Ethereum Foundation converts 1000 ETH to stablecoin…"research and donation funding"
Suehyeon Lee
Summary
- The Ethereum Foundation said it will convert 1000 ETH into stablecoin.
- The conversion will be carried out using the TWAP function of the decentralized trading platform CoWSwap.
- The foundation said the move was to raise funding for research and donations.
The Ethereum (ETH) Foundation said it will convert 1000 ETH (about $4.5 million) into stablecoin.
On the 4th (local time), The Block reported that it would exchange 1000 ETH for stablecoin using the time-weighted average price (TWAP) function of the decentralized trading platform CoWSwap.
The foundation explained, "a measure to demonstrate the potential of decentralized finance (DeFi) and to continue funding for research and donations." Previously, last month the foundation also converted 10,000 ETH (about $436 million) into stablecoin on centralized exchanges. At that time, it also stated the move was to secure funds for research, grants, and donations.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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