The Ethereum Foundation (EF) is reportedly engaging with community feedback and exploring changes to its operations, according to Dragonfly managing partner Haseeb Qureshi.
After meeting with EF members at ETH San Francisco, Qureshi noted a sense of urgency within the organization and an awareness that the landscape has shifted since 2020.
He suggested that EF leaders are actively considering how to replicate successful initiatives like Solana’s Superteam, shifting focus from research-driven efforts to fostering project development and investment.
Qureshi added:
“Ethereum leadership have been getting a lot of criticism, and it’s important that you all know this — it’s working. They’re listening. They’re thinking hard about how to adapt. It’s a teachable moment for them.”
He also shared that EF leadership demonstrates a greater openness to external ideas, moving away from a “not invented here” mentality.
Community criticism
The Ethereum (ETH) community has expressed concerns over the foundation’s direction, particularly given ETH’s underperformance relative to other major cryptos in 2024.
Notably, the performance of ETH against Bitcoin (BTC) reached an all-time low on Binance on March 13, with 1 ETH representing 0.02240 BTC.
The lackluster performance occurs even as Ethereum displays positive developments, such as boasting over $3.2 billion in tokenized US Treasuries per rwa.xyz data. This represents nearly 70% of the market.
Market participants have questioned the foundation’s treasury management, highlighting the impact of ETH sales on price stability.
As a result, EF started changing its structure. On Feb. 25, Aya Miyaguchi stepped down as executive director and transitioned to president. The foundation has yet to appoint a successor, and co-founder Vitalik Buterin has mentioned plans for a revised leadership structure without providing specific details.
On Feb. 28, the EF announced the “Silviculture Society,” an “informal counsel” of outsiders, to create channels for community feedback and influence Ethereum’s path. The aim is to preserve EF’s “core values of open source, privacy, security, and censorship resistance.”
Mentioned in this article
