Ethereum Foundation Converts 1,000 ETH to Stablecoins via CoWSwap
The Ethereum Foundation (EF) has revealed another move to convert a substantial portion of its treasury. On Friday, it announced plans to swap 1,000 ETH into stablecoins using CoWSwap's TWAP feature. This follows a similar swap of 10,000 ETH last month, worth around $43.6 million. The foundation aims to support research, grants, and donations with these conversions.
In 2021, the Ethereum Foundation appointed Hsiao-Wei Wang and Tomasz K. Stańczak as Co-Executive Directors, strengthening its leadership. The foundation's treasury policy balances returns with its stewardship role. Last month's swap was conducted on centralized exchanges, while the latest one will use CoWSwap's TWAP feature for a smoother conversion.
Recently, the foundation has made operational changes to improve efficiency. In June, it reorganized its main development team and let go of some staff. It also paused open grant submissions under its Ecosystem Support Program due to an overwhelming number of applications. To save money, the foundation has slowed down or paused some grant programs.
The Ethereum Foundation's latest ETH sale is part of its strategy to manage spending and maintain adequate cash reserves. The converted stablecoins will support the foundation's ongoing research, grants, and donation efforts. With the appointment of new Co-Executive Directors and operational changes, the foundation continues to adapt and evolve to meet the needs of the Ethereum ecosystem.
