The Ethereum Foundation sells Pectra Upgrade Looms for 100 ETH
The Ethereum Foundation (EF), the main non-profit organization focused on the long-term development of the Ethereum network, continues its Eth sale strategy. As the main source of support on the Ethereum network, EF is often involved in selling stablecoins in Ether to pay staff and services approved by the core team.
According to on-chain data, an Ether address associated with the Ethereum Foundation deposited 100 ETH into the Lam protocol and exchanged it for Dai (DAI) stablecoin earlier today. Specifically, EF got the money from an Ethereum address called Gnosis Safe Proxy, which had a balance of more than $10 million, mostly consisting of Ether.
Following today's sale, Ethereum Foundation sold 4,366 ETH worth over $12.21 million at an average of $2,796.
Market influence on the Ethereum ecosystem
The Ethereum Foundation's recent sale of 100 Ether coincided with the ongoing crypto correction that pushed the price of ETH below $3,800 earlier today. However, the continued sale of Ether by EF is an indication of major developments in the background, which are expected to be revealed in the near future.
As the Ethereum network faces intense competition from other layer one (L1) chains led by Solana (SOL), major improvements are critical to the sustainability of mainstream adoption. For example, Ethereum core developers are working on an update to Pectra, which is scheduled to go live on the mainnet early next year.
The Ethereum Pectra update makes the network faster, more scalable, and easier to use. As a result, the upcoming hard fork will play an important role in the long-term success of the Ethereum Web 3 ecosystem.
