The Ethereum Foundation is now staking part of its treasury stockpile of ETH.
The organization says it has staked an initial deposit of 2,106 ETH worth around $3.8 million.
Approximately 70,000 ETH will be staked in total, with all rewards directed back to the EF treasury.
“By participating directly in consensus through solo staking, the Ethereum Foundation generates native, ETH-denominated yield to help fund its stewardship of the ecosystem.
It does so using Ethereum’s own economic rails and thereby subjects itself to the friction, risks, and operational realities of staking while setting a standard both in transparency and in operational management of validators.”
The foundation says the move will help secure the Ethereum network while creating native ETH yield to fund core work like protocol R&D, ecosystem development and community grants.
The launch of staking has been fueled by Ethereum creator Vitalik Buterin, who has sold more than $6 million in ETH in recent days.
In late January, Buterin withdrew 16,384 ETH worth approximately $44 million from his personal holdings to fund ecosystem development in a period of “mild austerity.”
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The post Ethereum Foundation Launches Treasury Strategy, Begins Staking $3,800,000 in ETH appeared first on The Daily Hodl.
The Ethereum Foundation is now staking part of its treasury stockpile of ETH. The organization says it has staked an initial deposit of 2,106 ETH worth around $3.8 million. Approximately 70,000 ETH will be staked in total, with all rewards directed back to the EF treasury. “By participating directly in consensus through solo staking, the
The post Ethereum Foundation Launches Treasury Strategy, Begins Staking $3,800,000 in ETH appeared first on The Daily Hodl. Ethereum, ETH, Ethereum Foundation, News, staking, vitalik buterin
This articles is written by : Nermeen Nabil Khear Abdelmalak
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