Ethereum co-founder Vitalik Buterin announced a significant budget cut of 40% for the Ethereum Foundation as part of a strategic reset aimed at optimizing resources and enhancing the project's long-term sustainability. This decision comes in response to the current economic climate and the need to focus on essential projects that align with Ethereum's core mission. Buterin emphasized the importance of prioritizing impactful initiatives while ensuring the foundation remains financially stable. The move reflects a broader trend in the cryptocurrency sector, where organizations are reevaluating their spending in light of market fluctuations and shifting priorities.
The reduction comes on the same day the EF confirmed a 20% reduction in headcount and follows the resignation of co-Executive Director Hsiao-Wei Wang. Her departure brings the total number of senior Ethereum Foundation figures to leave since January to nine, underscoring the scale of the organization’s ongoing turmoil.
Source: CoinDesk
