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Ethereum Foundation shifts to DeFi for treasury needs
The Ethereum Foundation (EF) has borrowed $2 million in GHO from Aave, signaling a deeper shift toward decentralized finance (DeFi) treasury strategies.
On May 29, Aave founder Stani Kulechov posted on X, highlighting the growing ties between EF and the DeFi ecosystem, calling it “a full circle of DeFi.”
“EF not only supplies ETH to Aave but now also borrows from Aave,” Kulechov wrote, revealing that EF had borrowed $2 million in GHO for its operational needs.
GHO is a decentralized, overcollateralized stablecoin governed by Aave’s DAO, which manages interest rates, collateral requirements, and facilitator roles.
Back in February, EF allocated 45,000 ETH (worth $120 million at the time) across several DeFi protocols, including Aave, Spark, and Compound. Kulechov described it as “the largest DeFi deployment by the Foundation.”
No more selloffs?
Community members have supported EF’s move away from direct ETH selling, which in the past often triggered market panic and price drops. Instead, voices like EIP-1559 co-author Eric Conner and The Daily Gwei’s Anthony Sassano urged the Foundation to use strategies like staking and stablecoin borrowing through DeFi protocols.
Conner had previously criticized ETH sell-offs as “insane,” implying the Foundation’s main use of funds appeared to be dumping assets. Both he and Sassano encouraged EF to stake ETH or borrow against it, rather than selling.
This latest development indicates the Foundation is taking the advice seriously — marking a potential end to disruptive ETH liquidations and the beginning of more sophisticated treasury management.
As we wrote, Ethereum price approaches $3,000 amid whale accumulation
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