ethereum network's need for major upgrades.
The Pectra upgrade, scheduled for early next year, is crucial for Ethereum's competitiveness and future growth.
The Ethereum Foundation (EF), a non-profit focused on the long-term growth of the Ethereum network, has continued its strategy of selling ETH. As a key funding source for Ethereum projects, the EF regularly swaps Ether for stablecoins to cover salaries and services approved by its core team.
On-chain data shows that earlier today, an Ethereum address tied to the EF deposited 100 ETH into the Cow Protocol and exchanged it for Dai (DAI) stablecoins. The transaction came from a Gnosis Safe Proxy wallet holding over $10 million, mostly in Ether.
This sale adds to the EF’s ongoing efforts, bringing the total sold to 4,366 ETH—worth over $12.21 million—at an average price of around $2,796 per ETH.
Market Impact on the Ethereum Ecosystem
The EF’s latest sale coincides with a crypto market correction that pushed ETH below $3,800. While the timing may seem notable, such moves often signal preparations for major developments. The EF’s continued sales could indicate progress on key upgrades or initiatives within the Ethereum ecosystem.
As Ethereum faces growing competition from layer-1 networks like Solana (SOL), constant innovation is critical. Developers are already focused on the Pectra upgrade, a significant improvement set to go live early next year.
How Pectra Will Transform Ethereum
The Pectra upgrade is designed to improve Ethereum’s speed, scalability, and ease of use. These enhancements aim to secure Ethereum’s position as a leading blockchain and support its web3 ecosystem. With this hard fork, Ethereum could strengthen its foundation for future growth and adoption.
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