The Ethereum community is facing a deepening identity crisis after a string of high-profile exits from the Ethereum Foundation (EF) has sparked a broader debate about the institution's leadership and strategic direction.
Former EF researcher Dankrad Feist published a sharp critique Thursday, arguing the Foundation holds less than 0.1% of all ETH and receives no direct staking or fee revenue-making it economically misaligned with the network. Feist proposed a new institution with a $1 billion treasury funded by staking, guided by a board incentivized to see ETH appreciate.
Crypto journalist Laura Shin called Ethereum's "original sin" a failure to prioritize tokenomics, particularly after the March 2024 Dencun upgrade slashed layer-2 fees. She warned the "brain drain" will only benefit competitors.
The EF has remained silent on the departures, fueling speculation about internal cultural shifts and leadership decisions. The community now grapples with a fundamental question: can its most influential institution still steward the ecosystem effectively?