Key takeaways
- ETH is trading around $4k per coin, down 1.7% in the last 24 hours.
- The leading altcoin could rally towards $4,300 soon amid choppy price action.
Ethereum Foundation deploys 2,400 ETH and $6M on Morpho
Ether, the second-largest cryptocurrency by market cap, has been underperforming over the past 24 hours despite the Ethereum Foundation announcing its DeFi expansion to Morpho.
The Ethereum Foundation announced on Wednesday that it is deploying 2,400 ETH, valued at about $9.3 million, and $6 million worth of stablecoins into the decentralized finance (DeFi) lending protocol Morpho.
The team added that the funds will be deposited into Morpho’s yield-bearing vaults as it looks to expand its recent treasury policy. In its announcement, EF stated that,
“Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre Open Source Software (FLOSS) principles. FLOSS licenses ensure that builders are free to fork and build on existing protocols, making the DeFi ecosystem more resilient and permissionless.”
The Ethereum Foundation is the non-profit that manages research and protocol updates for the Ethereum blockchain. Currently, the foundation holds about $823 million worth of ETH assets in its treasury.