Lido Finance co-founder Konstantin Lomashuk teased a “Second Foundation” for Ethereum amid governance debates.
Lomashuk was the first person to propose the concept in December, voicing his concerns about the functioning of the Ethereum Foundation in the face of widespread community opposition.
At the same time, the co-founder of Lido stated that the concept of a “Second Foundation” is primarily aimed at fostering competition among various groups and offering the community an alternative choice.
On Wednesday, Lomashuk referred to a page from the Second Foundation’s X account, indicating his intention to carry out the plan. An increasing number of individuals within the Ethereum community and the broader cryptocurrency landscape have expressed their disapproval of the Ethereum Foundation’s structure.
They argue that the organization is excessively centralized and places too much emphasis on layer-2 networks rather than the core Ethereum (ETH) layer.
Vitalik Buterin, one of Ethereum’s co-creators, responded to the criticism by unveiling plans for a significant revamp of the Ethereum Foundation’s (EF) decision-making process.
However, the threads Buterin posted on X did not alleviate concerns, instead, they sparked further scrutiny, as his proposed changes would effectively grant him sole control over the EF while awaiting reforms.
Since Buterin’s plan failed to address key concerns and appeared to contradict the fundamental principles of decentralization, users expressed dissatisfaction with the EF’s growing influence over the ecosystem.”
The Ethereum Foundation is extremely complex, making it nearly impossible for outsiders to contribute without first developing a strong foundation in long-term research,” Lomashuk, who works at Lido, wrote last year while teasing the Second Foundation thesis.
“Without competition, we risk losing our way.” Lido is one of the most significant platforms for Ether staking a process that involves locking coins to secure the blockchain network and generate passive returns.
With approximately 28% of the staked Ethereum supply held on the decentralized finance (DeFi) application, Lomashuk’s project has become the most significant Ethereum validator.
