There is agitation fermenting in the Ethereum community over criticisms of the leadership of the Ethereum Foundation and its financial management, leading to calls for a “wartime CEO” and proposals for alternative organizational structures.
Dissent Brews Within the Ethereum Community
The Ethereum community is facing internal turmoil as criticism mounts against the Ethereum Foundation (EF) for perceived inaction and lack of leadership. This discontent has led to calls for a “wartime CEO” to steer the organization through these challenging times.
A newly emerged X profile named “Second Foundation” has further fueled the debate. While its creators claim it is not a formal organization, its appearance symbolizes the community’s frustration with the EF. Experts like Columbia Business School’s Austin Campbell see this as a “demonstration of lack of faith” and a potential “mutiny” within the Ethereum ranks.
Calls for Leadership Change
Prominent figures within the Ethereum ecosystem, including co-creator Joseph Lubin, have voiced concerns about the EF’s current leadership. Lubin specifically called for former EF researcher Danny Ryan and Ethereum France President Jerome de Tychey to take the helm, replacing current Executive Director Aya Miyaguchi.
Miyaguchi has been criticized for her perceived lack of decisiveness and engagement with the community. Critics argue that the EF’s leadership needs individuals with a stronger vested interest in Ethereum’s success.
Concerns Over Financial Management and Performance
The EF’s financial management has also drawn criticism. With approximately $800 million worth of ETH under its control, the organization’s high spending and perceived lack of transparency have raised eyebrows. Bob Summerville, Executive Director of the ETC Cooperative, highlighted the lack of clarity surrounding the EF’s governance, decision-making processes, and spending details.
Furthermore, the EF’s practice of selling ETH to cover operational costs and its perceived lack of on-chain activity, such as staking ETH to generate revenue, has been met with disapproval.
Buterin Responds, But Doubts Linger
Ethereum co-creator Vitalik Buterin acknowledged the community’s concerns and announced plans to restructure the EF to enhance transparency and efficiency. However, his continued support for Miyaguchi and his assertion of being the ultimate decision-maker has drawn mixed reactions. Some see this as Buterin stepping up as a “wartime CEO,” while others view it as a sign of centralized control.
Alternative Solutions Emerge
Amidst the turmoil, proposals for alternative organizational structures have surfaced. Uniswap founder Hayden Adams suggested shifting technical development to a separate entity funded by the EF, Consensys, and other Ethereum-aligned organizations. This idea has gained traction, with some emphasizing the need for a dedicated “marketing engine” to promote Ethereum.
Some community members remain optimistic that Buterin will address the concerns and restructure the EF effectively. Others believe that a multi-foundation approach, with specialized organizations focusing on different aspects of the ecosystem, could be a more decentralized and resilient solution.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
