Vitalik Buterin: Ethereum Foundation to Shrink into 'Smaller Ship'

Ethereum co-founder Vitalik Buterin announced on Sunday that the Ethereum Foundation is transitioning into a leaner, more focused entity, describing it as a 'smaller ship' focused on core cypherpunk values. This comes amid a wave of high-profile departures and industry concerns over the nonprofit's direction.

Buterin explained that the Foundation will narrow its operational scope around CROPS-a framework rooted in censorship resistance, openness, privacy, and security. He emphasized that focusing purely on fast and cheap transactions is 'a route to mediocrity.'

The Foundation currently controls about 0.16% of Ethereum's total supply, valued at roughly $408 million. Buterin said the organization will reduce its ETH sales but enter a period of 'mild austerity.' He also noted that the Foundation was 'not designed to be an eternal steward' of the network.

Buterin disclosed that approximately 90% of his personal net worth remains tied up in Ethereum. He welcomed the reduction of his influence within the Foundation, stating his 'own power will continue to decrease, which is honestly what I want.'

Ethereum recently traded around $2,100, down 57% from its all-time high of $4,950.