Ethereum Grows Like a Garden Fueled by Diversity, Says New CEO
Draft Title: "Aya Miyaguchi Takes on the Role of E-Premium Team Leader, Heralding New Leadership Changes."
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Aya Miyaguchi, the executive director of the Ethereum Foundation (EF), has announced that she will be taking on a new role as the president of a Swiss-based non-profit organization. This announcement was made through a blog post on Tuesday.
Miyaguchi mentioned that she will continue to support "institutional partnerships" in her new role. She has been serving as the executive director since 2018 and expressed her deep gratitude and enthusiasm for the future. She also stated that she had been considering the idea of moving to the president position for about a year. "Recent events have provided the perfect opportunity to reflect on what I truly value," she said.
This announcement comes at a time when the Ethereum network is facing increasing criticism for losing market share to competing blockchains like Solana. Critics point out that EF is not adequately supporting developers. In January, there were heightened calls to replace Miyaguchi, and co-founder Vitalik Buterin had hinted at changes in key positions for several months.
Ethereum (ETH) is currently trading below $2,500, having dropped 6% over the past 24 hours, as reported by CoinGecko. Despite the bull market that has continued since last year, ETH's performance has lagged behind Bitcoin and other digital assets. As the second-largest cryptocurrency by market cap, ETH is trading at roughly half its all-time high price of $4,878.26, recorded three years ago. The last time ETH surpassed the psychologically important $4,000 mark was in December of last year.
In contrast, Bitcoin and Solana have reached new all-time highs within the past month.
In her blog post, Miyaguchi emphasized the neutrality of EF, explaining that "EF’s role is not to control or own all domains of Ethereum, but to promote values aligned with decentralization." She added, "We need to avoid evolving like a traditional corporation, and the goal is not for EF to 'succeed,' but for Ethereum to succeed in the long term while maintaining its core values. Ethereum should grow like a garden, strengthened by biodiversity, not like a machine."
During Miyaguchi's tenure, Ethereum underwent significant changes. One of the most notable changes was the transition to a Proof of Stake (PoS) consensus model in 2022. Through the so-called 'merge,' Ethereum managed to reduce its carbon footprint by 99%. Additionally, the network adopted a Layer-2 centric roadmap, embracing scaling networks as a significant breakthrough for Ethereum's scalability.
As of the time of posting, the successor to Miyaguchi remains unclear. Buterin expressed his gratitude to Miyaguchi on X (formerly Twitter) on Tuesday and hinted that a new EF leadership structure would be announced soon.
Changes in Ethereum's leadership and upgrade status can have a significant impact on the cryptocurrency market going forward.
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