blockchainreporter.net
The Ethereum Foundation recently executed a transaction involving the sale of 150 ETH for 487,260 DAI, as reported by Spot On Chain. This transaction occurred just a few hours ago and marks another instance of the foundation’s ongoing strategy to convert ETH holdings into stablecoins.
The Ethereum Foundation sold 150 $ETH for 487,260 $DAI again ~10 mins ago.
— Spot On Chain (@spotonchain) July 31, 2024
The Ethereum Foundation has sold 2,516 $ETH for 7.4M $DAI at ~$2,940 in 2024 so far, of which 250 $ETH ($826K) was sold in the past 8 days.
Follow @spotonchain for more updates on the #EthereumFoundation… https://t.co/igbpgzzimu pic.twitter.com/asvnrmNtgU
Ethereum Foundation Sells 2,516 ETH for $7.4M DAI in 2024
Ethereum Foundation has sold 2,516 ETH for 7.4 million DAI in the year 2024. It has also been calculated that, on average, ETH has been transacted for about $2,940 per unit in these deals. For instance, in the last eight days, the Foundation has sold 250 ETH, which is roughly $826,000.
In this context, the Ethereum Foundation has been on the right side of financial management by frequently selling ETH for DAI. Through the conversion of ETH to DAI, which is a stablecoin that is pegged to the US dollar, the foundation seeks to minimize its vulnerability to market swings.
Ethereum Foundation’s ETH Sales Ensure Stable Revenue for Projects
This selling strategy helps the foundation have more regular and reliable revenues for funding its multiple projects and programs.
As per Spot On Chain, these transactions depict the proactive approach of Ethereum Foundation towards financial security and assets management. So far this year, Foundation has sold 2,516 ETH, including the most recent 150 ETH. It shows its responsibility to remain sound financially.