Buterin Claps Back at Critics over Ethereum Foundation’s ETH Sales ⋆ ZyCrypto
The post Buterin Claps Back at Critics over Ethereum Foundation’s ETH Sales ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Ethereum (ETH) co-founder Vitalik Buterin has slammed critics who call out the Ethereum Foundation for selling ETH. In an X post, Buterin noted that the funds raised from ETH sales went towards supporting the Ethereum blockchain. Buterin says the organization uses the funds to pay researchers and developers. Part of the funds are also used to ensure that the blockchain operates smoothly and achieves important upgrades. “The ETH foundation is paying researchers and devs that are responsible for Ethereum not bleeding 5M ETH/year to proof of work, your fees being low today… Show some respect,” he stated. bro the ETH foundation is paying researchers and devs that are responsible for (i) ethereum not bleeding 5M ETH/year to proof of work(ii) your fees being low today(iii) your txs getting included in < 30s instead of like 1-30 min (eip 1559) show some respect — vitalik.eth (@VitalikButerin) October 26, 2024 His remarks come amid intense selling by the Ethereum Foundation in recent months. As ZyCrypto reported, the organization’s sales have been among the factors attributed to ETH’s poor price performance. Buterin added that part of the funds raised from the sale would support multiple events globally. Furthermore, developers who worked on improving Ethereum’s security and mitigating threats such as distributed denial of service (DDoS) attacks were also paid from these funds. Advertisement   Staking will create governance issues Buterin further responded to a user who questioned why the Ethereum Foundation could not stake the ETH tokens it owns and generate yield. By doing so, the organization could be less inclined to sell tokens to cover the costs of maintaining the blockchain’s security and meeting developer needs. However according to Buterin, if the foundation engaged in staking, it would be required to participate in governance. As such, given the many…
Filed under: News - @ October 28, 2024 9:25 pm