Konstantin Lomashuk teased Lido Finance co-founder Konstantin Lomashuk. “Second Foundation” Ethereum community members are currently debating the ongoing restructuring of administrative structures.
Lomashuk proposed the idea for the first time in December.ETHFoundation operations in the face of widespread community criticism
“The idea of a ‘Second Foundation’ is more about creating competition between different groups, giving the community a choice,” Lido founder explained to the same. Lomashuk quoted A Second Foundation X Page was launched on Wednesday to signal intent to continue with the concept.
This development comes as the Ethereum community and wider crypto world have criticized the Ethereum Foundation structure. They claim that the foundation is overcentralized, hyper-focused on layer-2 network rather than ETH’s core layer, and has a centralized focus.
Vitalik Buterin, co-creator of Ethereum and EF, responded to critics by sharing plans that detail a major overhaul of EF’s approach to decision making. Buterin’s posts on X did not quell agitation but instead grew further criticism, since he was effectively taking sole control over the EF pending any changes.
Users claimed that the plan violated the decentralization ethos. It also failed to address users’ concerns.
“EF is super deep, and it’s almost impossible for outsiders to contribute without building long-term research muscle. Without competition, we risk losing the right path,” Lomashuk of Lido wrote last summer while toying with the Second Foundation hypothesis.
Lido protocol has become a popular platform to stake Ether, or lock tokens for the purpose of securing a network on blockchains and earning passive returns. Lomashuk’s project is the largest ETH validator. About 28% of ETH’s total staked supply has been deposited in the decentralized finance app.
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Source: crypto.news
