Blockchain researcher defends Ethereum Foundation, says it’s ‘exactly’ doing its job

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Source: William Mougayar The post comes as the foundation has faced a wave of criticism from the crypto community in recent months. ETH sales, unstaking moves and public silence have drawn repeated accusations that the organization is harming ETH’s price performance. Related: Ethereum is still a good long-term buy, according data: Analyst Mougayar said the EF is on a “subtraction path,” working to become less central to Ethereum over time. “ It is hardening the protocol so the world does not need it so much. It is shipping upgrades. It is funding the research that nobody else funds,” he wrote. He suggested that the criticism comes from people who want a king. He claimed that expecting the EF to market ETH or court institutions is “like expecting the IETF to run Super Bowl ads for TCP/IP.” ETH is currently trading at $2,117.09, up by 4.67% over the past day. However, the token is down more than 57% compared to its all-time high of $4,953 recorded in August last year, according to data from CoinMarketCap. Related: Harvard dumps entire ETH position after just one quarter Earlier this month, the foundation completed its third OTC sale of ETH to BitMine Immersion Technologies, offloading 10,000 ETH at an average price of $2,292, worth roughly $22.9 million. Combined with two earlier transactions, 5,000 ETH in March and another 10,000 ETH the previous week, the Foundation has sold approximately $47 million worth of ETH to BitMine in recent weeks. The sale also came shortly after the foundation unstaked 17,035 ETH worth around $40 million. The EF also unstaked another 21,270 Ether from Lido, worth nearly $50 million, earlier this month. Market Moves: Why is Ethereum Foundation selling? BTC futures warning signs More on the subject

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