On February 25, 2023, Aya Miyaguchi delivered significant news regarding her career path, as she announced her promotion from Executive Director to President of the Ethereum Foundation (EF). This change was not impulsive; rather, it was a decision contemplated over an entire year. Miyaguchi emphasized the complexities surrounding Ethereum, pointing out that it is during moments of strife and debate that the true essence of the platform shines through. “The tension among opinions and perspectives,” she stated, “serves as a catalyst for Ethereum’s strength.” This illustrates a core belief: “Ethereum belongs to everyone precisely because it belongs to no one,” highlighting its decentralized ethos.
Miyaguchi articulated the values that define Ethereum, namely decentralized ownership, a framework known as “Pace Layering,” and credible neutrality. Such principles not only anchor the foundation’s mission but also illustrate its commitment to nurturing a diverse ecosystem. The Ethereum Foundation’s role is crucial; it does not exert authoritarian control over the network but instead focuses on identifying gaps in support for the community and promoting its core philosophies.
In the context of criticism and hurdles, Vitalik Buterin, a co-founder of Ethereum, expressed his endorsement of Miyaguchi. He acknowledged the fundamental responsibilities of an executive director, specifically the ability to foster a conducive environment for other team members to excel. Buterin noted the successes and achievements of the EF as partially tied to Miyaguchi’s leadership: whether it was implementing vital Ethereum upgrades, facilitating community workshops, or cultivating the underlying culture, her influence has been significant.
As Miyaguchi reflected on her seven-year journey with the Ethereum Foundation, she recognized the platform’s evolution from a nascent project to a robust, diverse ecosystem. Much like a garden nourished by its biodiversity, Ethereum has flourished by embracing various perspectives and talents. However, recent months have witnessed escalating tensions within the foundation, stemming from dissatisfaction over operational efficiency under Miyaguchi’s leadership. Prominent developers, including Eric Connor, have exited the organization, exacerbating negative sentiments towards Ethereum and adding volatility to public opinion.
The turbulence within the foundation is paralleled by Ethereum’s market performance, which failed to mirror the upward trajectory of Bitcoin, which hit an all-time high in early 2025. In stark contrast, Ethereum has struggled, lingering 50% below its own peak, and recently plummeting to around $2,337, marking its lowest levels since early November. The cryptocurrency is currently teetering just below $2,500, reflecting a setback of 25% since the start of the year. While bullish fundamentals, including a possible staked Ether ETF and notable investments such as the Trump family’s in the DeFi sector, present overcoming opportunities, the EF must also confront internal challenges to realize Ethereum’s overarching potential.
Miyaguchi’s elevation to president is more than just a title; it represents hope for new growth amid turbulence. The Ethereum Foundation stands at a crossroads, tasked with leveraging its core philosophies to navigate the swirling challenges, uphold its decentralized vision, and fulfill the aspirations of its diverse global community.
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