Ethereum Foundation Sells 100 ETH for Dai as Pectra Upgrade Looms

The post Ethereum Foundation Sells 100 ETH for Dai as Pectra Upgrade Looms appeared first on Coinpedia Fintech News

Ethereum Foundation (EF), a major non-profit organization dedicated to the long-term development of the Ethereum network, has continued with its Eth selling strategy. As a major grant source on the Ethereum network, the EF often engages in Ether selling for stablecoins to pay employees and services approved by the core team.

According to on-chain data, an Ether address associated with the Ethereum Foundation deposited 100 ETH into Cow Protocol and swapped for Dai (DAI) stablecoins earlier today. Notably, the EF received the funds from an Ethereum address named Gnosis Safe Proxy with a balance of over $10 million, mostly consisting of Ether.

Following today’s sale, the Ethereum Foundation has sold 4,366 ETH worth over $12.21 million at an average price of about $2,796.

The recent sale of 100 Ether by the Ethereum Foundation coincided with the ongoing crypto correction, which pushed the ETH price below $3,800 earlier today. However, the continued Ether sale by the EF is an indication of major developments in the background expected to be unveiled in the near term.

With the Ethereum network facing immense competition from other layer one (L1) chains led by Solana (SOL), major improvements are crucial to sustainable mainstream adoption. For instance, the Ethereum core developers are working on the Pectra upgrade, which is scheduled to go live on the mainnet earlier next year.

The Ethereum’s Pectra upgrade will make the network faster, more scalable, and easier to use. As a result, the upcoming hard fork will play a crucial role in the long-term success of Ethereum’s web3 ecosystem.