Researcher Defends Ethereum Foundation: Its Role is Not to "Pump ETH," But to Gradually Make Itself Less Relevant

Blockchain researcher and investor William Mougayar has come to the defense of the Ethereum Foundation, arguing that the outside world has long misunderstood its role and that it is "accurately fulfilling its mission."

Mougayar stated that ETH, the Ethereum network, and the Ethereum Foundation itself are three distinct entities: ETH is an asset, Ethereum is a shared computing infrastructure, and the Foundation is a non-profit organization responsible for driving protocol development, with one of its goals being "to gradually make its founders less important."

He pointed out that many critics want the Foundation to be responsible for marketing ETH and attracting institutional funds, but that would be akin to "expecting the IETF to run Super Bowl ads for TCP/IP." He emphasized that the Ethereum Foundation is currently on a "subtraction path," strengthening the network by advancing protocol upgrades, funding underlying research, and reducing its own centralized influence.

Recently, the Ethereum Foundation has faced community criticism due to selling ETH, unstaking, and relatively little public communication. Data shows that this month it completed its third OTC sale to BitMine Immersion Technologies, totaling approximately 25,000 ETH, worth about $47 million. Additionally, the Foundation has recently unstaked over 38,000 ETH, with a total value close to $90 million. (Cointelegraph)