Ethereum Foundation Leadership Shake-Up: Strategic Game Between Idealism and Market Reality

In March 2025, the Ethereum Foundation announced significant leadership changes: Aya Miyagotchi stepped down as Executive Director to become Chair, Hsiao-Wei Wang and Tomasz Stańczak were appointed as the new Co-Executive Directors, and former researcher Danny Ryan joined Etherealize.

This reform is not only a personnel adjustment but also a strategic game surrounding the future direction of Ethereum. For a long time, Aya has been promoting the idealized vision of building an "infinite garden." However, as market competition intensifies and network issues become apparent, the community has begun to question its conservative strategy. EF is attempting to seek a balance between idealism and market reality by adjusting its leadership.

This article will explore the strategic transformation of EF from three dimensions: organizational structure changes, the positioning of Etherealize, and EF's recent adjustments and future outlook.

Dual Leadership: New Pattern of Power and Responsibility

Aya Term Review

Aya Miyaguchi has been the Executive Director of the Ethereum Foundation (EF) since 2018, coinciding with Ethereum's transition from proof-of-work to proof-of-stake. She advocates a "philosophy of subtraction" to prevent the foundation from becoming a centralized power entity, distributing responsibility to the community. The EF upholds values of openness, neutrality, and decentralization, avoiding the pursuit of profit or aggressive marketing.

Aya led the establishment of multiple new teams and projects, such as the EF Fellowship program launched in 2022, which supports emerging community builders. The new format of conferences like Devconnect, introduced in 2021, also reflects EF's new attempts at community building.

EF architecture and recent changes

EF, as a non-profit organization, has an internal structure of "team community" that supports many semi-autonomous teams to operate independently. The organizational structure is divided into four main sections: protocol research and development, ecosystem development, operational support, and privacy expansion exploration. Each section collaborates with external communities under the coordination of the Protocol Guild and Protocol Support teams.

In early 2025, the research department was restructured from a single team into five specialized groups: application research, consensus development, cryptography, protocol security, and incentive mechanisms. Alex Stokes and Barnabé Monnot jointly serve as research leads. The PSE team focuses on zero-knowledge proofs and privacy technology research, undergoing significant restructuring in 2024.

The new management structure is as follows: Aya will take on the role of Chair, responsible for strategic partnerships; Hsiao-Wei Wang and Tomasz will serve as Co-Executive Directors; Barnabé Monnot and Alex Stokes will serve as Co-Research Heads; Tju Liang Chua will continue as General Counsel, and Bastian and Josh Stark will be responsible for management and operations.

Introduction of the new Co-CEO

Hsiao-Wei Wang (王筱薇) has been a core researcher at EF since 2017. She graduated from National Chiao Tung University in Taiwan, specializing in sharding and beacon chain technology. She is currently responsible for leading research and development directions and promoting community building.

Tomasz Stańczak is known for leading Nethermind. Nethermind has a market share of about 35% in the Execution client market, second only to Geth. Tomasz is experienced in client development and exploring cutting-edge topics such as MEV and PBS.

The new architecture aims to decentralize decision-making responsibilities and achieve a synergy between technology and management advantages.

Community Response

The community generally welcomes the new appointment. Most believe that Hsiao-Wei's understanding of agreements and Tomasz's management experience will help achieve governance balance. Some members were surprised that Danny Ryan did not hold a major position, but the news of his subsequent joining Etherealize quelled the doubts. Overall, the community has high hopes for the new leadership structure and looks forward to addressing past shortcomings.

Ecological Reconstruction: The Rise of Etherealize

Danny Ryan has not returned to EF, but has joined Etherealize as a co-founder. This suggests the formation of a new type of organization to make up for EF's shortcomings, focusing on promoting the implementation of Ethereum technology and its commercial potential.

Etherealize core mission

Etherealize is a multidimensional platform, with core missions including:

1. Provide full-chain deployment services for traditional financial institutions.
2. Connect research and development with business expansion, rapidly iterate technical solutions.
3. Participate in policy advocacy and promote the regulatory sandbox certification program.
4. Enhance transparency through data dashboards and monthly reports

dual-track architecture

Etherealize is divided into a for-profit entity (Etherealize Inc.) and a non-profit entity (Etherealize Foundation). The former provides end-to-end tokenization services, while the latter focuses on open research and policy advocacy.

Etherealize Origin and Strategic Blueprint

Etherealize originated from reflections on the effects of institutional adoption when the Ethereum ETF launches in 2024. It was established in January 2025 after receiving funding from Vitalik and EF. The core roadmap for 2025 includes launching an institutional-level SDK, initiating a corporate wallet pilot, and expanding into the Asia-Pacific and European markets.

Ethereum VS Solana: Institutional Competition

The traditional financial sector has long focused on the Ethereum ecosystem, which accounts for over 50% of RWA value. Mainstream institutions such as Fidelity and JPMorgan have several Ethereum collaboration cases. In contrast, Solana has fewer collaborations with traditional financial institutions, with RWA primarily concentrated in stablecoins.

Although Ethereum still leads in RWA assets, institutions like BlackRock have launched projects on Solana, making competition increasingly fierce. The establishment of EF and Etherealize highlights Ethereum's proactive attitude in seeking institutional collaboration.

Recent Adjustments and Outlook for EF

EF Silviculture Society

EF has launched an informal think tank composed of external experts to provide cross-disciplinary advice to the foundation. However, its actual influence and decision-making conversion mechanisms remain unclear.

Financial Strategy and Budget Management

EF has launched a "15% of remaining funds spent annually" strategy, but the implementation details are unclear. In recent years, expenditures have increased significantly, reflecting issues with resource allocation efficiency. Specific expenditure details have not been fully disclosed, making it difficult to conduct a comprehensive evaluation.

Entering DeFi and ecosystem innovation

EF announced an investment of 50,000 Ether to participate in DeFi projects and explore new governance models. However, this may affect its neutral position, raising questions.

Social Media and Marketing

EF has increased its investment in social media, but the actual effectiveness and depth of integration still remain uncertain.

EF funding

In 2025, two rounds of special funding will be introduced, while maintaining the year-round open small and project funding.

EF Strategic Outlook

The new management team focuses on three main directions: enhancing data processing capabilities, L1 throughput, and L2 interoperability. The privacy roadmap proposed by Vitalik covers aspects such as on-chain payments, application anonymization, data reading, and network layer anonymity.

Conclusion

The Ethereum ecosystem is undergoing a paradigm shift. The establishment of a dual leadership structure and Etherealize marks a significant transformation. Although challenges still exist, these changes have opened up new avenues for Ethereum to explore possibilities, ushering in a new era for the future.