Ethereum · The Block
Former EF developer Dankrad Feist suggests $1 billion raise to form new Ethereum advocacy group
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Discontent with the Ethereum Foundation and concerns over its impact on Ethereum’s value intensified Thursday after prominent former developer Dankrad Feist proposed creating a new organization designed to help "save" ETH.
Key facts
- Ethereum's (ETH) market capitalization is over $250 billion, its price changing hands at $2,148.56, Price Page
- Feist ambitiously wanted to improve the largest smart contract blockchain, including proposals like EIP-9698 to increase Ethereum’s gas limit 100-fold
- This week, Ethereum Foundation researchers Carl Beek and Julian Ma tendered their resignations
- While working in the Ethereum community, Feist co-created the Danksharding sharding design used to improve Layer 2 scalability
Summary
"The way to save Ethereum: The community needs to create an organization that’s economically aligned with Ethereum and accountable to it," Feist said in a post to X, proposing a new ETH-focused organization with a minimum of $1 billion in funding and what he described as competent leadership. In its current state, the Ethereum Foundation (EF) is a non-profit stewarding the development of the world's second-largest blockchain. In recent years, frustration has been growing across the Ethereum community with high-profile contributors exiting EF. This week, Ethereum Foundation researchers Carl Beek and Julian Ma tendered their resignations.