From The Merge to Ethereum's Technological Breakthrough and Organizational Evolution
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From The Merge to Ethereum's Technological Breakthrough and Organizational Evolution
The reorganization of EF into three major business groups and the establishment of Etherealize reveal Ethereum's governance logic transitioning from a "centralized foundation" to a "multi-centered ecosystem."
Navigating Web3 tides with focused insightsFrom ETHPanda's interview with Hsiao-Wei, Co-Executive Director of the Ethereum Foundation, we can distill several key highlights of Ethereum's current development:
1) Technically, The Merge successfully transitioned Ethereum from PoW to PoS, described as "changing the engine mid-flight," demonstrating Ethereum's ability to upgrade its core architecture without downtime. Notably, she emphasized that the biggest challenge of The Merge was not technical but rather "integrating people"—coordinating developers, clients, and stakeholders;
2) In terms of organizational structure, the EF is undergoing clear functional differentiation and specialization. Internally, the EF has restructured into three major divisions, while spinning off specific functions into external organizations—such as Etherealize, which focuses on interfacing with traditional finance and Wall Street. This division of labor reflects the Ethereum ecosystem's gradual shift toward a multi-centric governance model;
3) Regarding financial strategy, the EF is no longer limited to simply selling ETH, but actively exploring diversified management methods such as DeFi lending, staking, and asset tokenization, reflecting a more mature financial mindset. Notably, Hsiao-Wei pointed out that selling ETH is不得已—a necessity. The foundation supports hundreds of employees, with around 75% of expenses requiring fiat payment, explaining why ETH sales continue even during unfavorable market conditions.
I find Hsiao-Wei’s candid perspective on the Ethereum Foundation’s role particularly thought-provoking. She stated openly: "If an organization emerges within the community capable of replacing the EF’s role, the foundation may downsize"—essentially acknowledging that the EF does not seek permanent centrality, but is willing to cede authority when appropriate. This proactive reflection on self-boundaries and gradual withdrawal stands in sharp contrast to other blockchain project founding teams who continuously expand their control. Additionally, regarding future application trends, Hsiao-Wei highlighted several promising directions, identifying Identity, Social design, and mini-program ecosystems as innovative areas aligned with the current trend of Web3 integrating into everyday applications.
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Haotian | CryptoInsight
