Can the Emerging Foundation Revive Faith in Ethereum?

Once, it was almost a consensus in the industry that ETH would reach 10,000 USD. However, the reality is that Bitcoin has performed brilliantly in this cycle, while the price of ETH has been hovering around 2,000 USD, and even once fell below 1,500 USD.

In the face of the declining token prices, the community has pointed its criticism at a certain foundation, accusing it of being ineffective, having centralized governance, low transparency, lack of brand maintenance, being overly bureaucratic, and lacking vision. Although the foundation announced a strategic restructuring in June this year, the doubts have not subsided.

Amidst the downturn of ETH and the spread of dissatisfaction, at the eighth Ethereum Community Conference in July this year, core developer Zak Cole initiated a new community foundation. The core mission of this independent organization is "to support Ethereum in the form of assets" and is committed to pushing the price of ETH to 10,000 dollars.

Zak Cole has a diverse background. He was trained as a network engineer in the United States Marine Corps and participated in operations in Iraq. After retiring, he became involved in Bitcoin, working in network development and applied cryptography, founding several companies. In 2017, he founded Whiteblock, providing blockchain testing services to multiple clients, including a certain Department of Defense.

In addition to Whiteblock, Zak is also active in several Web3 projects. He is a co-founder of a smart contract security competition platform, formerly served as the CTO of a decentralized trading platform, and is the chairman of a consortium testing working group, providing technical consulting for multiple projects.

The official website of the new foundation states: "The value of ETH has long been overlooked, and our mission is to enhance its value through education, funding, promotion, and ecological support." To achieve this goal, they plan to fund projects that enhance Ethereum infrastructure, increase ETH burn rates, expand contributions to public goods, and advance network scaling.

The foundation has raised millions of dollars worth of ETH to fund projects that align with its goals. The funding primarily comes from anonymous holders and community donations. They have set strict criteria: only supporting "non-token, immutable" projects and requiring that all projects must directly promote ETH destruction to enhance its economic value.

In terms of technology and ecology, the new foundation has launched multiple collaborations. Its first major funding project aims to provide a voice for network validators, allowing them to vote on protocol upgrade paths through staked Ether.

The new foundation is also actively promoting collaboration with governments, regulatory agencies, and traditional financial institutions to facilitate the institutional adoption of Ethereum. They emphasize that all grants and decisions will maintain "radical transparency," allowing the community to participate in decision-making through "coin voting," and all fund movements and project progress will be made public.

Regarding these initiatives, some believe that focusing on a funding model without tokens and public chain infrastructure helps to return to the original values and enhance network security; others express concerns about a completely token-free incentive model, questioning the ongoing motivation for project maintenance.

The establishment of the new foundation has attracted widespread attention, but whether it can achieve its ambitious goals will require time to test. Promoting token value and restructuring ecological governance are not easy tasks. The key lies in whether it can continuously attract developers and financial support while maintaining neutrality.

Regardless of success or failure, the emergence of the new foundation releases a positive signal: the Ethereum ecosystem still has the ability for self-renewal and there are still developers willing to step up. This diverse voice and the emergence of new forces may represent a glimmer of hope for Ethereum, which is at a critical turning point.