Vitalik Stands Firm Against Public Criticism Advocates for Respect towards Ethereum Foundation Contributions
Ethereum Foundation’s Multiple Sales of Ether Raises Market Concerns
The recent sales of Ether by Vitalik Buterin, the founder of Ethereum (also known as V God), and the Ethereum Foundation have garnered widespread attention and concerns within the community. On-chain analysis reveals that the Ethereum Foundation has exchanged Ether for cash multiple times this year. For example, on October 15th, the Foundation sold Ether worth approximately $258,000, and two weeks ago, it transferred Ether worth around $3.03 million to the Bitstamp exchange. According to data from on-chain analyst Lookonchain, the Foundation has cashed out more than $11 million worth of Ether since January.
These transactions have raised concerns among market participants, especially since they often coincide with bullish trends in the Ether market. Some community members believe that these actions by Buterin and the Foundation are weakening the market performance of Ether and have repeatedly called for Buterin to “stop selling Ether.”
V God Clarifies: I Haven’t Sold Any Ether, My Holdings Have Increased
In response to market skepticism, Vitalik clarified yesterday (10/26) that he has not sold any Ether in the past month and has even increased his own holdings. He emphasized that the recent transactions were not his personal actions but rather fund management by the Ethereum Foundation.
When further questioned about the reasons behind the Foundation’s sale of over $3.3 million worth of Ether this month, Buterin provided a detailed explanation. He pointed out that the Foundation is funding a series of important research and development projects that are crucial for the development of the Ethereum ecosystem.
Foundation Funds Key Developments, Vitalik Calls for Community Understanding
According to Vitalik’s response, the projects funded by the Ethereum Foundation include preventing the loss of 5 million Ether annually due to the Proof of Work (PoW) mechanism, maintaining low transaction fees, and ensuring transactions are processed within 30 seconds instead of taking 1 to 30 minutes. In addition, the Foundation is also dedicated to developing zero-knowledge technologies like zk-railway, which allows for private usage of Ethereum.
He also mentioned that the Foundation is developing account abstraction technology to enable ordinary users to securely use Ether without the need to remember mnemonic phrases and avoid centralized risks. The Foundation has organized numerous local Ethereum events worldwide, although its name has not been prominently displayed.
Furthermore, since 2016, Ethereum has maintained zero downtime in preventing Distributed Denial of Service (DoS) attacks and consensus failures. The Foundation has implemented multiple security measures through internal development and funding programs to help prevent significant fund losses. They also provide databases that support various coding requirements, such as wallets and decentralized finance (DeFi) applications.
Finally, Vitalik urges community members to respect the Foundation’s efforts and refrain from criticizing its necessary fund management. He emphasizes that the Foundation’s fund utilization is for the long-term development of the Ethereum ecosystem and should be understood and supported.
