Ethereum co-founder Vitalik Buterin has defended the Ethereum Foundation’s incessant ETH sales, asking for some respect amid growing community concerns.
Buterin again responded to growing outbursts from the community about his and the Foundation’s continuous Ethereum sales.
Notably, he had clarified to users a few months ago that he was not selling Ethereum for personal gains, but enthusiasts have remained critical of the sales from him and the Foundation.
Buterin Defends the Ethereum Foundation
In response to Buterin’s X post after the announcement that Helios has become a multichain light client for Ethereum, a user told the co-founder that the largest altcoin by market cap would be fine if he stopped dumping the asset.
Buterin replied, noting he had not sold Ether in the past month. He further stated that his stash of the second-largest crypto asset has grown rather than diminished, as the enthusiast mentioned.
Notably, on-chain analysis confirms Buterin’s claims, as Arkham shows his Ethereum stash has grown by almost 1,000 ETH to 240,094 ETH, valued at $602.5 million. It bears mentioning that Ethereum accounts for 97% of Buterin’s entire on-chain portfolio.
Following the comment, another user queried Buterin about the Ethereum Foundation’s incessant sales. For context, an address tied to the Foundation sold 2,500 ETH ($6.06 million then) a few weeks back, one of its numerous transfers to external wallets and exchanges in recent times.
However, Buterin stated that the Ethereum Foundation sold the asset to cater for operation costs. He argued that the firm needs to pay developers who play a crucial role in maintaining the ecosystem and called for some appreciation and respect towards the Ethereum Foundation.
Buterin Explains Why the Ethereum Foundation Does Not Stake
The co-founder further explained why the Ethereum Foundation does not stake all its Ether. He noted that the organization does not want to be in a position they would need to choose during a contentious hard fork.
Buterin further noted that the only way the Foundation could stake Ethereum was to give its stash to other organizations to do so on its behalf.
Also, to prevent the concentration of its Ethereum on one organization, which could lead to staking centralization, Buterin noted the Foundation is looking to expand the delegation to multiple foundations.
Meanwhile, Buterin has been in founder mode recently, perpetually underscoring the Ethereum network’s possible future pathways.
Per an earlier report, the co-founder highlighted the blockchain’s milestone in its decade-long existence while revealing the next features in its roadmap to enhanced scalability and decentralization.
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