Written by: Sam @IOSG
In March 2025, the Ethereum Foundation (EF) announced a major leadership change: Executive Director Aya Miyagotchi stepped down from her duties as Executive Director and became Chairman of the Foundation; at the same time, Hsiao-Wei Wang and Tomasz Stańczak were appointed as new Co-Executive Directors; and former EF researcher Danny Ryan joined Etherealize.
Faced with fierce competition, Ethereum is facing a moment of transformation. This change is not only a personnel adjustment, but also a strategic game around the future direction of Ethereum. For a long time, Aya has promoted Ethereum to build an "infinite garden" with an idealistic vision. However, as market competition intensified and problems such as high gas fees and network congestion emerged, the community has raised many questions about its conservative resource allocation and cultural promotion strategies. There have even been extreme criticisms and attacks against Aya, prompting Vitalik Buterin to call for calm.
Against this backdrop, EF has attempted to respond to external dissatisfaction and find a new balance between idealism and market realities by adjusting its leadership. This article will explore the results of its strategic transformation so far from three dimensions: the transformation of EF’s organizational structure, the positioning of Etherealize, and EF’s recent adjustments and future prospects.
Since 2018, Aya Miyaguchi has served as Executive Director of EF. Aya’s leadership coincided with Ethereum’s major transition from Proof of Work to Proof of Stake.
At the strategic level, Aya advocated and implemented a guiding principle known as the “philosophy of subtraction.” This principle requires the foundation to consciously avoid expanding into a highly centralized authority and to disperse more opportunities and responsibilities to the entire community. At the same time, EF adheres to the core values of openness, trusted neutrality and decentralization, avoiding the pursuit of profits or aggressive marketing strategies.
In terms of internal structural adjustments, Aya led the establishment of multiple new teams and projects. Taking the EF Fellowship program launched in 2022 as an example, the foundation supports builders in emerging communities through this project to help achieve the vision of "the next billion". In addition, new conference formats such as Devconnect launched since 2021 also show EF's new attempts in conference organization and community building.
As a non-profit organization, the Ethereum Foundation does not have a pyramid-like hierarchical structure, but has evolved into a "team community". The Foundation supports many semi-autonomous teams that operate independently in their respective areas of expertise while working together organically under the guidance of common values.
EF's organizational structure can be divided into four major functional sections: Protocol Research and Development (PR&D), Ecosystem Development (EcoDev), Operational Assurance (Ops) and Privacy and Extension Exploration (PSE). Each section has its own responsibilities and collaborates with external communities, research institutions and development teams under the coordination of the "Protocol Guild" and "Protocol Support" teams.
The Foundation plays a bridging role in coordinating cross-team cooperation, such as organizing client interoperability workshops, promoting network upgrades, and hosting global events such as Devcon. At the same time, EF's management has always avoided micromanaging each project, but encouraged each team to work in an atmosphere of "self-centered and responsible".
The research team responsible for the core development of the protocol also underwent significant changes from the end of 2024 to the beginning of 2025. The Ethereum Foundation Research Department (EFR) was reorganized from the original single research team into five specialized groups, namely the Application Research Group (ARG), Consensus R&D, Cryptography, Protocol Security, and Robust Incentives Group (RIG) in early 2025. This split stems from the rapid expansion of the Foundation in the fields of cryptography and security, which requires more specialized teams to focus on different research directions to improve R&D efficiency and transparency. At the same time, long-term researchers Alex Stokes and Barnabé Monnot took over as co-research leaders to jointly lead the research direction.
As a key group focusing on zero-knowledge proof and privacy technology research, the PSE team was formerly the AppliedZKP team within EF. It has now become an independent interdisciplinary "team community" model and operates in parallel with other semi-autonomous teams of the foundation. Through workshops, summer camps, experimental networks (such as Alphanet, Testnet) and other forms, it helps the Ethereum network evolve in the direction of "equal emphasis on privacy and expansion". The establishment of PSE stems from the urgent need of the Ethereum Foundation for privacy and expansion technology practices. In the past, zero-knowledge and MPC research mostly stayed at the academic level. PSE came into being to promote the maturity of technology in an "application-driven" way and fill the gap between research and engineering. In 2024, the team underwent a major reorganization. A large number of original members left the company later that year, and the team almost achieved a "restart."
After the latest personnel changes, EF's management structure is as follows: Aya will become chairman, responsible for promoting strategic cooperation and maintaining relationships, and will reduce direct involvement in specific matters; in terms of management, Hsiao-Wei Wang and Tomasz will serve as co-executive directors, handling management work in a parallel and collaborative manner; in the field of research, Barnabé Monnot and Alex Stokes will serve as co-research heads, while Tju Liang Chua will continue to serve as EF's general counsel, while Bastian and Josh Stark will continue to assume EF's management and operational responsibilities.
The main leadership of EF is as follows:
EF introduced a dual leadership structure in this transformation, appointing two executive directors with deep technical backgrounds and rich practical experience:
Hsiao-Wei Wang
Hsiao-Wei Wang has been a core researcher since joining EF in 2017. She graduated from the Department of Network Engineering of National Chiao Tung University in Taiwan and has a solid technical foundation. She has been deeply involved in sharding and beacon chain related technologies, and played a key role in The Merge in 2022. Today, as executive director, Wang Xiaowei is not only responsible for leading the direction of research and development, but also shoulders the important task of promoting community building. Her appointment is seen as a key turning point for Ethereum to regain its technological innovation and grassroots spirit.
Tomasz Stańczak
Tomasz is widely known for his leadership at Nethermind. After more than seven years of hard work, Nethermind is currently second only to Geth in the execution client market, with a market share of about 35%. At the same time, Nethermind continues to expand its business areas, launch various products, and actively carry out cooperation and research to contribute to the Ethereum ecosystem. Tomasz not only led Nethermind to achieve great success in client development, but also actively explored cutting-edge issues such as MEV and PBS. Tomasz's rich experience in Nethermind has injected management experience and strategic vision into EF.
The new structure aims to achieve the following goals:
Dispersed decision-making responsibilities: The two executive directors each have independent and full decision-making space, which not only reduces the risk of single point failure, but also makes it easier for stakeholders to choose docking objects according to their own preferences. For example, institutions or developers in Europe can meet and communicate with Tomasz directly according to his tour schedule from April to July. At the same time, this also allows stakeholders to flexibly connect with different regional affairs and independently grasp the rhythm of cooperation.
Complementary technical and management advantages: Wang Xiaowei's in-depth research on Ethereum core innovations (such as beacon chain, sharding technology and ETH 2.0) and Tomasz's mature experience in organizational expansion and operational management form a strong complement.
At the same time, former executive director Aya Miyagotchi becomes chairman, focusing more on external strategic cooperation and relationship maintenance. Aya, who has served as executive director for seven years, is now focused on strategic guidance and external liaison, while daily operational management is fully controlled by Wang Xiaowei and Tomasz Stańczak.
According to Tomasz, one of the goals of this leadership change is to allow Vitalik to invest more in research and exploration rather than daily coordination or crisis response. Vitalik's recent articles on RISC-V and zkVMs have opened up promising research directions, and his discussion on privacy has helped the community realign EF's core values. At the same time, Vitalik's proposals, while important, are more intended to spark discussion and promote progress in difficult research areas; community review may significantly change or even reject these proposals.
After the new appointments were announced, the Ethereum community congratulated and welcomed Hsiao-Wei and Tomasz.
Paradigm's CTO Georgios Konstantopoulos said Tomasz has reached "new heights": he is smart and experienced, good at grasping technical nuances, and has the ability to build and lead an efficient large team. It is generally believed in the community that Hsiao-Wei's in-depth understanding of the protocol will ensure that the technical direction of the foundation is always in the hands of professionals. Sassal highly praised the appointment of the co-executive director and regarded this leadership adjustment as a "major change" to push Ethereum into the next stage. Many builders are optimistic that a leader from the research field and a leader from the engineering and client teams will help achieve a good balance at the governance level.
Some community members were surprised that Danny Ryan failed to take on the main leadership position of EF. But on the same weekend, when EF announced the new co-executive director, Danny Ryan also announced that he would join Etherealize as a co-founder. Even voices that had been critical, such as Evan Van Ness, later acknowledged Vitalik's decision; he believed that although he had expected to see Danny play a greater role in EF, the new co-executive director, with his solid qualifications and experience, had calmed the previous leadership controversy.
Overall, although the discussion within the community around the transition period of Aya Miyaguchi's departure was intense, it eventually converged into a constructive consensus. Community members recognized Aya's contribution to EF, and many key figures publicly expressed their gratitude to her; at the same time, everyone had high hopes for the introduction of the new Hsiao-Wei Wang and Tomasz Stańczak, and also expected the new leadership structure to respond to past deficiencies in communication and technical collaboration.
Previously, the community generally expected Danny Ryan to directly take over the position of EF Executive Director. However, unexpectedly, Danny Ryan did not return to EF, but returned to the Ethereum ecosystem as a co-founder of Etherealize. This choice also hints at another possibility: forming a new organization similar to EF to make up for EF's shortcomings and focus on promoting the real implementation of Ethereum's technology and business potential.
As Danny Ryan said: "Instead of talking about the vision of Ethereum, it is better to show how institutions can actually use Ethereum." Guided by this concept, he chose Etherealize, a platform focused on business expansion and marketing of the Ethereum ecosystem.
Etherealize is not just a marketing tool, but a multi-dimensional platform. Its core mission is reflected in the following 4 aspects:
Institutional access and productization: Just like BlackRock's $1 billion on-chain U.S. Treasury bonds and Franklin Templeton's mutual funds, Etherealize provides traditional financial institutions with "full escort from conceptual design to on-chain deployment", significantly reducing the trial and error costs of institutions.
Integration of technology and market: Connect research and development (R&D) and business development (BD), quickly iterate zero-knowledge proofs, privacy modules and cross-Rollup bridge solutions, and instantly verify and optimize in real customer environments.
Policy Advocacy and Regulatory Dialogue: In-depth participation in policy roundtables and Senate blockchain hearings, and the release of a series of reports on "Popular Version of Regulatory Policy Interpretation", analyzing issues such as stablecoin legislation, tokenized securities rules and market structure reform. The recently promoted "Regulatory Sandbox Certification Program" has attracted Swiss FINMA and Singapore MAS to participate in the co-construction.
Feedback and transparency: The Etherealize data dashboard tracks core on-chain indicators (L2 total locked value, tokenized asset size, settlement delay) and off-chain institutional dynamics (compliance certification progress, partner growth) in real time. The monthly "Institutional Insights" report directly converts customer practical pain points into protocol layer optimization needs.
Etherealize has officially split into a dual legal entity architecture to simultaneously promote market delivery and ecosystem governance.
The for-profit entity Etherealize Inc. (a Class C corporation registered in Delaware) focuses on "providing end-to-end tokenization services, Layer2 deployment solutions and compliance tool chains for banks and asset management institutions, etc." Its core mission is to lower the threshold for traditional financial institutions to go online through standardized infrastructure.
The non-profit entity Etherealize Foundation focuses on "open research and development, privacy tool development and policy advocacy to build a bridge between the real world and Ethereum", focusing on maintaining Ethereum's trusted neutrality and regulatory adaptability.
This dual-track model has driven Etherealize to achieve leapfrog development within the first three months of operation: the profit-making sector has successfully landed the BlackRock and Franklin Templeton on-chain mutual fund projects; the non-profit sector has simultaneously conducted regulatory roundtable meetings and piloted a privacy protection solution based on zero-knowledge proof. The synergistic effect of "business closed loop + ecological foundation building" has accelerated the institutionalization process of Ethereum.
The concept of Etherealize originated from the launch of the Ethereum ETF on July 23, 2024. Grant Hummer observed that although the launch of the ETF marked Wall Street's recognition of Ethereum, the actual adoption effect was far lower than expected. This gap prompted him to work with investor James Fickle to find a leader with both Wall Street experience and Ethereum knowledge, and finally locked in Vivek Raman.
After receiving funding from Vitalik Buterin and the Ethereum Foundation, the team was officially established in January 2025 and quickly expanded from pure BD to on-site delivery. Etherealize then realized that leveraging Wall Street requires not only the dissemination of ideas, but also the provision of seamless access to physical tools. For this reason, Vivek Raman introduced his close friend Zach Obront to reconstruct the technical foundation as a co-founder. Finally, Danny Ryan joined as the last co-founder as Chief Strategy Officer.
In an interview with Bankless and DeFi Dad, Danny Ryan shared Etherealize's recent plans. The following is the core roadmap for 2025:
Q2 Launch institutional-grade SDK, integrating custody interface, compliance review and Gas fee optimization modules
Q3 Launch enterprise wallet pilot based on Noir zero-knowledge compiler
Q4 Entering the Asia-Pacific and European markets, customizing regulatory adaptation solutions through cooperation with Singapore Digital Port, Swiss Crypto Valley, etc.
When asked about the project roadmap and future challenges, Danny and Vivek elaborated on the response strategy:
The traditional financial community has long focused on Ethereum and its second-layer ecosystem. Compared with Solana, its technical applications were launched earlier and the market acceptance was higher. According to RWA.xyz data, Ethereum and its second-layer ecosystem account for more than 50% of RWA's value.
In cooperation with traditional financial institutions, due to the early launch of Ethereum, its ecosystem has established many cooperation cases:
Fidelity: Fidelity established Fidelity Digital Assets as early as 2018, and began to deploy digital assets and provide Bitcoin custody services. In 2019, Tom Jessop, head of its cryptocurrency department, expressed a strong interest in Ethereum, pointing out that the company has invested a lot of resources in the Ethereum field. Ethereum spot ETF (FETH) will be launched in 2024.
JP Morgan Chase: In 2016, JP Morgan Chase launched Quorum, an open source enterprise ledger based on Ethereum technology, to support projects such as interbank information networks and JPM Coin. In November 2022, the first DeFi cross-currency transaction was completed using the Polygon network in Project Guardian, a collaboration with the Central Bank of Singapore.
Goldman Sachs: In 2021, Goldman Sachs served as a joint lead underwriter when the European Investment Bank (EIB) issued a 100 million euro digital bond, and used Ethereum smart contracts to tokenize securities and cash.
HSBC: HSBC uses distributed ledger technology to support bond issuance, digital gold, and custody services through its HSBC Orion platform, while also enabling the interconnection of private chains with public chains such as Ethereum.
UBS: In November 2024, UBS Asset Management launched the first tokenized investment fund issued on the Ethereum network, "UBS USD Money Market Fund Token" (uMINT), converting money market fund shares into on-chain tokens. In early 2025, UBS demonstrated the results of its trial based on Ethereum's second-layer zkSync, using zero-knowledge proof technology to achieve split transactions of some gold investment products and migrate retail gold products to the zkSync "Validium" network.
In contrast, Solana has less cooperation with traditional financial institutions. At the same time, the RWA on Solana is mainly concentrated in stablecoins, and the proportion of its non-stablecoin assets is lower than that of Ethereum. At present, the mainstream treasury bonds and other fund projects are shown in the figure, and the number and amount of related projects are relatively small; at the same time, the categories of the projects are relatively single, and have not yet covered large-scale commodity RWA projects, as well as private credit, private equity and other fields.
Currently, the Ethereum platform is still leading in the value of RWA assets, and its second-layer ecosystem also carries a large number of RWA assets, far exceeding other public chain projects. Although there are 6 Ethereum ETFs approved in the market, Solana-related ETFs have not yet been approved. However, this year, mainstream institutions such as BlackRock's BUIDL and Franklin Templeton's BENJI have successively launched on Solana, and the competition is becoming increasingly fierce. EF has also established a clear strategic layout to cope with challenges, and the establishment of Etheralize further demonstrates Ethereum's positive attitude in seeking institutional cooperation.
As _gabrielShapir0 pointed out in the comments: "Etherealize can basically be seen as the second EF, a cultural and strategic diversion to make Ethereum more social and diverse."
In fact, Etherealize marks a key political moment in Ethereum's history - during which cultural divisions began to emerge. As a result, Ethereum's L0 will focus more on social decentralization in the future, as reflected in "client diversity". As a result, there are multiple competing top-level strategic visions emerging in the market, ranging from how to promote ETH to the future development direction.
Etherealize adopts a two-tier structure, covering both for-profit entities and non-profit organizations, which provides greater flexibility for its operation. The two parts have their own responsibilities and work together. Another major advantage is that it is technology-driven and focuses on the product itself, rather than relying solely on business development. It is these qualities that make Etherealize an efficient and focused platform for connecting with traditional financial institutions.
Despite the many challenges it faces, Ethereum still has deep advantages that support its position in the crypto field - these advantages are often downplayed by its leadership, causing negative criticism to obscure its core narrative. Systematically sorting out these advantages will help establish an objective cognitive framework for Ethereum's potential.
EF has launched the Silviculture Society - an informal think tank composed of external experts to provide cross-disciplinary advice and multi-angle insights to the foundation. The think tank members come from various fields such as technology, law, academia and industry. They participate for a year without compensation, submit confidential opinions to the EF Board of Directors through a dedicated channel, and explore a flexible and diverse internal feedback mechanism.
Concerns
It may only be a superficial cultural experiment, which is difficult to improve decision-making efficiency.
The short-term free participation model may not attract experts with long-term deep insights, affecting the sustainability and professionalism of the advice.
It is not clear how external advice can be truly transformed into internal decisions, and the transparency and execution of the feedback mechanism need to be tested.
In financial management, EF has launched a budget strategy of "spending 15% of the remaining funds each year" to ensure the long-term sustainable operation of funds. According to public data, EF's treasury fiat assets fell from $1.294 billion in March 2022 to $784 million in October 2024, while ETH-denominated holdings only fell by about 11%. At the same time, EF's annual expenditure rose from $48 million in 2021 to $135 million in 2023, indicating that investment in ecological support, R&D investment, and staff salaries has continued to increase.
Suspicions
EF holds a large amount of ETH. If the price of ETH continues to be sluggish, although the decline in ETH holdings is limited, the sharp decline in assets denominated in US dollars may indicate a hidden danger to financial health.
Although the "15% of the remaining funds" strategy is attractive, it lacks clear implementation details. The strategy has not been effectively implemented in the past few years, but has led to rising annual expenses.
The sharp increase in annual expenses may reflect inefficient resource allocation or the continued rise in R&D and funding costs.
The specific expenditure details and fund use plans have not been fully disclosed, making it difficult to fully evaluate the operating status.
Despite the huge investment, the actual results have not yet met expectations, showing a disconnect between internal management and market demand.
EF announced that it would invest 50,000 ETH in DeFi projects and enter the DeFi ecosystem through a newly established multi-signature wallet. At the same time, the emergence of full-chain asset management tools such as EtherStrategy and discussions on the new governance model of "Second Foundation" in the ecosystem shows that EF is exploring diversified innovation models to promote the continuous evolution of the ecosystem.
Questions and doubts
Crossing into DeFi and staking ETH at the same time may force EF to express its position on sensitive issues such as future hard forks, thereby affecting its positioning as a global neutral platform.
The market questions whether this cross-border behavior is in line with the positioning of a non-profit organization, and whether it will lead to deviations in resources and strategic focus, thereby affecting the overall ecological stability.
In response to previous criticisms of insufficient presence on social media, EF has greatly increased its investment in major platforms. Since January this year, EF has reactivated multiple official accounts, and has timely communicated internal reforms and strategic initiatives through a large amount of original content and dynamic forwarding. At the same time, core figures such as Vitalik Buterin have enhanced the brand image of Ethereum by changing their avatars and frequently interacting, and have strengthened the concept of "Ethereum First" in dialogues with traditional finance and policymakers.
Suspicions
Active performance on social media may only remain at the surface of public relations and cannot solve the problems of internal governance and actual results.
The actual effect of market promotion and the depth of docking with traditional financial institutions and actual applications are still uncertain.
EF Funding
EF launched two rounds of timed, themed special funding in 2025 - Pectra Forward-looking Special Funding and 2025 Academic Funding, both of which have now expired; at the same time, ESP's small grants (≤ $30,000, decision within about two weeks) and project grants (no funding limit, in-depth collaborative review) continue to be open all year round.
After the management adjustment was settled, Vitalik was able to focus on research; EF also synchronized the main direction of the next stage with the community: one is the overall roadmap forwarded and supplemented by Tomasz, and the other is the privacy roadmap proposed by Vitalik.
As for the overall route, the simplified roadmap focuses on three core aspects:
Improve data processing capabilities through Blob-based capacity expansion;
Improve L1 throughput through targeted protocol upgrades;
Improve user experience by deepening L2 interoperability and focusing on the application layer.
At the same time, Tomasz emphasized that in addition to this, secondary matters include:
Always mint assets on L1
Win the real world asset (RWA) and stablecoin markets
Improve communication and clarify community and user expectations
Significantly improve security standards in a trillion-level economy
Promote goal-driven R&D within the foundation
At the same time, Vitalik in the latest "A maximally simple L1 privacy roadmap (https://ethereum-magicians.org/t/a-maximally-simple-l1-privacy-roadmap/23459)" In the article, he proposed his vision for the Ethereum privacy roadmap, covering four key forms of privacy: on-chain payment privacy, partial anonymization of in-application activities, chain data reading privacy, and network layer anonymization.
The roadmap is mainly as follows:
Integrate privacy tools such as Railgun and Privacy Pools natively into mainstream wallets, and enable "shielded balance" and "send from shielded balance" by default;
Promote the "one address per application" design, and enable "spontaneous transactions" with privacy protection by default;
Implement FOCIL and EIP-7701 to simplify zero-replay, relay-free anti-censorship transactions;
Introduce a TEE-based RPC privacy solution in the wallet in the short term, and gradually switch to a more cryptographically guaranteed PIR in the future;
The wallet connects to multiple RPCs at the same time Nodes (optional mixed network access), and promote light client support to reduce metadata leakage;
Develop zero-knowledge proof aggregation protocol to reduce the gas cost of privacy transactions;
Create a privacy-aware keystore wallet, allowing users to seamlessly upgrade signature algorithms or verification logic between L1/L2 while maintaining privacy.
The Ethereum ecosystem is undergoing a paradigm shift from the inside out. The introduction of a dual leadership structure has achieved the decentralization of decision-making responsibilities and the complementarity of technical and management advantages. At the same time, it has also enabled Viltaik to withdraw from operational practices, focus on cutting-edge research and lead Ethereum. A series of changes in EF, including the split of the research department, the new research co-chair, the promotion of pragmatism and efficiency first, and the active participation in DeFi and social media operations, are all good changes, demonstrating the determination to seek change and breakthroughs in the fierce market competition.
The advent of Etherealize is an important milestone in strategic transformation. In terms of docking with traditional financial institutions, EF is often not the best choice due to its organizational structure, positioning and history, and has failed to meet the urgent needs of the market. Etherealize, which is customized for institutional clients, effectively makes up for EF's shortcomings with its clear Wall Street service positioning and flexible organizational structure, assisting EF's work without adding to its burden.
So far, EF and Etherealize have brought innovation and blood transfusion to Ethereum in terms of organizational structure, enabling it to better cope with a more intense competitive environment. The next challenge is about the core challenges of Ethereum's future: the positioning and narrative of ETH as an asset, the integration of the Ethereum ecosystem, and the improvement of performance and experience. These fundamental strategic problems are far beyond the ability of organizational adjustments or tactical improvements to deal with, and will become a key touchstone for testing the new generation of leadership.
Although challenges and doubts still exist, these changes have undoubtedly opened up a path for Ethereum to explore new possibilities, marking a new era that is truly future-oriented.
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