Crypto Moves #60 – What’s Actually Going On in Ethereum-land?

The Ethereum community on X (formerly known as Twitter) has been in turmoil recently, particularly over the past week. In this edition of Crypto Moves, I will attempt to provide an overview of the situation by referencing relevant posts on X.
While it is inevitable that I may overlook some aspects due to the sheer volume of discussions on the platform, this note aims to summarize the key points of the ongoing debate.
In brief, several prominent members of the Ethereum community have, in various ways, called for Aya Miyaguchi, the Executive Director of the Ethereum Foundation, to resign from her position—a role she has held since February 2018. The Ethereum Foundation, a non-profit organization supporting Ethereum’s development and ecosystem, manages a substantial treasury of around 350,000 Ether—valued at approximately $1.15 billion, along with an additional $180 million in non-crypto assets. In 2023, the foundation’s expenditures totaled $134.9 million.
The majority of these voices are advocating for Danny Ryan, a former Ethereum Foundation researcher, to assume the role of sole Executive Director. Ryan played a pivotal role in Ethereum’s transition from the Proof-of-Work consensus mechanism to the current Proof-of-Stake mechanism in September 2022. This transition, widely known as “The Merge,” is arguably the most significant upgrade Ethereum will ever experience.
The Ethereum community has experienced significant turmoil in recent weeks, driven largely by widespread dissatisfaction with the Ethereum Foundation, which is seen as overly inactive and lacking ambition. However, the community now seems to be regaining its footing as many voices have spoken out, and it appears those concerns are being heard. I cannot recall a similar moment where the culture has shifted so dramatically for the better in such a short time—about a week. As a matter of fact, this development is highly encouraging.
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