A prominent former Ethereum researcher is calling for a radical reset: build a new, well-funded organization to “save Ethereum.”
Dankrad Feist, who until last year was one of the Ethereum Foundation’s (EF) top researchers, tweeted on May 21 that the community needs a replacement body with at least $1 billion in capital — funded in large part by ETH staking fees — and a leadership team explicitly aligned with driving ETH’s economic value. “The EF now holds less than 0.1% of all ETH,” Feist wrote, arguing there is “no flow of Ethereum staking or fee revenues to it.” He added that the new organization should have a board “who want ETH to go up” and “a leader who is competent and wants to fight.”
Feist’s proposal lands amid growing friction around the Ethereum Foundation’s direction. Over the past year the EF has endured a wave of resignations and criticism that it prioritizes lofty technical goals and cultural initiatives over economics, marketing and price appreciation. Last year, Ethereum co‑founder Vitalik Buterin conceded the organization needed “large changes.” In March the EF published a new mandate that, while defensive about being a profit-seeking or marketing-first entity, drew controversy for its odd language and imagery — including allusions to the Miladys NFT collection — and for explicitly stating the foundation does not seek to chase price gains.
Since that mandate’s release, several senior EF figures have left — including two departures this week — fueling further debate over whether the Foundation can provide the leadership the ecosystem wants. None of those departing staffers directly cited Buterin’s vision or the mandate as the reason for their exits.
Feist’s critique is arguably the sharpest public rebuke from a recent insider. He departed the Foundation last fall to work on Tempo, a private blockchain project being built at payments firm Stripe. At the time, one crypto commentator compared the career move to a high‑profile environmental activist joining an oil company — a pointed sign of how surprised the industry was by the shift.
The timing of Feist’s call is notable given ETH’s recent price performance. After nearly reaching $5,000 last summer, Ether has since fallen roughly 57% to a little over $2,100, leaving some community members frustrated that the protocol’s institutional stewards have not been more focused on economic growth.
Decrypt reached out to Feist seeking clarification on whether he was targeting any specific individuals for leadership and will update if he responds.
Implications: Feist’s proposal reframes a recurring argument in crypto governance — should protocol stewardship emphasize pure research and decentralization, or should it explicitly pursue initiatives that boost the native token’s economic value? His recommendation for a billion‑dollar, stake‑funded entity with a combative, pro‑price leadership sets up a stark choice for the Ethereum community as it wrestles with identity, funding and the path forward.
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