‘Second Foundation’ account stirs debate over Ethereum Foundation’s future

Lido founder Konstantin Lomashuk shared an X profile called “Second Foundation,” which was created amid discussions about the effectiveness of the Ethereum Foundation’s (EF) efforts for the ecosystem.

However, Lomashuk clarified that no such entity has been created, and he would share his thoughts on the EF case soon.

The development comes after Ethereum co-founder Vitalik Buterin stated that the future of the blockchain is decentralized, and EF is just one part of it in a Jan. 21 post. He added:

“EF should not ‘midcurve,’ it should confidently represent the aspects of Ethereum that it can be effective at representing, and deliberately create and nurture open space for other orgs to represent the other aspects of Ethereum. Some of those other aspects arguably even make more sense in a for-profit format.”

Additionally, Buterin responded to calls for changes in the EF, including rejecting demands for Executive Director Aya Miyaguchi’s resignation over the foundation’s recent selling of ETH to cover expenses generated from the ecosystem fostering.

Critics argued that options such as staking and reducing the amount of transactions would have been more effective decisions.

Buterin also criticized social media pressure campaigns by figures like CoinMamba, Tetranode, and Evan Van Ness, emphasizing the harm they cause to Ethereum’s culture and talent retention.

Lastly, although he acknowledged the need for personnel changes, Buterin did not signal immediate shifts. He also acknowledged that he makes the decision for EF leadership roles.

Community supports diversification

Matthew Sigel, head of digital assets research at VanEck, stated that there is no reason for EF to be the only entity responsible for directing the future of Ethereum.

Mantle proponent DeFi Maestro said that creating a “Second Foundation” brings the heat on EF to “a whole new level.” Additionally, he acknowledged the possibility of another hard fork, similar to the event that generated the Ethereum Classic protocol.

Despite confirming he is not the founder of Second Foundation, Lomashuk received support from its peers to lead an Ethereum-focused entity.

MetaLeX Labs founder Gabriel Shapiro called the Lido founder “one of the highest-integrity founders/investors in the space” and a long-time ETH holder. He added that an entity backed by Lomashuk driving the development of the Ethereum ecosystem would be “unfathomably bullish.”

José Maria Macedo, co-founder of Delphi Labs, remarked that he does not see a “more effective leader” for another Ethereum-focused foundation than Lomashuk. He added:

“If Vitalik is the prophet, Konstantin is the prince. A strategic thinker/visionary who deeply understands crypto and executes relentlessly. Also constantly attracts world-class talent around him.”

Meanwhile, Stani Kulechov , founder of Avara Labs, urged a “better, faster, stronger EF path with a tight scope.” He said that less care should be given to “internal politics or neutrality,” and efforts should be directed toward advancing technology as fast as possible.

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