The Ethereum Foundation (EF) discreetly crossed a tactical stage by borrowing $ 2 million in stablescoins from GHO using ETH (Weth) wrapped as guarantee on the Aave protocol.
Marc Zeller, founder of the Aavechan initiative, shared development on May 29, noting that the use of the GHO foundation aligns with the proposal for a fundamental value of Aave, allowing ETH holders to release liquidity without leaving their positions.
He said:
“They did not have to sell a single eTh to finance their objectives. Aave is designed for conviction holders. ”
Stani Kulechov, founder of the Aave protocol, echoed this feeling. He stressed that the EF provides ETH and borrows from Aave, calling it as demonstration of the complete usefulness cycle of Defi.
The Ethereum Foundation did not officially comment on the transaction at the time of the press.
However, the cryptographic community has largely supported the strategy, considering it as a cautious approach to the management of treasury and long -term sustainability.
Maksym Blazhkun, the co-founder of Wenode, said:
“Borrow without selling – it is a conviction in action in action. Ethereum Foundation playing intelligently with Aave. “
According to Defilma data, Aave is the Dominant Defid Loan Protocol of Ethereum, with more than $ 43 billion of total locked value (TVL). The GHO is the stablecoin on percourament on the native of Aave and currently has a circulating offer of 249 million dollars.
According to the token terminal of the blockchain analysis company, active loans and GHO issues are critical measures that are directly correlated with Aave Dao’s ability to generate income.
Repamp from the Ethereum Foundation
Meanwhile, this loan decision follows EF’s recent efforts to reshape its cash strategy after extension of community complaints.
Earlier this year, the Foundation deployed 50,000 ETH on several DEFI platforms. This included a February deposit of 30,800 ETH in Aave, divided between its main market and Aave Prime. Additional allowances included 10,000 ETH in the spark of Makerdao and 4,200 ETH to compose.
The loan reflects a strategic change in the liquidation of the ETH to financial operations. Instead, EF is now based in Defi loans to maintain its assets while generating a yield.
This approach also distracted the foundation of the criticisms it faced in January, when she sold 300 ETH worth almost $ 1 million.
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