YEREVAN (CoinChapter.com) — Konstantin Lomashuk, the founder of Lido, announced the creation of a Second Foundation for Ethereum as the blockchain faces internal challenges and leadership changes. The move highlights Ethereum’s focus on decentralization during a transformative period.
Goals for the Second Foundation
Konstantin Lomashuk, founder of Lido and P2P.org, revealed his new initiative on social media with a cryptic message: “hello world computer.”
Second Foundation Tweet. Source: X
The announcement lacked detailed information, but Lomashuk’s recent reposts suggest his commitment to decentralization and opposition to the “bag-chasing” culture dominating the crypto sector.
His posts align with comments from Vitalik Buterin, who emphasized decentralization in the Ethereum ecosystem. Buterin said,
“EF is only one part of the world computer… The foundation should confidently represent the aspects of Ethereum that it can be effective at representing.”
Vitalik Buterin on Decentralization. Source: X
Lomashuk’s recent statements shows his concern with the growing scam culture in crypto, which he believes undermines Ethereum’s decentralized mission. His new foundation appears focused on countering these trends.
Ethereum Foundation Undergoes Leadership Changes
Lomashuk’s announcement comes at a time of significant change within the Ethereum Foundation (EF). Earlier on Jan. 22, Eric Conner, a key Ethereum developer, resigned from the project. This resignation follows discussions about EF’s future direction.
An Ethereum investor commented,
“Vitalik, the best thing you could do right now is to spin out the R&D support functions from EF into their own org and allow the existing Foundation to focus on ecosystem development.”
R&D Functions for Decentralization. Source: DCinvestor
Ethereum Faces Declining Demand and Strategic Challenges
Amid these developments, Ethereum has encountered declining demand and internal debates over funding strategies. Reports suggest that EF is considering using staking rewards to cover expenses, breaking a long-held practice of avoiding such measures. This shift could impact decisions on future hard forks, which play a critical role in Ethereum’s governance.
Despite these challenges, Lido, under Lomashuk’s leadership, has remained stable. This stability allows Lomashuk to explore new initiatives, such as the Second Foundation for Ethereum.
