On January 29th, the team behind The DAO announced the creation of a security fund, TheDAO Security Fund. This effort will activate approximately 75,000 Ether (ETH) that has been dormant for almost a decade.
The initiative is a relaunch of the project, which was launched in 2016 and is known for its hacking. Support from network co-founder Vitalik Buterinwhose role will be curator along with six other members.
Co-founder of Ethereum Do not directly manage funds He will not make management decisions, but rather will have an oversight and leadership role within the fund. So far, Buterin has not commented on the matter, limiting himself to sharing DAO publications on X.
The announcement marks a new chapter in a project related to the largest hack in the network’s history, which ended with the theft of 3.6 million ether (ETH). At the time, the amount of the hack was close to $60 million.
As explained by CriptoNoticias, this event ended with the creation of the Ethereum Classic chain after a hard fork (hard fork) This gave rise to Ethereum as we know it today.
In its current efforts, the fund’s focus is not on verifying hacking episodes;Solving the fate of abandoned resources And turn them into a permanent source of funding. This is to protect Ethereum’s infrastructure, as explained in the announcement.
Where will the money for the DAO’s new fund come from?
More than 75,000 ETH supplied to the fund comes from contracts to maintain balances, which went through a post-hack process almost a decade ago.
Of the total, approximately 70,500 ETH is included in the ExtraBalance contract. The remaining 4,600 ETH comes from a multi-signature wallet used by the original curator.
The team will ensure that these resources Dealing with unclaimed cases and exceptional circumstances. Funds remain available for former DAO participants to continue withdrawing; not part Dell Security Fund.
In this way, the fund will only circulate ETH that has not been in circulation for years and had a destination already defined.. If they are not claimed, These were to be used for network security.
How will the DAO’s new fund be financed?
Central to the fund’s design is the use of staking. Of the total 75,000 ETH available, approximately 69,420 ETH will be put into the network’s consensus mechanism (PoS), known as staking.
As explained in the statement, the rewards generated (not the original capital) will be used to fund security efforts. This approach aims to create self-sustaining funds that can operate over the long term without depleting resources.
(Tag translation) Ethereum (ETH)
