Ethereum Foundation deploys $120M to DeFi apps; community celebrates
Community members celebrated as the Ethereum Foundation deployed 45,000 ETH to decentralized finance protocols Aave, Spark and Compound.
The Ethereum Foundation allocated $120 million of Ether to decentralized finance (DeFi) protocols, responding to community concerns about the foundation’s reliance on ETH sell-offs for funding.
On Feb. 13, the Ethereum Foundation’s multisignature address deposited 4,200 Ether (ETH) into Compound, 10,000 ETH into Spark and 30,800 ETH into Aave. With ETH hovering at around $2,600, the total value of the 45,000 ETH deployed was about $120.4 million.
Aave founder and CEO Stani Kulechov said the 30,800 ETH (about $82.4 million) deployed into Aave Prime and Aave Core is the Ethereum Foundation’s “biggest allocation in DeFi.” Kulechov also said, “DeFi will win,” expressing optimism as the foundation added liquidity to Aave.
