I've been an Ethereum supporter since the early days and I still believe it's one of the most important pieces of infrastructure in crypto. The tech is great, my conviction hasn't changed in that respect.

But watching 9 senior researchers and key operators leave the Ethereum Foundation in 2026 alone is something I can't just ignore. People like Tim Beiko, Josh Stark, Barnabé Monnot, Trent Van Epps, Carl Beek. These people weren't just random employees at the foundation, they were the foundation.
You can call it restructuring, you can call it decentralization, whatever. But when your best people are walking out the door, that's a massive red flag regardless of what narrative you put around it.
And honestly, this whole situation just reinforces something I've been feeling for a while now. I am so tired of chain wars, ecosystem politics and spending any more time debating how to price an asset than actually evaluating the businesses being built on top of it.
I don't want to argue about L1 vs L2. I don't want to pick sides in some tribal war between ecosystems. I just want to back exceptional founders building real businesses with real revenue, real users and real products.
Hyperliquid recently flipping Solana is another great example of how a great product and distribution can organically build an ecosystem top down, rather than trying to force it from the ground up.
The infrastructure circle jerk and the idealistic cypherpunk phase of selling delusional dreams in crypto was great and fun, but it's over. The next decade will be dominated by much sharper founders building real businesses, and I wouldn't be surprised if we see some of these even flip ETH and SOL as they continue to bleed out.
Time to grow up and play real games with real people.