Bankless co-founder David Hoffman wrote that the Ethereum Foundation (EF) is intentionally leaving a "power vacuum" for a new organizational structure to step in and influence the future development direction of Ethereum. He stated that the direction represented by ETH Labs may be the most promising future path for Ethereum and said he will continue to support its development. Previously, Hoffman publicly announced that he had sold all his ETH, stating that the "ETH is Money" narrative has basically been fulfilled, and that the success of the Ethereum network may not be fully reflected in the ETH asset price.