The non-profit Ethereum Foundation (EF) has established a multisig wallet on the Safe platform to engage with the DeFi ecosystem.
Ethereum Foundation Treasury Update
The Ethereum Foundation (@ethereumfndn) has set up a new @safe 3-of-5 multisig wallet.
The wallet address is 0x9fC3dc011b461664c835F2527fffb1169b3C213e
An op has been initiated to send 50,000 ETH there, but be patient; due to signing delays,… pic.twitter.com/sIkAlH8ROf
— hww.eth (@icebearhww) January 20, 2025
“An operation to send 50,000 ETH there has been initiated, but be patient — due to signing delays, processing will take several days,” wrote Ethereum researcher Xiao-Wei Wang, who recently joined the foundation’s leadership team.
According to her, EF has already conducted a test transaction on the lending platform Aave.
“Additionally, Safe has proven its security and ease of use, and over time we will transfer more of our funds there,” she added.
In November 2024, the organization reported treasury reserves amounting to ~$970 million. This coincided with an estimate by Justin Drake, which he shared in September. The researcher noted that EF has funds for approximately 10 years of operation, based on annual expenses of $100 million.
The community has criticized the foundation for periodic cryptocurrency sales from reserves, which users believe exerted pressure on the market price of ether. Concerns were also raised about the transparency of EF’s financial activities. Suggestions were made to use staking to cover expenses through generated income.
In recent days, discussions about the organization’s operations have intensified. A community member with the nickname fishbiscuit described it as “a week of scapegoating EF CEO Aya Miyaguchi due to dissatisfaction with everything and everyone in Ethereum.”
As a result, Ethereum co-founder Vitalik Buterin announced “significant changes” in the foundation’s leadership. He also outlined the structure’s goals, which largely addressed the raised concerns.
ConsenSys founder and head Joseph Lubin proposed replacing Miyaguchi with two co-directors — Ethereum France President Jérôme de Tychey and former researcher Danny Ryan.
Back in November 2024, during a speech at the Devcon 2024 conference, Buterin discussed the prospects for the development of the second-largest cryptocurrency by market capitalization.