Vitalik Buterin Says Ethereum Foundation Cut Budget by About 40% This Year
Summary
- Vitalik Buterin said the Ethereum Foundation cut its budget by about 40% this year.
- The Ethereum Foundation said it is shifting to a long-term endowment-based organization that will reduce the share of remaining funds it spends to about 5% after 2030.
- The Ethereum Foundation said it will continue to pursue Ethereum’s Strawmap roadmap, including consensus, proof systems, privacy and account models, despite cutting about 20% of its workforce.
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Ethereum co-founder Vitalik Buterin said the Ethereum Foundation cut its budget by about 40% this year.
In a post on X on June 23, Buterin said the foundation is shifting to an endowment-based model with a longer-term focus. It previously spent about 15% of its remaining funds each year, but plans to reduce that to about 5% after 2030.
He said the budget reduction was not simply an efficiency measure and involved real sacrifice. The organization has lost some important capabilities, he added.
Still, the Ethereum Foundation will continue to pursue Ethereum’s Strawmap roadmap, including consensus, proof systems, privacy, account models and other core infrastructure, he wrote.
Buterin said this would mark Ethereum’s third generation. The first was early Ethereum, and the second was the Merge.
The Ethereum Foundation had earlier announced it completed an organizational restructuring and cut 54 employees, equivalent to about 20% of its workforce.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
