Blockchain researcher William Mogayar defended the Ethereum Foundation after months of criticism over Ethereum sales, unstable activity, and limited public outreach.
summary
- William Mujayar said critics have misread the Ethereum Foundation by treating it like a marketing team.
- Recent enterprise sales to BitMine totaled 25,000 ETH via three OTC trades recently.
- Separate reports showed that 38,305 ETH were unpledged from Lido and previous queues during the recent treasury moves.
Magyar said critics often judge the Ethereum Foundation according to the wrong standards. In his X post titled “Leave the Foundation Alone,” he argued that the pool serves the protocol rather than the market price for ETH.
He said that ETH, Ethereum, and the Ethereum Foundation are separate parts of the ecosystem. He described Ethereum as money, Ethereum as shared computing, and the Foundation as a non-profit organization that is reducing its role over time.
ETH sales continue to raise questions
The defense comes at a time when the institution faces questions about its treasury activity. Related coverage I mentioned It sold 10,000 ETH to BitMine on May 1 at an average price of $2,292 per ETH.
This sale followed the sale of another 10,000 ETH to BitMine one week ago and the sale of 5,000 ETH in March. The March trade was priced at $2,042.96 per ETH and was also conducted via an OTC transaction.
The foundation said the May sale will fund core operations and activities, Crypto.news reported. The group listed protocol research, ecosystem work, and community grants as funding areas.
Unstable moves add to the public debate
The organization has also made significant changes in the field of staking. On April 26, crypto.news I mentioned It staking 17,035,326 ETH, worth about $40 million, shortly after approaching its staking goal of 70,000 ETH.
On May 12, another report He said The foundation withdrew 21,270 ETH from the Lido stake. The move put funds in an Ethereum withdrawal queue while the unstable process was running, Arkham said.
The foundation did not explain the unexpected move in April at the time, leading some market users to wonder if ETH could be sold later. However, the report indicated that there is no official statement linking the withdrawal to selling in the market.
Research funding remains the key argument
Magyar said the foundation aims to strengthen Ethereum and fund work that others may not support. This view is consistent with the foundation’s grant activity, which has focused on zero-knowledge research, validator security, Ethereum clients, and public infrastructure.
He also rejected the idea of the foundation acting as a marketing team for ETH. His argument was that Ethereum’s main backing body should become less centralized as the network matures.
The debate now centers around two different views of the same institution. Some ETH holders want clearer communications and fewer large treasury moves. Magyar’s position is that the institution should protect the protocol, even when doing so does not meet short-term market demands.
