first etherealize and ethereum community foundation. then ethlabs. now ethereum institutional. wth is going on?

i produced an explainer on the new wave of ethereum-aligned organizations splintering off from the ethereum foundation:

• etherealize,
• the ethereum community foundation, and
• ETHLabs, launching on june 22nd with five senior EF researchers and significant institutional backing

the day after ETHLabs, the EF announced it was cutting 20% of its workforce 🥲

it's been a chaotic, turbulent time within the ethereum ecosystem, and i wanted to document my thoughts on why this is happening now and what that could mean for the future of ethereum.

lo and behold, as i was finishing production, yet another independent organization founded by ex-EF team members spawned: ethereum institutional.

the story literally outran the edit/production 😂

the evidence points both directions: vitalik was writing about distributing the protocol's brain trust across multiple orgs back in 2017. but you can also read this moment as a centre shrinking faster than what the ecosystem is ready to absorb.

video: https://youtu.be/sF3NlQBIQDE

genuine question for anyone closer to the research side: is coordination between these orgs actually happening anywhere visible? shared calls, forums, roadmap alignment?

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