Vitalik Buterin · Ethereum · Cointelegraph
Buterin fires back at Ethereum Foundation critics, recommits to neutrality
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The Ethereum Foundation holds less than 1% of all ETH in circulation while other protocol foundations typically hold 10-50% of their native token's supply, the founder said.
Key facts
- The comments follow several large ETH holders selling their entire ETH position and high-profile departures from the Ethereum Foundation, as the current price of the cryptocurrency, about $2,094
- The Ethereum Foundation holds less than 1% of all ETH in circulation while other protocol foundations typically hold 10-50% of their native token's supply, the founder said
- The EF has only about 0.16% of all ETH,” he said, noting that it is common for other foundations to hold 10-50% of their native tokens
- The Dencun upgrade was a major protocol update released in March 2024, which significantly reduced network fees for layer-2 transactions and led to a subsequent collapse in Ethereum’s base layer
Summary
Ethereum co-founder Vitalik Buterin responded to growing criticisms of the Ethereum Foundation’s role in the Ethereum ecosystem, pushing back against critics who want the organization to take a more active role in supporting token prices and marketing. Buterin said the Foundation will continue to focus on promoting censorship-resistance, open source software code, long-range research, cybersecurity, and decentralization of the Ethereum Protocol, as outlined in its mandate. “Now, we are taking action to ensure that we will be the latter,” he continued, adding that the Ethereum Foundation seeks to strengthen Ethereum’s cybersecurity and code base but not necessarily compete with high-throughput chains or scale to 1 million transactions per second.