Key Points
- Aya Miyaguchi has stepped up from Executive Director to President at the Ethereum Foundation (EF).
- The EF has faced several controversies in recent years, impacting the mainstream adoption of the Ethereum network.
Aya Miyaguchi has taken on the role of President at the Ethereum Foundation (EF) after stepping down from her position as Executive Director. This leadership change comes after a period of internal misunderstandings within the organization.
As Executive Director, Miyaguchi was instrumental in guiding the Ethereum network through several hard forks, including the merge. She also fostered a successful culture of Devcon, among other accomplishments.
EF’s New Leadership
In her new role, Miyaguchi will continue to support the EF in many ways. Vitalik Buterin, co-founder of the Ethereum network, stated that the EF is working on a new leadership structure, with more news to be shared soon.
In a blog post, Miyaguchi stated that the EF aims to foster a resilient Ethereum network and a broader ecosystem of people, ideas, and values. She also highlighted the EF’s philosophy of enabling the sustainable growth of Ethereum through bootstrapping projects, rather than owning the majority stake in web3 projects.
EF’s Past Controversies
The EF has faced several controversies over the years. These controversies have had a significant impact on the mainstream adoption of the Ethereum network. For example, in 2024, the Ethereum community was upset when EF researchers Justin Drake and Dankrad Feist took paid advisory roles with the EigenLayer Foundation, leading to accusations of conflict of interest.
The EF has also been criticized for its lack of clear treasury management, low transparency, and potential funds misappropriation. In response to these issues, Buterin announced earlier this year that he would take over the leadership role at the EF until a proper replacement is found.
Impact of Leadership Change
The leadership change at the EF is expected to have a long-lasting impact on the Ethereum network and its associated projects. This includes layer two ecosystems and DeFi protocols. The change is also expected to boost confidence among institutional investors in the mainstream adoption of Ether and its smart contracts.
Despite these challenges, the Ethereum network remains a leader in Web3, with more than $53 billion of total value locked (TVL) and over $122 billion in stablecoins market caps. However, Ethereum has experienced significant bearish sentiment in the past year compared to its competitors. For instance, Solana’s price has rallied over 10x in the past year to retest its all-time high, while the price of Ethereum has continued to fall compared to Bitcoin.
