💥Internal strife within the Ethereum Foundation, ETH price also suffers💸
The recent internal disputes within the Ethereum Foundation (EF) and the slump in ETH prices have sparked widespread attention in the crypto community. Let's discuss the reasons and main points of controversy related to this matter.
On January 21, Ethereum co-founder Vitalik Buterin responded on the X platform to the controversy surrounding changes in EF leadership. He stated that the decision-making power of the new EF leadership team is entirely in his hands, and he is promoting structural reforms within the foundation, aiming to establish a "suitable board."
Prior to this, all decision-making power was in his hands. Vitalik also emphasized that the ongoing pressure on social media is harmful to top talent and could undermine the foundation of Ethereum's development.
The backdrop of this controversy is the strong dissatisfaction within the community towards the current EF Executive Director Aya Miyaguchi, who has held the position since 2018 and has been accused of inefficiency. Community members hope to promote developer Danny Ryan to a leadership position, but he is set to leave EF in 2024 due to health issues. On January 22, Ryan stated that although he supports reform, sharp rhetoric will ultimately harm the entire process.
Meanwhile, the ETH price has also been affected by this controversy. Over the past month, the ETH price has been consolidating, failing to follow Bitcoin, XRP, and Solana to reach new peaks. Despite reports that the U.S. Securities and Exchange Commission (SEC) is about to approve a staking Ethereum ETF, and that the Trump administration may adopt a friendlier policy towards cryptocurrencies, the ETH price still performed poorly.
The internal tensions within the Ethereum community are nothing new, but this controversy highlights the challenges faced by decentralized governance in practice. At the same time, Vitalik's authoritative statements and the community's strong reactions show us the need to find a balance between decentralized ideals and practical management.
In summary, the controversy within the Ethereum Foundation and the slump in ETH prices are merely temporary challenges. Through reform and the joint efforts of the community, Ethereum is expected to continue progressing on the path of decentralized governance, paving the way for new possibilities in the future of cryptocurrency.
💬Do you think Vitalik's statement can quell the community's controversy? How will the ETH price react? Share your thoughts in the comments section!
