Blockchain Researcher Defends Ethereum Foundation, Says It’s Doing Its Job ‘Right’
A blockchain researcher has pushed back against growing criticism of the Ethereum Foundation, saying the organization is doing “exactly” what it was designed to do.
In a post on X entitled “Leave the Foundation Alone,” Toronto-based blockchain investor, researcher and best-selling author William Mugair argued that EF is not a transaction engine, but a protocol feeder.
Mougayar ETH, Ethereum and Ethereum Foundation are three different entities with three different directions. “The property is money. The infrastructure is a collective calculation. The foundation is a non-profit organization that leads its founders to the protocol of mismatching,” he wrote, confusing the three leading to bad predictions and misplaced anger.
Source: William Mugger
The post comes as the foundation has faced a wave of criticism from the crypto community in recent months. The company has been repeatedly accused of hurting ETH's price performance due to ETH sales, unsustainable activities, and public silence.
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EF is hardening the protocol.
Mougayar said that EF is “on the path of reduction”, working to become less centralized with Ethereum over time. “He's tightening the protocol so the world doesn't need it this much. He's shipping upgrades. There's no one to help with the research,” he wrote.
He pointed out that the criticism came from people who wanted a king. Expecting EF to market ETH or court facilities is “like expecting the IETF to run Super Bowl commercials for TCP/IP,” he said.
ETH is currently at $2,117.09, up 4.67% over the past day. However, the token has fallen by more than 57% compared to the high of $4,953 recorded in August last year, according to CoinMarketCap data.
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EF sells, demolishes ETH
Earlier this month, the foundation completed its third OTC sale for BitMine Immersion Technologies, selling 10,000 ETH at an average price of $2292, bringing in around $22.9 million. Combined with two previous transactions, 5,000 ETH in March and 10,000 ETH last week, the foundation has sold roughly $47 million worth of ETH to BitMine in recent weeks.
The sale also came after the foundation withdrew 17,035 ETH from its stock, worth an estimated $40 million. EF also issued another 21,270 Ether worth about $50 million from Lido shares earlier this month.
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