Justin Sun's performance in the current Ethereum bull market has been disappointing, and the continuous outflow of Ethereum Foundation (EF) has led to ongoing discontent within the community towards the Foundation's operations.
Against this backdrop, Vitalik Buterin, the co-founder of Ethereum who does not often comment on the Foundation's operations, has been frequently speaking out recently, stating that he will undertake major reforms to the Ethereum Foundation's leadership structure and explore solutions such as staking to address the Foundation's need to sell ETH, in an attempt to reverse Ethereum's decline and appease the community's anger.
Launch of the Second Ethereum Foundation?
To make matters worse, Ethereum core developer and co-author of EIP-1559 Eric Conner officially announced his withdrawal from the Ethereum community on the 21st, stating that he will focus his efforts on the integration of cryptocurrencies and AI in the future, suggesting a potential domino effect.
However, it is worth noting that on the previous day (22nd), a project called the "Second Foundation" (Ethereum Second Foundation) unexpectedly launched on X, and within two hours, it had received over 160,000 views and more than 5,000 subscriptions.
Although the Second Foundation has not yet disclosed basic information such as its official website on X, attentive netizens have discovered that Konstantin Lomashuk, the founder of the Ethereum liquidity staking solution Lido, was the first to retweet the Second Foundation's initial post, accompanied by an emoji expressing interest, leading the community to speculate that the Second Foundation may have been established under Konstantin Lomashuk's leadership.
A few hours later, Konstantin Lomashuk issued a statement on this matter:
In fact, the Second Foundation has not yet been established. Ethereum is the ultimate world computer, and every Ethereum enthusiast can help it grow, evolve, and succeed. If a second foundation is truly established, it must have a clear goal to complement the tremendous work of the current contributors.
VanEck Executive: Not Only the Ethereum Foundation Can Shape Ethereum's Future
At the same time, Matthew Sigel, the head of digital asset research at the asset management firm VanEck, also posted a message yesterday stating that not only the Ethereum Foundation can shape Ethereum's future, hinting at his recognition of the Second Ethereum Foundation.
Additionally, Justin Sun, the founder of the public chain TRON, recently posted that if he were to lead the Ethereum Foundation, the price of ETH would surge to $10,000, and it would break through $4,500 in the first week.
Justin Sun also outlined his first-week plan if he were to take over the Ethereum Foundation, including:
- Immediately stop selling ETH and optimize the revenue model: Stop selling ETH for at least three years, with operating costs coming from Aave borrowing, staking rewards, and stablecoin lending;
- Immediately impose heavy taxes on Layer2 solutions: All Layer2 networks will be subject to high taxes to ensure that Ethereum generates at least $5 billion in annual tax revenue, which will be used to repurchase and burn ETH;
- Simplify the Foundation: Significantly downsize the workforce, retaining only the most capable members and giving them pay raises;
- Adjust node rewards and increase fee burning: Node rewards will be reduced, while the fee burning mechanism will be emphasized more, keeping Ethereum in long-term deflation to strengthen its position as a store of value.
