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$ETH Ethereum Foundation deployed $120 million into DeFi protocols

While the recent deposit into Sky was not linked to the Ethereum Foundation, the EF has faced criticism in the past for selling ETH for stablecoins to fund team salaries and operations. In January, community members suggested that the foundation could instead borrow stablecoins against its ETH holdings rather than sell the assets.

At the time, Sassano said that instead of swapping ETH for stablecoins, the foundation should consider using Aave to borrow stablec

oins against ETH. Sky allows users to do something similar. By depositing ETH, users can borrow DAI. 

On Feb. 13, the EF listened to the community and deployed 45,000 ETH, about $120 million at the time, to DeFi protocols Aave, Spark and Compound.

Community members celebrated the move, with Aave founder and CEO Stani Kulechov saying, “DeFi will win.” The EF also said there’s “more to come,” suggesting this is not their last foray into DeFi.