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Steve Muchoki
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Key Notes
- Miyaguchi's leadership saw Ethereum through critical technical milestones including the merge, while fostering community growth through Devcon events.
- Recent controversies including conflict of interest issues with researchers have prompted new policies and temporary leadership from Vitalik Buterin.
- Despite market challenges against competitors like Solana, Ethereum maintains dominance with over $53 billion TVL and $122 billion in stablecoin market caps.
The Ethereum Foundation (EF) has a new face of leadership after months of misunderstanding between the community members. Earlier on Tuesday, February 25, the Foundation announced that Aya Miyaguchi has stepped down as the Executive Director and will be stepping up her role as the president.
In her role as the Executive Director of the EF, Miyaguchi helped the Ethereum network undergo several hard forks, including the merge, and facilitated a successful culture of Devcon, among other achievements.
“Aya Miyaguchi will continue supporting the EF in many of the same ways in her new role. Meanwhile, we have been working on the new EF leadership structure and will share more news soon,” Vitalik Buterin, co-founder of the Ethereum network, noted.
In a blog post, Miyaguchi noted that the EF will work to foster a resilient Ethereum network in addition to a broader ecosystem of people, ideas, and values. Moreover, the EF is governed by a philosophy of enabling the sustainable growth of Ethereum via bootstraps projects but not owning the majority stake in web3 projects.
“Subtraction, not minimalism. Long-term sustainability, not short-term gain. Thoughtful complexity, not oversimplification. Stewardship, not control. Adaptive growth, not rigid structure. Purposeful evolution, not corporate-like expansion. Community leadership, not dominance,” Miyaguchi highlighted.
Ethereum Foundation Suffers Misfortunes for Ether’s Greatness
The EF has suffered several controversies in the past few years, which have heavily impacted the mainstream adoption of the Ethereum network. For instance, in 2024, the Ethereum community was angered by the EF researchers Justin Drake and Dankrad Feist taking paid advisory roles with the EigenLayer Foundation. The two were accused of conflict of interest, leading to the creation of a policy to address the issue by the EF.
With a lack of clear treasury management, the EF has in the past few years been accused of low transparency and potentially funds misappropriations. As a result, Buterin announced earlier this year that he would take over the leadership role at the EF until a proper replacement is found.
Market Impact
The leadership change at the EF will have a long-lasting impact on the Ethereum network and its associated projects, led by layer two ecosystems and DeFi protocols. Furthermore, more institutional investors will have confidence in a seamless mainstream adoption of Ether and its smart contracts.
As Coinspeaker previously explained, the Ethereum network remains an undisputed leader in Web3, with more than $53 billion of total value locked (TVL) and over $122 billion in stablecoins market caps.
However, the large-cap altcoin, with a fully diluted valuation of about $292 billion and a 24-hour average traded volume of about $45.6 billion, has experienced significant bearish sentiment in the past year compared to its competitors. For instance, Solana SOL $130.9 24h volatility: 5.4% Market cap: $66.98 B Vol. 24h: $3.83 B price has rallied over 10x in the past year to retest its all-time high, while ETH price has continued to bleed to Bitcoin BTC $85 117 24h volatility: 2.8% Market cap: $1.69 T Vol. 24h: $30.06 B .
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Marco T. Lanz
