In a spirited response to allegations that the Ethereum Foundation has been irresponsibly promoting off its ETH holdings, co-founder Vitalik Buterin firmly denied the accusations on X. In a proof, Buterin supplied detailed insights into the Foundation’s monetary practices and its contributions to the ecosystem.
The controversy arose after a X consumer accused the Ethereum Foundation of “dumping” ETH, implying that such actions have negatively impacted the ETH value. Buterin shortly took to X to handle these considerations, emphasizing that not solely had he not bought any ETH himself lately, however the quantity of ETH he holds had truly elevated.
Is The Ethereum Foundation Dumping ETH?
On October 26, 2024, he provided a transparent rebuttal to the rumors, stating, “I haven’t sold a single ETH in the past month? The amount of ETH I hold has actually gone up.” Addressing additional inquiries concerning the ETH Foundation’s actions, Buterin elaborated on the numerous bills the Foundation incurs, that are essential for the event and upkeep of the Ethereum community.
“The ETH foundation is paying researchers and devs that are responsible for [making] Ethereum not bleeding 5M ETH/year to proof of work, your fees being low today, and your transactions getting included in less than 30 seconds instead of like 1-30 minutes (EIP 1559), show some respect” Buterin acknowledged.
Buterin additional elaborated on the Foundation’s contributions, detailing a number of key initiatives that underscore its dedication to technological development and community safety. He talked about the event of zero-knowledge (zk) know-how, which facilitates personal utilization of ETH, citing tasks like Railway as examples.
Additionally, Buterin mentioned the progress in account abstraction know-how, which goals to simplify consumer interactions with Ethereum by eliminating the necessity for conventional seed phrases and mitigating centralized factors of failure paying homage to the Sam Bankman-Fried (SBF) incident. This innovation “will let normies use ETH safely without seedphrases *or* SBF-style central points of failure,” the ETH co-founder wrote.
Buterin additionally highlighted the Foundation’s position in fostering a world Ethereum group via native occasions worldwide. He famous that many of those occasions typically downplay the Foundation’s involvement, but they play a big position in disseminating data and fostering collaboration amongst builders and lovers.
Security and community reliability had been different focal factors of Buterin’s protection. He proudly acknowledged that Ethereum has maintained zero downtime from denial-of-service (DoS) attacks and consensus failures since 2016. Furthermore, he credited the Foundation’s “various security work (internal dev and grants) that have prevented many losses of funds.”
Buterin concluded by emphasizing the Foundation’s contributions to the broader Ethereum ecosystem, together with “libraries in all kinds of code you use (wallets, defi apps…).”
At press time, ETH traded at $2,521.
Featured picture created with DALL.E, chart from TradingView.com
