Rumors about a “second foundation” — a more commercially-oriented alternative to the Ethereum Foundation — turned out to be a ruse…sort of. Lido’s founder Konstantin Lomashuk, and P2P.org co-founder Lido teased it on X Tuesday but quickly retracted the claim.
“If a second foundation ever does form, it must have a clear purpose that complements the enormous work of current contributors,” He wrote. “I appreciate everyone’s support and believe we need more organizations contributing to Ethereum.”
Hayden Adams of Uniswap was among the prominent Ethereum voices who endorsed this idea prior to Lomashuk’s denial. ”Moving technical development to a 2nd foundation is not crazy…[With] the right leader I bet it could raise big $ and have a huge impact,” Adams thought.
As if on cue, hours later a new group funded by the EF — going by the name Etherealize — emerged from stealth.
A new organisation, calling itself An “institutional marketing and product arm for the Ethereum ecosystem,” TradFi will use this resource. Vivek RAMAN, former head of BitOoda’s AI and Crypto Investment Banking team, leads the eight-person group. Raman has also worked in trading at Nomura Bank, Deutsche Bank UBS and Morgan Stanley.
Grant Hummer James Fickel Philipp Muens and others have signed up.
Etherealize kicked off with a sound that was quite ethereal. “a note of gratitude for the [EF], who has ushered the growth of a new global economy.” Addendum: “The EF cannot — and should not — do it all. We’re here to help.”
Many of the people who have been calling on a new leadership to be installed at the EF now rally behind this group. It’s interesting to note that some people who were just this week removing the.eth suffix from their X name have now reversed course.
Ramen is the author of four blog articles and half a dozen graphs. Content positions Ethereum as leading blockchain platform due to its decentralization, regulatory clarity and security as a commodity. The content promotes the rollups and store of value roles as efficient and scalable platforms that meet institutional requirements.
TradFi’s players are also interested in ETH’s staking returns and platform for active asset tokenization.
Stani Kulechov, founder of Aave said: “it makes sense to double down on institutions, especially as most of the DeFi is on Ethereum.”
The Etherealize launch is expected to calm the EF’s most vocal critics for the time being, but the true test will come when the org takes on the narrative that Ethereum’s leadership has become out-of-touch and noncompetitive. This mood can be attributed to ETH’s poor performance, as it has recently reached a low of four years against bitcoin.
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