Key Points
The Ethereum Foundation has been in the spotlight due to continuous ETH dumps, leading to a decrease in its price. The community has expressed discontent, with many criticizing EF executive Aya Miyagotchi. Vitalik Buterin, however, maintains that the decision-making power lies with him and not the community, sparking debates about Ethereum’s centralization.
Internal Controversy and External Observations
Josh Stark, an EF employee, further fueled the controversy with his comments that were interpreted as the Foundation using Ethereum to dump ETH. Amidst this, Bitcoin.com’s CEO, Corbin Fraser, made a post suggesting that Ethereum’s ‘wokie energy’ might cause it to be skipped in the current cycle. Fraser noted that Ethereum’s focus on diversity, equity, inclusion, and eco-friendliness was well-received in the previous cycle but may not be as successful this time around.
Fraser also added a comment about the “new meta” being “Manpower”, which he describes as “PoW mining, DGAF aesthetics, Murcia, memes, Trump. The right. Competition”. He concluded his post by expressing hope that he would be proven wrong about Ethereum being skipped in the current cycle.
Despite not gaining much attention, Fraser’s post sparked conversations about the role of politics in the crypto industry. David Sencil, a Bitcoin.com author, wrote an article discussing Fraser’s post. The article highlighted a post by a crypto influencer, Beanie, who argued that politics and religion should not play a role in the crypto community. Beanie also mentioned Ethereum’s dismissal of Brantly Millegan from the Ethereum Name Service due to an old post expressing his Catholic beliefs.
Beanie suggested that Ethereum could regain its glory by prioritizing tech over politics. This sentiment echoes the term “Ethereum killer,” used to describe new blockchain ecosystems that run smart contracts and host dApps. While some of these projects have been successful, none have managed to surpass Ethereum. From a trading volume and market cap perspective, Ethereum remains a leader among projects with similar functionality.
Ethereum has its share of challenges, including scalability issues. However, criticisms of Ethereum’s perceived left-wing leanings seem to miss the mark. Despite the ongoing crisis, Ethereum has managed to maintain a strong market presence. Sencil’s article did not question Ethereum’s market position.
Companies develop products for their users, and therefore, the political leanings of the people around a project can be a key to loyalty. Shyhoshi Kusama, the lead Shiba Inu developer, expressed a similar view. While some people, including Elon Musk, may dislike ‘wokism’, it’s unclear if this is the reason for the Ethereum Foundation’s ETH dumps or Buterin’s control over the Ethereum Foundation board. It appears that the criticisms of Ethereum’s ‘wokism’ are more related to the market underperformance of Ether and Buterin’s unpopular decisions and opinions.
