Ethereum Foundation Proposes $43 Million Sale of ETH via Centralized Exchanges
The Ethereum Foundation's decision to sell 10,000 Ether (ETH) has sparked debate within the crypto community. The sale, estimated to be worth around $43 million, will be conducted over several weeks through centralized exchanges (CEXes).
The Foundation's plan has drawn backlash from some members of the crypto community, who question why the sale is not happening via a decentralized exchange or an over-the-counter deal. Vitalik Buterin and other Ethereum community members have also expressed their concerns, suggesting alternative methods such as decentralized issuance or over-the-counter deals with ETH escrow companies.
A user on X platform voiced their dissatisfaction, describing the method as the most polite way of "dumping" on the community. Another user suggested that the sale could potentially lead to a decrease in the price of ETH, and that the community might forget about it shortly after, allowing the price to rise again.
The reasons behind the sale were not explicitly stated, but the funds will be used for research and development (R&D), ecosystem grants, and donations related to the Ethereum ecosystem. The exact amount of ETH to be sold per transaction was not specified, with the Foundation stating that conversions will take place over multiple smaller orders, rather than as a single large transaction.
The concerns in the crypto community are not limited to one individual, but are widespread within the community. Some members have expressed worries about the potential negative impacts on the price of ETH, while others have raised questions about the use of centralized exchanges for the sale of ETH, as opposed to decentralized exchanges or over-the-counter deals.
The Ethereum Foundation's decision to sell ETH has certainly stirred up discussion in the crypto community. As the sale progresses, it will be interesting to see how the market reacts and whether the proposed alternative methods gain traction.
