Thanks to the following EF members for their valuable comments and feedback on the draft of this document: Bastian Aue, Vitalik Buterin, Bogdan Popa, Tomasz Stańczak, Fredrik Svantes, Yoav Weiss, Dankrad Feist, Tim Beiko, Nicolas Consigny, Nixo, Alex Stokes, Ladislaus, and Joseph Schweitzer.
At the same time, thanks to kpk, Steakhouse Financial, and pcaversaccio for providing valuable insights and conducting the final review of this document.
The Ethereum Foundation (EF) is committed to strengthening the Ethereum ecosystem and consistently upholds its uncompromising core goal: to support "applications that can run entirely as programmed, with no downtime, no censorship, no fraud, and no third-party interference." The EF Treasury aims to maintain the long-term independence, sustainability, and credibility of the foundation. In capital allocation, EF focuses on expanding its role as a manager of the Ethereum ecosystem while pursuing returns that exceed benchmark rates, particularly in support of decentralized finance (DeFi).
This document provides the policies and guidelines for EF treasury management and discusses key indicators and considerations.
Macroeconomic Policy
In order to achieve its goals, EF will formulate and regularly optimize asset-liability management policies and high-level funding allocation strategies. EF's asset management will comprehensively consider risks, duration, and liquidity, while ensuring alignment with the core principles of Ethereum.
Our management strategy focuses on the following two variables:
A: Annual operating expenses (expressed as a percentage of the current total treasury)
B: Operating buffer period (expressed in the operational years supported by reserves)
The formula is as follows:
A × B: Determines the target reserve scale priced in fiat currency (on-chain or off-chain), which directly affects the scale and pace of ETH sales.
(Total Treasury - A × B): Defines the value of the ETH reserves, and the quantity of ETH in the core holdings can be derived by dividing this value by the ETH price.
The board and management of EF will regularly reassess these two variables, taking into account market dynamics and community opinions to ensure that short-term operations align with long-term strategies. Each assessment will also be based on the following two perspectives:
Identify the key years that require increased participation in the ecosystem.
Maintain a counter-cyclical stance - increase support during market downturns and moderately reduce support during bull markets.
The current objectives are: A = 15% of the treasury for annual operating expenses; B = a 2.5-year operational buffer period.
This policy reflects our belief that 2025-2026 may be a pivotal year for the development of Ethereum, and therefore, resources need to be focused on completing important tasks.
EF is expected to take on a managerial role in the long term, but its responsibilities will gradually be reduced. Over the next five years, we plan to gradually and linearly reduce annual operating expenses, ultimately reaching a long-term baseline level of 5%, which is relatively common among endowment fund organizations. This adjustment path and baseline will be reviewed and optimized based on actual circumstances.
Cryptocurrency Asset Policy
EF will strive to achieve reasonable returns on treasury assets while adhering to the core principles of Ethereum.
Key considerations for on-chain investment portfolios include but are not limited to:
Safety and Reliability: Prioritize protocols that have been rigorously tested, are immutable, audited, and permissionless. Support participants in the Ethereum DeFi ecosystem that have positive-sum effects. Avoid increasing the overall systemic risk of Ethereum while continuously assessing the potential attack vectors and risks of projects, including but not limited to smart contracts, governance, custody (such as stablecoins), and oracle risks.
Reasonable returns and risk control: Choose conservative options with high liquidity, rather than blindly pursuing high returns. It is important not only to guard against the risk of capital loss, but also to focus on liquidity and portfolio flexibility. For slightly riskier investments, the size will be limited and segregated will be adopted. In any case, EF will ensure that the total amount locked (TVL) of participating in a single project is low.
The deeper goal of Ethereum: to support highly secure, decentralized, open-source applications that align with the spirit of cypherpunk. Cypherpunk-style DeFi should feature permissionless characteristics: no high walls. The ideal protocol should minimize trust requirements, be composable, and place a strong emphasis on privacy protection.
EF will frequently adjust the allocation of funds among different protocols based on changes in market conditions, to diversify investment risks or to seize new yield opportunities. Fund withdrawals should be understood as a strategy adjustment, rather than a negation of the project.
2.1 Ether Selling Strategy
Throughout the year, EF will regularly calculate the deviation between the fiat-valued assets in the treasury and the operational buffer target ("B"), and decide whether it is necessary to sell Ether and the amount to be sold within the next three months. These sales are usually completed through fiat withdrawal channels or on-chain exchanges with fiat-valued assets.
2.2 Ethereum Deployment Strategy
Currently, EF's deployment strategy includes solo staking and providing wETH to mature lending protocols. Core deployments will be continuously reassessed, but overall, the goal is long-term holding. In addition, EF may seek higher on-chain yields by borrowing stablecoins. The management and advisory team of EF will conduct a thorough review of candidate protocols, focusing on evaluating factors such as contract security, liquidity risk, and de-pegging risk. As the DeFi ecosystem continues to mature, EF plans to integrate a portion of selected on-chain asset allocations (including rigorously vetted yield farms and tokenized real-world assets RWA) into its fiat reserves.
Fiat Valuation Asset Policy
EF will allocate its fiat currency holding assets based on the following three types of demands:
Instant liquid assets: cash and other highly liquid fiat-denominated instruments used to meet real-time operational needs;
Matching liabilities with reserves: time deposits, investment-grade bonds, and other low-risk instruments to meet long-term obligations;
Tokenization of Real World Assets (RWA): Managed according to the same strategic goals and risk guidelines as native crypto assets.
Transparency Policy
The Co-Executive Directors (Co-EDs) of EF are accountable to the board and are required to manage the treasury while ensuring transparency, accountability, and informed oversight. To this end, EF has established a structured internal reporting mechanism, with the finance team responsible for preparing and maintaining reports, which are distributed based on scope and sensitivity.
4.1 Quarterly Report
The finance team provides quarterly reports to the board of directors and management, which include:
Performance (absolute performance and comparison with the benchmark);
All positions (unsettled and settled positions since the last report);
Summary of major events, including:
Operational status (processes, infrastructure, security updates/events, etc.);
The annual EF report will include more information related to the treasury, such as a summary of the main treasury allocations, including the percentage distribution of fiat currencies, idle ETH, and deployed ETH.
The goal of the cypherpunk
The Ethereum Foundation (EF) is dedicated to establishing and applying a practical evaluation framework, which we call "Defipunk," based on the principles of Cypherpunk through research, advocacy, and capital deployment. This framework has the following characteristics:
Security
Open Source
Financial sovereignty
Technical solutions are superior to trust-based solutions (such as multi-signature mechanisms and those relying heavily on legal enforcement).
Actively deploy cryptocurrency tools to protect citizen freedoms.
Privacy Protection
Privacy has historically been overlooked in the broader DeFi space, yet it remains crucial. Privacy not only protects market participants from digital surveillance (such as front-running, sandwich attacks, liquidation sniping, targeted phishing, image analysis, and data-driven coercion) but also guards against real-world physical threats (such as face-to-face coercion).
5.1 EF should actively support the realization of the Defipunk concept.
Ethereum is attracting exponentially growing capital, talent, and innovative energy. However, growth often has path dependency: standards adopted during periods of rapid growth and chaos may solidify into future legacy constraints; and designs that prioritize transparency may default to locking in monitoring modes. Existing systems often narrow the design space for new DeFi primitives through subtle pressures and limit privacy-centric innovation. The Ethereum Foundation will be committed to resisting these pressures.
Through research, advocacy, and strategic capital deployment, EF can help nurture an Ethereum-native financial ecosystem that can defend financial sovereignty while scaling, and maintain an open society in the "electronic age."
Transforming this vision into practical infrastructure requires a significant amount of effort. Currently, building crypto-punk DeFi protocols faces numerous challenges, including higher gas fees resulting from privacy features, user experience friction, difficulties in launching liquidity, technical complexity, stricter auditing requirements due to immutability, and opposing forces related to privacy. As a result, today's DeFi ecosystem largely relies on centralized elements, such as backdoor closure mechanisms or fund withdrawal features, excessive reliance on multi-signature or multi-party computation (MPC), widespread use of whitelists, centralized and monitored user interfaces, and a general lack of on-chain privacy—these all expose the DeFi market and participants to systemic vulnerabilities.
Privacy especially needs to be treated properly. As the "Cypherpunk Manifesto" points out, "For privacy to become widely adopted, it must become part of the social contract." Privacy has inherent network effects, but has received little attention so far. This indicates that strong early support from institutions like EF can play a unique role in shaping a DeFi ecosystem that places greater emphasis on privacy.
EF has unique advantages in guiding DeFi towards these goals. For example:
Support the development of privacy features for early DeFi protocols;
Encourage mature protocols to strengthen Defipunk attributes through research collaboration, liquidity support, and legitimacy empowerment.
Promote the research and development of decentralized user interfaces.
For a more complete standard regarding project support, please refer to §5.3.
5.2 Defipunk Starts from Itself
Advocating for open source, privacy protection, and other Defipunk goals applies not only to the external operations of the Ethereum Foundation (EF) but also includes the internal operations of EF itself. Practicing Defipunk principles in EF's treasury management is an important first step towards this goal. More broadly, EF can utilize secure tools to build prudent operational structures that support all qualified contributors, including anonymous and pseudonymous participants, and further improve its security and privacy practices. This will help EF adhere to its principles while enhancing its capacity for strength, stability, and a firm stance.
Employees involved in financial management should use and/or contribute to open-source privacy protection tools, especially when the use of these tools requires the enhancement of relevant skills. By effectively implementing the Defipunk principles in their activities, EF will maintain a clear focus and gain the ability to support the entire ecosystem in practicing these principles.
5.3 Defipunk Evaluation Criteria
The following are specific criteria for evaluating protocols and user interfaces (UI), aimed at encouraging the launch of new projects and the improvement of existing ones. These criteria will apply to all future on-chain deployments of EF. While certain criteria (such as permissionless access, self-hosting, and free open-source software) are clear binary judgments, others are more complex. Currently, projects do not need to achieve an "ideal" state on every dimension. We prioritize credible progress and improvement roadmaps over striving for perfection from the outset. We share this framework publicly to enhance the transparency of EF's decision-making and to establish consistency across these dimensions, while also hoping the broader community will consider, adjust, or apply these criteria in forming their own views.
Permissionless access: Does the core smart contract allow anyone to interact without KYC (Know Your Customer) or a whitelist?
Does the protocol allow users to maintain self-custody and set it as the default option?
Is the Free and Open Source Software (FLOSS) contract code free and open source under a copyleft license (e.g., AGPL) or a permissive license (e.g., MIT, Apache)? Providing only source code, such as BSL, is not acceptable.
Privacy Protection
Transaction Privacy: Is there an option to mask the source/destination/amount of transactions?
Status Privacy: Are user/personal data and location information masked on the chain?
Data Privacy: Do the protocols and their typical user interfaces avoid unnecessary collection of user data (such as user agents) and personal data (such as IP addresses)?
Open Development Process
Does the development process have reasonable transparency?
Is the code repository publicly accessible and actively maintained?
Is there a clear reason and version history for the changes to the agreement?
Is the decision-making process for upgrades, parameters, and the roadmap visible?
The core logic of maximum trust minimization.
Immutability Whether the basic logic of the protocol is unupgradable, or is managed by a highly decentralized, time-locked, and transparent process? (Avoid using administrator keys with broad permissions.)
Maximizing the feasible crypto-economic model Does the protocol rely to the greatest extent on cryptographic guarantees and economic incentives, while minimizing dependence on legal wrappers (such as collateral guarantees) or off-chain execution to the lowest level required by its core functions?
Oracle Dependence
Is it possible to minimize reliance on oracles and reduce losses to a minimum in the event that the oracle is compromised?
In cases where oracles must be used, should a robust, decentralized, governance-minimized, and manipulation-resistant oracle be adopted?
General Security
Has the contract been audited, and is there a process to track the submitted hash of the audit against the final deployed version? Ideally, it should include monitoring/alert mechanisms to detect any changes in discrepancies.
Has the contract attributes undergone formal verification, or at least completed bytecode verification on the blockchain explorer?
Distributed User Interface (UI)
Are there multiple independent user interfaces?
Is the main user interface open source and hosted in a decentralized manner?
Can users interact directly with the contract?
Ongoing Management Responsibilities
The Ethereum Foundation (EF) is committed to long-term development and requires a robust long-term treasury management policy. In the past, EF held ETH for the long term, but it is now gradually shifting towards staking and DeFi, not only to enhance financial sustainability but also to support a key application area that currently promises permissionless and secure access to foundational civil infrastructure for millions of people. EF's participation in these areas sets a good precedent for the responsible and goal-aligned use of tools.
In order to achieve this goal, EF will invest heavily in enhancing its capabilities over time.
If you have ideas that can contribute to the combination of EF and DeFi, please fill out this form.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Ethereum Foundation Strategic Adjustment: Treasury Policy, Key Indicators, and Responsibility Changes
Author: Hsiao-Wei Wang
Compiled by: Deep Tide TechFlow
Thanks to the following EF members for their valuable comments and feedback on the draft of this document: Bastian Aue, Vitalik Buterin, Bogdan Popa, Tomasz Stańczak, Fredrik Svantes, Yoav Weiss, Dankrad Feist, Tim Beiko, Nicolas Consigny, Nixo, Alex Stokes, Ladislaus, and Joseph Schweitzer.
At the same time, thanks to kpk, Steakhouse Financial, and pcaversaccio for providing valuable insights and conducting the final review of this document.
The Ethereum Foundation (EF) is committed to strengthening the Ethereum ecosystem and consistently upholds its uncompromising core goal: to support "applications that can run entirely as programmed, with no downtime, no censorship, no fraud, and no third-party interference." The EF Treasury aims to maintain the long-term independence, sustainability, and credibility of the foundation. In capital allocation, EF focuses on expanding its role as a manager of the Ethereum ecosystem while pursuing returns that exceed benchmark rates, particularly in support of decentralized finance (DeFi).
This document provides the policies and guidelines for EF treasury management and discusses key indicators and considerations.
In order to achieve its goals, EF will formulate and regularly optimize asset-liability management policies and high-level funding allocation strategies. EF's asset management will comprehensively consider risks, duration, and liquidity, while ensuring alignment with the core principles of Ethereum.
Our management strategy focuses on the following two variables:
A: Annual operating expenses (expressed as a percentage of the current total treasury)
B: Operating buffer period (expressed in the operational years supported by reserves)
The formula is as follows:
A × B: Determines the target reserve scale priced in fiat currency (on-chain or off-chain), which directly affects the scale and pace of ETH sales.
(Total Treasury - A × B): Defines the value of the ETH reserves, and the quantity of ETH in the core holdings can be derived by dividing this value by the ETH price.
The board and management of EF will regularly reassess these two variables, taking into account market dynamics and community opinions to ensure that short-term operations align with long-term strategies. Each assessment will also be based on the following two perspectives:
Identify the key years that require increased participation in the ecosystem.
Maintain a counter-cyclical stance - increase support during market downturns and moderately reduce support during bull markets.
The current objectives are: A = 15% of the treasury for annual operating expenses; B = a 2.5-year operational buffer period.
This policy reflects our belief that 2025-2026 may be a pivotal year for the development of Ethereum, and therefore, resources need to be focused on completing important tasks.
EF is expected to take on a managerial role in the long term, but its responsibilities will gradually be reduced. Over the next five years, we plan to gradually and linearly reduce annual operating expenses, ultimately reaching a long-term baseline level of 5%, which is relatively common among endowment fund organizations. This adjustment path and baseline will be reviewed and optimized based on actual circumstances.
EF will strive to achieve reasonable returns on treasury assets while adhering to the core principles of Ethereum.
Key considerations for on-chain investment portfolios include but are not limited to:
Safety and Reliability: Prioritize protocols that have been rigorously tested, are immutable, audited, and permissionless. Support participants in the Ethereum DeFi ecosystem that have positive-sum effects. Avoid increasing the overall systemic risk of Ethereum while continuously assessing the potential attack vectors and risks of projects, including but not limited to smart contracts, governance, custody (such as stablecoins), and oracle risks.
Reasonable returns and risk control: Choose conservative options with high liquidity, rather than blindly pursuing high returns. It is important not only to guard against the risk of capital loss, but also to focus on liquidity and portfolio flexibility. For slightly riskier investments, the size will be limited and segregated will be adopted. In any case, EF will ensure that the total amount locked (TVL) of participating in a single project is low.
The deeper goal of Ethereum: to support highly secure, decentralized, open-source applications that align with the spirit of cypherpunk. Cypherpunk-style DeFi should feature permissionless characteristics: no high walls. The ideal protocol should minimize trust requirements, be composable, and place a strong emphasis on privacy protection.
EF will frequently adjust the allocation of funds among different protocols based on changes in market conditions, to diversify investment risks or to seize new yield opportunities. Fund withdrawals should be understood as a strategy adjustment, rather than a negation of the project.
2.1 Ether Selling Strategy
Throughout the year, EF will regularly calculate the deviation between the fiat-valued assets in the treasury and the operational buffer target ("B"), and decide whether it is necessary to sell Ether and the amount to be sold within the next three months. These sales are usually completed through fiat withdrawal channels or on-chain exchanges with fiat-valued assets.
2.2 Ethereum Deployment Strategy
Currently, EF's deployment strategy includes solo staking and providing wETH to mature lending protocols. Core deployments will be continuously reassessed, but overall, the goal is long-term holding. In addition, EF may seek higher on-chain yields by borrowing stablecoins. The management and advisory team of EF will conduct a thorough review of candidate protocols, focusing on evaluating factors such as contract security, liquidity risk, and de-pegging risk. As the DeFi ecosystem continues to mature, EF plans to integrate a portion of selected on-chain asset allocations (including rigorously vetted yield farms and tokenized real-world assets RWA) into its fiat reserves.
EF will allocate its fiat currency holding assets based on the following three types of demands:
Instant liquid assets: cash and other highly liquid fiat-denominated instruments used to meet real-time operational needs;
Matching liabilities with reserves: time deposits, investment-grade bonds, and other low-risk instruments to meet long-term obligations;
Tokenization of Real World Assets (RWA): Managed according to the same strategic goals and risk guidelines as native crypto assets.
The Co-Executive Directors (Co-EDs) of EF are accountable to the board and are required to manage the treasury while ensuring transparency, accountability, and informed oversight. To this end, EF has established a structured internal reporting mechanism, with the finance team responsible for preparing and maintaining reports, which are distributed based on scope and sensitivity.
4.1 Quarterly Report
The finance team provides quarterly reports to the board of directors and management, which include:
Performance (absolute performance and comparison with the benchmark);
All positions (unsettled and settled positions since the last report);
Summary of major events, including:
Operational status (processes, infrastructure, security updates/events, etc.);
Ecological participation (meetings, partnerships, etc.).
4.2 Annual Report
The annual EF report will include more information related to the treasury, such as a summary of the main treasury allocations, including the percentage distribution of fiat currencies, idle ETH, and deployed ETH.
The Ethereum Foundation (EF) is dedicated to establishing and applying a practical evaluation framework, which we call "Defipunk," based on the principles of Cypherpunk through research, advocacy, and capital deployment. This framework has the following characteristics:
Security
Open Source
Financial sovereignty
Technical solutions are superior to trust-based solutions (such as multi-signature mechanisms and those relying heavily on legal enforcement).
Actively deploy cryptocurrency tools to protect citizen freedoms.
Privacy Protection
Privacy has historically been overlooked in the broader DeFi space, yet it remains crucial. Privacy not only protects market participants from digital surveillance (such as front-running, sandwich attacks, liquidation sniping, targeted phishing, image analysis, and data-driven coercion) but also guards against real-world physical threats (such as face-to-face coercion).
5.1 EF should actively support the realization of the Defipunk concept.
Ethereum is attracting exponentially growing capital, talent, and innovative energy. However, growth often has path dependency: standards adopted during periods of rapid growth and chaos may solidify into future legacy constraints; and designs that prioritize transparency may default to locking in monitoring modes. Existing systems often narrow the design space for new DeFi primitives through subtle pressures and limit privacy-centric innovation. The Ethereum Foundation will be committed to resisting these pressures.
Through research, advocacy, and strategic capital deployment, EF can help nurture an Ethereum-native financial ecosystem that can defend financial sovereignty while scaling, and maintain an open society in the "electronic age."
Transforming this vision into practical infrastructure requires a significant amount of effort. Currently, building crypto-punk DeFi protocols faces numerous challenges, including higher gas fees resulting from privacy features, user experience friction, difficulties in launching liquidity, technical complexity, stricter auditing requirements due to immutability, and opposing forces related to privacy. As a result, today's DeFi ecosystem largely relies on centralized elements, such as backdoor closure mechanisms or fund withdrawal features, excessive reliance on multi-signature or multi-party computation (MPC), widespread use of whitelists, centralized and monitored user interfaces, and a general lack of on-chain privacy—these all expose the DeFi market and participants to systemic vulnerabilities.
Privacy especially needs to be treated properly. As the "Cypherpunk Manifesto" points out, "For privacy to become widely adopted, it must become part of the social contract." Privacy has inherent network effects, but has received little attention so far. This indicates that strong early support from institutions like EF can play a unique role in shaping a DeFi ecosystem that places greater emphasis on privacy.
EF has unique advantages in guiding DeFi towards these goals. For example:
Support the development of privacy features for early DeFi protocols;
Encourage mature protocols to strengthen Defipunk attributes through research collaboration, liquidity support, and legitimacy empowerment.
Promote the research and development of decentralized user interfaces.
For a more complete standard regarding project support, please refer to §5.3.
5.2 Defipunk Starts from Itself
Advocating for open source, privacy protection, and other Defipunk goals applies not only to the external operations of the Ethereum Foundation (EF) but also includes the internal operations of EF itself. Practicing Defipunk principles in EF's treasury management is an important first step towards this goal. More broadly, EF can utilize secure tools to build prudent operational structures that support all qualified contributors, including anonymous and pseudonymous participants, and further improve its security and privacy practices. This will help EF adhere to its principles while enhancing its capacity for strength, stability, and a firm stance.
Employees involved in financial management should use and/or contribute to open-source privacy protection tools, especially when the use of these tools requires the enhancement of relevant skills. By effectively implementing the Defipunk principles in their activities, EF will maintain a clear focus and gain the ability to support the entire ecosystem in practicing these principles.
5.3 Defipunk Evaluation Criteria
The following are specific criteria for evaluating protocols and user interfaces (UI), aimed at encouraging the launch of new projects and the improvement of existing ones. These criteria will apply to all future on-chain deployments of EF. While certain criteria (such as permissionless access, self-hosting, and free open-source software) are clear binary judgments, others are more complex. Currently, projects do not need to achieve an "ideal" state on every dimension. We prioritize credible progress and improvement roadmaps over striving for perfection from the outset. We share this framework publicly to enhance the transparency of EF's decision-making and to establish consistency across these dimensions, while also hoping the broader community will consider, adjust, or apply these criteria in forming their own views.
Permissionless access: Does the core smart contract allow anyone to interact without KYC (Know Your Customer) or a whitelist?
Does the protocol allow users to maintain self-custody and set it as the default option?
Is the Free and Open Source Software (FLOSS) contract code free and open source under a copyleft license (e.g., AGPL) or a permissive license (e.g., MIT, Apache)? Providing only source code, such as BSL, is not acceptable.
Privacy Protection
Transaction Privacy: Is there an option to mask the source/destination/amount of transactions?
Status Privacy: Are user/personal data and location information masked on the chain?
Data Privacy: Do the protocols and their typical user interfaces avoid unnecessary collection of user data (such as user agents) and personal data (such as IP addresses)?
Open Development Process
Does the development process have reasonable transparency?
Is the code repository publicly accessible and actively maintained?
Is there a clear reason and version history for the changes to the agreement?
Is the decision-making process for upgrades, parameters, and the roadmap visible?
The core logic of maximum trust minimization.
Immutability Whether the basic logic of the protocol is unupgradable, or is managed by a highly decentralized, time-locked, and transparent process? (Avoid using administrator keys with broad permissions.)
Maximizing the feasible crypto-economic model Does the protocol rely to the greatest extent on cryptographic guarantees and economic incentives, while minimizing dependence on legal wrappers (such as collateral guarantees) or off-chain execution to the lowest level required by its core functions?
Oracle Dependence
Is it possible to minimize reliance on oracles and reduce losses to a minimum in the event that the oracle is compromised?
In cases where oracles must be used, should a robust, decentralized, governance-minimized, and manipulation-resistant oracle be adopted?
General Security
Has the contract been audited, and is there a process to track the submitted hash of the audit against the final deployed version? Ideally, it should include monitoring/alert mechanisms to detect any changes in discrepancies.
Has the contract attributes undergone formal verification, or at least completed bytecode verification on the blockchain explorer?
Distributed User Interface (UI)
Are there multiple independent user interfaces?
Is the main user interface open source and hosted in a decentralized manner?
Can users interact directly with the contract?
The Ethereum Foundation (EF) is committed to long-term development and requires a robust long-term treasury management policy. In the past, EF held ETH for the long term, but it is now gradually shifting towards staking and DeFi, not only to enhance financial sustainability but also to support a key application area that currently promises permissionless and secure access to foundational civil infrastructure for millions of people. EF's participation in these areas sets a good precedent for the responsible and goal-aligned use of tools.
In order to achieve this goal, EF will invest heavily in enhancing its capabilities over time.
If you have ideas that can contribute to the combination of EF and DeFi, please fill out this form.