Stablecoins already dominate ETH making up over 34% of all gas usage and tx volume YET more than 90% of that is controlled by centralized issuers: KYC-gated + big regulatory risk This is where the Ethereum Foundation x @OpenStableIndex Proposal comes in... BUT first...what is OPEN? OPEN is Ethereum’s Stablecoin Index: an equal-weight basket of 10 decentralized stablecoin networks (Aave, Curve, Frax, Liquity, Alchemix, Inverse, Sky, Origin, Reserve, f(x)) It encodes Ethereum’s living monetary canon, avoids capture, and ensures stable value onchain remains open, overcollateralized, and permissionless (mucho essential) AKA OPEN is a basket of DeFi stablecoin networks in one index AKA le suphercycle exposure of stables on easy mode What is the proposed EF x OPEN allocation? The allocation: - 1,800 ETH proposed from EF treasury (<1%) - Minted into OPEN, the Stablecoin Index - No lockup, anytime onchain exit - Fully transparent, verifiable onchain flows BUT LINN, why does this matter? - Stablecoins are still in their early stage era and Centralized issuers dominate today - BUT the real experiment is Ethereum-native: decentralized, overcollateralized, self-custodied stablecoins - OPEN captures this credible set in one asset It spreads exposure equally across Aave’s GHO, Curve’s crvUSD, Frax’s frxUSD, Liquity’s BOLD, Alchemix’s alUSD, Inverse’s DOLA, Origin’s OUSD, Reserve’s USD3/eUSD, Sky’s USDS, and f(x)’s fxUSD OPEN doesn’t pick winners...but it indexes the living set of decentralized stablecoins Each constituent is governed by an ETH-native token An EF allocation would embed those norms directly into treasury policy and defend against centralization creep OPEN advances: - Permissionless access, no whitelists - Self-custody, contracts only - Open-source under MIT license - Oracle-free, auction-based mechanics - Onchain governance with quarterly rebalances - Audited contracts, verified bytecode, distributed UIs Current snapshot of OPEN - Launched April 14, 2025 on @reserveprotocol - Up 60% since inception - $860k market cap - 96 holders, 92 vlSQUILL governors - No CEO, no team, no middlemen - Built natively on Ethereum Linn's Thoughts: Ethereum thrives on neutrality, composability, and permissionless infrastructure... OPEN hardcodes those values into stable digital dollarooonies...this means a win-win-win for EF, Decentralized Stables AND for users For more information explore OPEN here: https://www.openstablecoinindex.com/ The Proposal → https://leviathannews.substack.com/p/ef-x-defi-proposal-allocation-to Swap on Uniswap or Curve → https://www.openstablecoinindex.com/ DC: This is written in collaboration with OPEN, Linn holds SQUILL(🉐 Crypto Linn)