Lido founder launches second foundation for Ethereum

Konstantin Lomashuk, the founder of Lido, has announced the establishment of a "Second Foundation" for Ethereum (CRYPTO:ETH) in response to ongoing leadership changes within the Ethereum Foundation (EF).

This initiative comes at a time when the EF is experiencing significant restructuring, including the recent resignation of veteran developer Eric Conner.

Lomashuk's vision for the Second Foundation appears to focus on promoting decentralisation and addressing the increasing prevalence of scams and opportunistic behavior in the cryptocurrency space.

While specific details about the foundation remain unclear, Lomashuk's social media activity suggests a commitment to countering what he describes as a "bag-chasing" culture in crypto.

“The future of the world computer is decentralised. EF is only one part of the world computer,” he stated.

This sentiment reflects a broader desire within the community for a more decentralised approach to governance and development.

The EF's leadership crisis has intensified calls for reform, with some community members advocating for a clearer strategic direction and improved communication.

Vitalik Buterin, co-founder of Ethereum, emphasised that while the EF has its limitations, it should confidently represent aspects of Ethereum effectively.

He noted that “the foundation should not ‘midcurve’,” indicating a need for more decisive action.

Lomashuk's Second Foundation may serve as a platform to explore new initiatives as Ethereum grapples with declining demand and internal reforms.

The establishment of this foundation could potentially provide an alternative avenue for fostering innovation and supporting decentralised ideals within the ecosystem.

As Lomashuk moves forward with his plans, he remains optimistic about revitalising the original vision of digital currency as a tool for building decentralised structures.

The developments surrounding both Lomashuk’s initiative and the EF’s restructuring signal a pivotal moment for Ethereum as it seeks to navigate its challenges while maintaining its foundational principles.

At the time of reporting, the Ethereum (ETH) price was $3,241.29.