Aya × Duncan Chiu Hong Kong Dialogue｜ETH HK Hub Opening Day: The Ethereum Foundation’s “Subtraction Philosophy”: Success Means the EF Does Less, While Ethereum Becomes Stronger

ETH HK Hub Authorized Compilation and Release

On April 21st, the ETH HK Hub, jointly operated by SNZ and ETHTAO, officially launched in Hong Kong. A conversation took place at the opening venue between Ethereum Foundation Chair Aya Miyaguchi, Hong Kong SAR Legislative Council Member (Technology and Innovation Sector) Duncan Chiu, and Ethereum Ecosystem Fund Partner QZ.

This discussion centered around the Ethereum Foundation's long-termism, philosophy of subtraction, the Walk-away Test, the development of Hong Kong's digital asset ecosystem, and the significance of the ETH HK Hub for the Asian Ethereum community.

As Ethereum marks its tenth year, Aya emphasized that the Ethereum Foundation's goal is not to become the central command of the ecosystem, but to enable the system to operate sustainably without the Foundation's involvement in the long run. From the perspectives of Hong Kong policy, financial infrastructure, and talent flow, Duncan Chiu shared the unique advantages of Hong Kong as a node for digital asset development.

The following is the full text of the translated conversation, edited and slightly abridged.

Host QZ: This year marks the tenth year of Ethereum's development. Seeing the ecosystem evolve from early small gatherings and discussions to having a physical community Hub here in Hong Kong is a very significant signal of progress.

Ethereum has always represented something beyond just technology – it embodies the possibility of building large-scale systems, even a form of new digital civilization. But this path is not easy.

The Ethereum Foundation recently proposed an important concept: a system must not only function effectively today but also must not become a bottleneck in the future. This reflects the core principle of the foundation – choosing the more difficult but more sustainable long-term direction, even if there are paths to achieve faster short-term growth.

Aya, from your perspective, have there been truly difficult moments in adhering to this principle?

Aya Miyaguchi: This tension exists every day.

I joined the Ethereum Foundation right at the peak of the ICO boom. The market had strong growth momentum, but it was also accompanied by immense external pressure. Many people advised the Foundation to expand rapidly, hire aggressively, and operate like a traditional large company, such as setting up positions like CTO or CMO.

That sounded like a natural choice, but we didn't do it.

Because Ethereum must pass the so-called "Walk-away Test" – meaning the entire system can still function normally even without the Ethereum Foundation. This is our long-term goal.

A classic example is The Merge in 2022. It was an extremely complex upgrade involving a large number of already running applications and the collaboration of multiple client teams. It would have been much simpler if it were done by a single team within the Foundation.

But we intentionally chose client diversity. This increased the difficulty, but it enhanced the protocol's resilience in the long run. Therefore, in many cases, we choose the more difficult path to achieve long-term sustainability.

QZ: If the Foundation had chosen centralized development back then, what things wouldn't exist today?

Aya Miyaguchi: We have always emphasized the "philosophy of subtraction".

If the Foundation built everything for the entire ecosystem, participants would become dependent. In the long run, this weakens competition, and without competition, optimal solutions cannot emerge.

Ethereum's potential is far too vast for a single organization to control. Many important innovations in the ecosystem today occurred without the direct involvement of the Foundation.

This is precisely Ethereum's strength. Our role is to support and coordinate, not to over-control. And the community Hub we see here in Hong Kong today is itself a reflection of this philosophy.

QZ: Duncan, from your perspective, how did you enter this field?

Duncan Chiu: Before answering, I'd like to welcome Aya to Hong Kong, and I hope this won't be your last visit.

I was introduced to Ethereum around 2014, still before the ICO era. As a venture capitalist, we looked at some blockchain projects back then, but due to limited understanding, we didn't make large-scale investments. However, we have been continuously monitoring the development of this space.

Starting in 2021, as a Legislative Council member, I became involved in technology trend analysis and policy research. By 2022, the Hong Kong government realized that blockchain would have a profound impact on financial infrastructure, and as an international financial center, we had to maintain our competitiveness.

Therefore, we began promoting a series of developments, including stablecoin legislation, tokenized financial products (such as bonds and deposits), and encouraging financial institutions to explore on-chain infrastructure. Progress is being made step by step, covering products, ecosystems, infrastructure, and regulation.

QZ: Regarding adoption, what is the biggest challenge?

Duncan Chiu: The development of any technology takes time. If you look at artificial intelligence, it has undergone decades of evolution, while blockchain is still in a relatively early stage. Adoption cannot be forced; it is a result of innovation. When products that truly meet user needs emerge, adoption will happen naturally. Institutions will follow, and regulation will follow. Regulation is always lagging. Therefore, the most important thing is that there are continuously builders driving innovation and creating new products.

QZ: Why is an "intermediary-free system" so important?

Aya Miyaguchi: Because without that assurance, there is no reason for anyone to build on top of it.

No intermediary means no single entity can shut down the system. We have already seen the fragility of centralized systems, for example, a global software failure in 2024 that caused massive system outages, flight cancellations, and billions of dollars in economic damage.

This illustrates the immense risk of relying on centralized systems. Therefore, this is not just an ideological issue; it is a practical necessity.

QZ: Why should developers choose Ethereum?

Aya Miyaguchi: It depends on the properties Ethereum offers. It boasts the largest developer ecosystem globally and is the most active development platform. When developers join Ethereum, they are not just building products; they are participating in a global systemic exploration. Ultimately, the focus is not on Ethereum itself, but on the world it can create.

QZ: What does "success" mean for the Ethereum Foundation?

Aya Miyaguchi: Success means the Foundation does less, and Ethereum becomes stronger. The ecosystem is healthy when the community can develop independently and innovation does not rely on the Foundation. Ideally, Ethereum will become like the internet – an infrastructure that is used naturally.

QZ: Duncan, what is unique about Hong Kong in digital asset development?

Duncan Chiu: Hong Kong possesses multiple advantages, including bridging the East and West, attracting global talent, and having a mature financial system. It is a place where connections can be made, collaborations formed, and ideas realized quickly. In recent years, we have also seen an increasing inflow of talent, and global geopolitical shifts have further highlighted Hong Kong's importance.

At the end of the day, technology development relies on people, and Hong Kong is a place where people are willing to come and build.

QZ: Thank you, Duncan. Thank you, Aya. And thank you to everyone for participating.