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Ethereum core developers: Ethereum enters the institutional inheritance phase or faces challenges in fund redistribution

MarsBitNews
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Mars Finance News, former Ethereum Foundation member and Ethereum core developer Trent Van Epps published a lengthy article analyzing the evolution of Ethereum's institutional structure, exploring its future political and economic paths and the issue of "institutional inheritance." He pointed out that Ethereum is currently entering a critical institutional turning point: including legitimacy distribution, governance structure evolution, and a potential protocol funding crisis. The Ethereum Foundation has long adhered to the "reduction" philosophy, which is to decrease its centralized influence within the ecosystem, allowing value to be generated more externally. However, this strategy, while reducing centralized power, also brings the problem of "unclear legitimacy boundaries," making it difficult for the ecosystem to naturally generate alternative institutional centers. On the funding front, Ethereum is approaching a potential "structural funding gap," including the end of the protocol incentive plan (CIP) in 2026, and after the Foundation's ETH reserves are depleted, entering a contraction cycle that could lead to a long-term pressure where core development funding drops to around $30 million. Without sustainable funding mechanisms, the core development team and infrastructure capacity may face the risk of attrition, affecting the network's long-term reliability and potentially creating an "unfunded protocol burden." After completing its early historical mission, the Ethereum Foundation's role is shifting from a "single leading organization" to a "system transition node," and the key issue for the next phase of the ecosystem will be how to smoothly inherit from the existing institution to a new governance structure.
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