Lido Founder Launches “Second Foundation” For Ethereum

Lido founder Konstantin Lomashuk has announced the establishment of the “Second Foundation.” This new protocol aims to support the Ethereum ecosystem’s development further.

In the meantime, not much is known about the Second Foundation, but it has stirred up conversations amongst members of the Ethereum ecosystem.

Ethereum Second Foundation, The Deal

A look through Lomashuk’s social media provides insight into how this Second Foundation will help promote decentralized ideals against the “bag-chasing” culture of modern crypto.

He had previously voiced his opinion about the growing culture of scams in the crypto sector. Lomashuk stated that the comments on the situation “completely resonate” with him.

This suggests that this Second Foundation may work on providing solutions to the challenge of crypto exploitation.

The Lido ecosystem has been doing so well in the last few months. Hence, this may be a good time for him to focus on something else, like the Second Foundation.

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Ethereum and the Current Strain at the Foundation

In the last couple of days, there has been some chatter in the Ethereum ecosystem.

It stems from the ongoing Ethereum Foundation (EF) staff overhaul and Vitalik Buterin’s statement about leadership picks.

While responding to calls for leadership change at the Ethereum Foundation, the ETH co-founder shared insights into what the foundation has done. He equally talked about ongoing reforms as well as upcoming upgrades.

Buterin emphasized enhancing the technical capabilities of EF leadership. This would mean including entities actively involved in developing the Ethereum ecosystem.

They are expected to have a strong knowledge of the complexities of the network. Beyond these points, the Ethereum co-founder spoke against engaging in aggressive lobbying functions for the network.

He warned those clamoring for such change and advised them to go ahead and establish their organization and chase such visions.

The Second Foundation was launched less than 48 hours after he made this statement. One of Ethereum’s most prominent developers, Nick Conner, has already announced his departure.

While the dots remain too tiny to connect, many in the ecosystem have flagged the timing overall.

Some in the crypto ecosystem have waded into the “Second Foundation” with Charles Hoskinson noting that Ethereum continues to copy Cardano.

Even though there is no full picture of the new protocol, one X user stated that it follows Cardano’s playbook.

It is worth noting that Cardano operates with multiple independent parent organizations. These include Input Output Global, the Cardano Foundation and EMURGO.

Robert Leshner, the CEO of Super State Fund, suggested that the Second Foundation is a competitor with the Ethereum Foundation.

However, another X user described them as a collaborating foundation, attempting to say there is no competition between them.

Ultimately, this reaction from the crypto community may spark a clash between Ethereum and Cardano. However, it would not be the first time that members of a particular community have instigated a network against another.

The competition between Cardano and Ethereum has been ongoing for quite some time. At some point, Cardano was undermining Ethereum per gas fee usage

Last year, Cardano was voted the cryptocurrency with the best technology ahead of Ethereum and Solana.