October 29, 2024October 29, 2024

Vitalik Buterin Defends Ethereum Foundation Selling ETH, Asserts Revenue Supporting Critical Parts of Ecosystem

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Vitalik Buterin says the Ethereum Foundation’s ETH sales are critical to the success of the leading smart contract platform’s ecosystem.

Last week, Buterin was asked about the Foundation’s sales on the social media platform X, but the Ethereum creator quickly defended the firm.

“Bro the ETH Foundation is paying researchers and devs that are responsible for:

(i) Ethereum not bleeding 5 million ETH/year to proof of work
(ii) your fees being low today
(iii) your transactions getting included in < 30 seconds instead of like 1-30 minutes (EIP 1559)

Show some respect.

(iv) zk tech that lets people use ETH privately (eg. railway)
(v) account abstraction tech that will let normies use ETH safely without seed phrases *or* SBF (Sam Bankman-Fried)-style central points of failure
(vi) local ETH events worldwide, including many that barely mention the Foundation’s name.”

Buterin also mentioned that ETH sales contributed to Ethereum not having any downtime from denial-of-service (DoS) attacks or consensus failures since 2016.

A DoS attack is typically a malicious attempt by bad actors to flood the target project with traffic to overwhelm the network’s infrastructure.

The Ethereum creator also argues that ETH sales fund various security developments that have prevented fund losses, as well as code libraries for wallets and decentralized finance (DeFi) apps.

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