Ethereum's Oldest Crisis Reborn as a $220 Million Security Fund

Decrypt01-29

In brief Roughly 75,000 ETH left over from unresolved DAO contracts will be redirected into a long-term security endowment. The initiative formalizes a plan set by early Ethereum curators to use ...

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While most investors were made whole through a contentious hard fork in 2016, a small share of funds remained locked in so-called edge-case contracts overseen by a group of curators.As Ethereum’s price has risen sharply since then, those leftover holdings are now worth more than the roughly $150 million the DAO originally raised.Green said the fund will source about 70,500 ETH from the DAO’s ExtraBalance contract and roughly 4,600 ETH from the curator multisignature wallet.Most of the Ethereum, about 69,420, will be staked to form a long-term endowment, with staking rewards supporting security projects. A portion will remain liquid to address any outstanding claims.Funding decisions will be made through community-driven mechanisms, including quadratic and retroactive funding and ranked-choice voting, with independent operators overseeing grant rounds, Green said.While the original organization was known as the DAO, the new initiative is stylized as TheDAO.The 2016 DAO experiment collapsed after a flaw in its smart contracts allowed an attacker to siphon about $60 million in Etherem, prompting the network's hard fork and the creation of Ethereum Classic.The episode remains one of the network’s most consequential crises.The new board of curators will include Ethereum co-founder Vitalik Buterin, MetaMask security researcher Taylor Monahan, and ENS co-founder Alex Van der Sande.“I want to see Ethereum reach a point where people feel it’s safer to store assets on Ethereum than in a bank,” Green said.Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.Your EmailGet it!Get it!","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2607052785","isCrawlerRequest":true}