Ethereum Foundation to Allocate $165 Million in Ether to Support DeFi Ecosystem

The Ethereum Foundation has announced plans to allocate 50,000 Ether, worth approximately $165 million, to support the decentralized finance ecosystem of Ethereum. The funds will be secured in a multisig wallet on Safe and will be used to actively support app builders and provide more transparency to the community. The move could expand the foundation's treasury, which has fallen 56% from January 2020 to 269,000 Ether, and represents 18.5% of the Ethereum Foundation's total holdings. Some in the Ethereum community have criticized the foundation for its perceived lack of engagement and leadership, but co-founder Vitalik Buterin stressed that the nonprofit isn't looking to execute an "ideological" pivot or start lobbying regulators.