Ether Whales Unfazed as Market Dips, Fluid Proposes DAO-Funded Foundation

The cryptocurrency market has been experiencing a prolonged downturn, with Ether (ETH) prices dipping for the sixth consecutive week. Despite this, Ether whales, or large-scale investors, appear to be unfazed by the market volatility. According to recent data, Ether whale order sizes are shrinking, and a $2 billion short cluster near $2,000 has formed, indicating a tightening liquidity scenario for ETH.

Meanwhile, in the decentralized finance (DeFi) space, Fluid DAO is considering a proposal to establish a foundation funded by a $3M annual grant. The proposal, submitted by DMH, the COO of Instadapp, the firm behind Fluid, aims to transfer all of the DeFi platform's intellectual property into a Cayman Islands foundation. The foundation would be governed by DAO votes and would operate through custodians and directors.

The proposed foundation would have no owners and would solely focus on holding and stewarding the protocol's intellectual property on behalf of the DAO. This move is seen as a way to ensure the long-term sustainability and decentralization of the Fluid protocol. The foundation would be funded by a $250,000 monthly grant, which would be used to support the development and operations of the platform.

The creation of a foundation is a common setup for crypto organizations, providing a framework for governance and decision-making. By transferring its intellectual property to a foundation, Fluid DAO aims to ensure that the protocol remains community-driven and decentralized.

In contrast to the DeFi space, the Ether market is experiencing a period of uncertainty. The longest dip since 2022 has led to a tightening liquidity scenario, with a $2 billion short cluster forming near $2,000. This has resulted in shrinking Ether whale order sizes, indicating a decrease in investor confidence.

Despite this, Ether whales appear to be holding steady, with no significant changes in their investment strategies. This resilience is likely due to the long-term potential of the Ethereum network, which continues to be a major player in the cryptocurrency space.

The proposed Fluid foundation and the Ether market dip are two separate developments that highlight the complexities of the cryptocurrency space. As the market continues to evolve, it will be interesting to see how these developments play out and what impact they will have on the broader crypto ecosystem.

Sources:

• "Longest Ether dip since 2022 ignored by whales: What’s next for ETH?" by Cointelegraph
• "Fluid Proposes Establishing a Foundation Funded by $3M Annual Grant From DAO" by unknown source