Source: Cointelegraph Original: "{title}"
An Ethereum developer has refuted speculation regarding the Ethereum Foundation (EF) recently depositing over 30,000 Ethereum into the decentralized finance (DeFi) protocol Sky (formerly MakerDAO).
On March 10, a wallet address deposited 30,098 Ethereum, worth approximately $56 million, into Sky. The crypto intelligence platform Arkham labeled the address as "Ethereum Foundation?", sparking speculation that the Ethereum Foundation may have transferred funds into the lending protocol (a strategy previously recommended by the community) instead of directly selling Ethereum to fund its operations.
However, community members quickly dismissed this claim, clarifying that the wallet does not belong to the Ethereum Foundation. Eric Conner, co-author of the Ethereum Improvement Proposal (EIP-1559), called the report by Wu Blockchain "completely false," suggesting that the address does not belong to EF.
Anthony Sassano, host of The Daily Gwei, also referenced the report, stating that the wallet does not belong to EF.
Source: Anthony Sassano
Wu Blockchain later clarified that while the account was suspected to belong to the Ethereum Foundation, the transaction history indicates it is more likely associated with an early Ethereum investor.
The address received a transfer of 4 million Dai (DAI) from the EF ETH Sale in May 2022, while the original Ethereum funds trace back to a wallet named jonny.eth.
The address deposited $56 million into the Sky treasury to avoid liquidation risks due to a sharp drop in Ethereum prices. On March 10, Ethereum fell from a high of $2,138 to $1,813, a decline of 15%.
This operation allowed the wallet to avoid liquidation, reducing its liquidation price to $1,127.14, which is 40.19% lower than Ethereum's price of $1,896 at the time of writing.
Although the recent deposit to Sky is unrelated to the Ethereum Foundation, EF has previously faced criticism for selling Ethereum in exchange for stablecoins to pay team salaries and operational costs. In January, community members suggested that the foundation could borrow stablecoins by collateralizing its held Ethereum instead of directly selling assets.
At that time, Sassano stated that the foundation should consider using Aave to borrow stablecoins against Ethereum as collateral, rather than converting Ethereum into stablecoins. Sky allows users to perform similar operations by depositing Ethereum to borrow DAI.
On February 13, EF heeded the community's advice and deployed 45,000 Ethereum to DeFi protocols Aave, Spark, and Compound, which was worth approximately $120 million at the time.
Community members welcomed this move, with Aave founder and CEO Stani Kulechov stating, "DeFi will win." EF also indicated that "more actions will follow in the future," suggesting that this is not their last foray into the DeFi space.
Related: Ethereum aims to return to $2,600, and these four things are essential.
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