Lido co-founder hints at second Ethereum Foundation
Konstantin Lomashuk, co-founder of Lido Finance, spoke about creating a “second foundation” for Ethereum as the community debates ongoing changes to administrative structures.
Lomashuk first suggested the idea in December, expressing reservations about Ethereum (ETH) Foundation operations amid broad community backlash.
“The idea of a ‘Second Foundation’ is more about creating a competition between different groups, giving the community a choice,” explained the Lido co-founder at the same time. Lomachouk quoted a second Foundation X page on Wednesday, signaling the intention to follow through on the concept.
The development came as many in the Ethereum community and broader crypto landscape have criticized the structure of the Ethereum Foundation, arguing that it is too centralized and hyper-focused on layer 2 networks rather than the core ETH layer .
Responding to criticism, Ethereum co-creator Vitalik Buterin shared his plans detailing a massive overhaul of FE’s decision-making approach. Rather than quell the agitation, Buterin’s discussions of X fueled further scrutiny, as he would effectively assume sole control of the FE pending changes.
Users said his plan went against the underlying ethos of decentralization and failed to address concerns, compounding previous discontent with the FE’s growing control over the ecosystem.
“EF is very deep, and it is almost impossible for outsiders to contribute to it without strengthening long-term research. Without competition, we risk losing the right path,” Lomashuk wrote from Lido last year, teasing the Second Foundation thesis.
The Lido Protocol is a major platform for Ether staking, which refers to locking tokens to secure a blockchain network and earn passive yield. Lomashuk’s project is the largest validator of ETH, with approximately 28% of the staked supply of ETH deposited on the decentralized finance application.
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