Konstantin Lomashuk, the founder of Lido, has launched a “Second Foundation” for Ethereum. This comes at a time when the Ethereum community is facing leadership challenges. The details about this new initiative are still a bit unclear, but a look at Lomashuk’s social media gives us some clues.
He seems to want this Second Foundation to promote decentralized values. This is a response to what many see as a “bag-chasing” culture in the current crypto world.
Today, Lomashuk announced the creation of the Second Foundation on social media. This follows a significant leadership shake-up at the Ethereum Foundation (EF). Earlier today, well-known developer Eric Conner resigned from his position.
Right now, Lomashuk’s goals for the Second Foundation are not fully defined. His announcement included a phrase, “hello world computer,” but there’s no official description for the new account yet.
However, by checking out some of Lomashuk’s recent posts, we can get a better idea of his vision. He echoes Vitalik Buterin’s thoughts that “the future of the world computer is decentralized.” He suggests that the EF is just one part of the larger Ethereum ecosystem. Buterin believes that the organization some people want to reform might not be the EF itself. He advocates for a foundation that confidently represents Ethereum’s core values.
Lomashuk also mentioned that he strongly relates to concerns about the rising scam culture in crypto. This gives us insight into what he aims to achieve with the Second Foundation.
This could be a good time for Lomashuk to focus on the Second Foundation, especially since Lido has been performing well recently.
A well-known Ethereum investor suggested to Buterin, “The best thing you could do right now is to separate the R&D support functions from the EF into their own organization. This way, the existing Foundation can focus on ecosystem development and support. It would show a real commitment to decentralization.”
The EF is indeed facing a leadership crisis. At the same time, Ethereum is dealing with a drop in demand. The EF is even considering using staking to cover its expenses. This would break a long-standing reluctance to take a clear stance in potential future hard forks.
Despite these challenges, Lomashuk is determined to move forward. The broader goals of the Second Foundation are starting to become clearer. The crypto market has changed a lot in the past year, thanks to significant cash inflows and more institutional acceptance.
Lomashuk continues to believe in the original vision of digital currency as a tool for building radically decentralized systems.