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In the process of an infinite game, finite games may occur, but finite games cannot encompass an infinite game. For example, the competition and debate within Ethereum are not aimed at allowing a particular player to win, but rather at continuously improving Ethereum to make it more refined.

Vitalik, the founder of Ethereum, announced a large-scale leadership reform of the Ethereum Foundation (EF) on January 18. The goal is to improve the technical level, strengthen communication with the ecosystem, introduce new blood, and support application developers. After several days of fermentation, the outside world is holding a wait-and-see attitude towards the effect of the reform, questioning whether it can revive the Ethereum ecosystem. This article conducts a systematic analysis of the subsequent possibilities of EF's transformation and the subsequent direction of the Ethereum ecosystem.

This article provides a detailed account of the Ethereum Foundation (EF) facing a community crisis. With ETH's underperformance, community dissatisfaction has erupted, prompting founders of several major ecosystem projects to voice their criticisms. The founder of Synthetix suggested pressuring Layer 2 (L2) networks, the Curve founder advocated abandoning the L2 strategy, and the Aave founder proposed a 12-point reform plan. Amid the collective backlash from the community, EF sold another 100 ETH, sparking even greater controversy. The article highlights the governance challenges and divisions currently facing the Ethereum ecosystem.

The article delves into the current state and challenges of the Ethereum Foundation in terms of fund management, community relations, and competitive pressure. It also analyzes the major decision to allocate 50,000 ETH to participate in the DeFi ecosystem. The Ethereum Foundation has long been criticized for its lack of transparency in fund management, disregard for community voices, and its gap with competitors

The article reviews the controversies and issues faced by the Ethereum Foundation over the past year, including management changes, economic impacts after technical upgrades, incidents of conflict of interest, and lack of transparency in disclosures. It also details the new strategic direction of the Ethereum Foundation, including improving mainnet efficiency, supporting Layer 2 solutions, and optimizing user experience.

Bitcoin miners are shifting toward holding, on-chain selling pressure is easing, and the easing of China-U.S. trade tensions is contributing to a period of low-volatility upward movement in the market — potentially opening the door for a new round of crypto asset repricing.

Historical data suggests a correlation between the Ethereum Foundation’s sell-offs and ETH price fluctuations, but it's not a guaranteed relationship. Ultimately, it remains a matter of probability.

The Ethereum Foundation’s opaque spending and attacks on Buterin’s personal life have become the focus. Despite Ethereum’s strong performance in DeFi and other applications, the market is skeptical of its innovation capabilities and long-term value. Community dissatisfaction with Ethereum's transition from PoW to PoS and the foundation's management has increased, calling for Ethereum to find new growth stories and application scenarios.

This article explores Ethereum's governance process through seven major cases, providing a detailed analysis of the procedures and institutions involved in decision-making. It elucidates key events in Ethereum's history, including the DAO hard fork, Parity multisig bug, Constantinople upgrade, ProgPoW, Afrigate, the Merge, and the Shanghai upgrade. The article illustrates how developers and the community coordinate and resolve disputes, highlighting the complexity and challenges of Ethereum governance.