A New Chapter for Ethereum’s Leadership
As winter enveloped the crypto landscape, the Ethereum Foundation (EF) found itself at the center of a swirling controversy. Amidst this backdrop, one of Ethereum’s most esteemed architects, Danny Ryan, was contemplating his next steps. Ryan, a pivotal figure behind Ethereum’s groundbreaking upgrade known as “The Merge,” parted ways with the EF in September. However, in the months that followed, he engaged in discussions to potentially return to the organization in a leadership role.
In a revealing interview with CoinDesk, Ryan shared, “I was in conversation with Vitalik [Buterin] and others to potentially go back to help run the Ethereum Foundation.” Yet, as the foundation experienced a significant leadership overhaul, Ryan’s path unexpectedly veered toward a new venture—bringing Ethereum to Wall Street.
The upheaval at the Ethereum Foundation coincided with rising dissatisfaction within the community. Many critics pointed fingers at the foundation, claiming it was hindering Ethereum’s progress compared to emerging competitors like Solana. As part of this restructuring, Aya Miyaguchi, who had served as the EF’s executive director since 2018, transitioned to the position of president.
Rather than Ryan stepping into Miyaguchi’s role, the EF’s daily operations were handed over to Hsiao-Wei Wang, a researcher at the foundation, and Tomasz Stańczak, the founder of Ethereum’s Nethermind client software. The Ethereum Foundation, a Swiss non-profit, plays a vital role in supporting the Ethereum blockchain ecosystem. It manages a treasury of Ethereum’s ether (ETH) tokens, allocating funds through grants to foster ecosystem projects. Additionally, it employs a team of developers and researchers who are instrumental in coordinating updates and shaping the blockchain’s roadmap.
By January, amid the EF’s leadership transitions, Ryan stated he had “mutually parted ways” with Buterin and the foundation. Shortly thereafter, he was introduced to Vivek [Raman], one of the founders of Etherealize, a new firm focused on integrating ether (ETH) products into Wall Street. In March, Ryan officially announced his role as a co-founder of Etherealize.
Ryan’s decision was driven by his belief that Ethereum is at a pivotal technological juncture. He remarked, “Ethereum is much bigger than the EF. It’s not just a couple of changes at the EF that are going to make or break Ethereum at large.” He emphasized the urgency of making Ethereum’s technology accessible to real users, stating, “The only reason that things are maybe more existential right now than in times past is that the world is actually ready to adopt these systems.” He concluded, “It is existential that Ethereum—a truly open, decentralized, permissionless platform—is the one that’s adopted.”
Bridging Web3 with Wall Street
At Etherealize, Ryan aims to forge connections between Ethereum’s technical ecosystem and institutional finance. The firm is dedicated to developing financial products that enhance Ethereum’s accessibility for traditional investors, all while preserving the blockchain’s core principles.
During his tenure at the EF, Ryan was instrumental in strategizing Ethereum’s ambitious transition from proof-of-work to proof-of-stake, known as the Merge. He believes that his deep-rooted connections within one of the most influential organizations in the Ethereum space will greatly benefit his new endeavors at Etherealize. “By coming on board, we can create a bi-directional bridge. I have deep Ethereum context – I helped build the protocol,” Ryan explained. “I know all the key players involved, the challenges we face, and I understand how things might evolve in the coming years. This positions me to serve as a bridge between Ethereum and the traditional financial world.”
While Ryan’s specific responsibilities at Etherealize are still being defined, he expressed a desire for the firm to engage in open research and development, potentially contributing to layer-1, layer-2, or application layer R&D. “We’re still figuring out the lay of the land there,” he added.
Industry observers note that Ryan’s transition comes at a crucial moment for both Ethereum and the broader adoption of institutional crypto. With a new regulatory framework taking shape under U.S. President Donald Trump, traditional financial institutions in the United States are anticipated to become increasingly receptive to adopting blockchain technology. Ryan is optimistic that his technical expertise can facilitate these integrations while upholding the core values of crypto.
“We plan to bring the entire world onto Ethereum to whatever extent we can, and having a profound technical background and understanding of Ethereum at a fundamental level is going to aid us in achieving that,” Ryan asserted.
Looking Forward for the Ethereum Foundation
When questioned about the timing of his departure from the EF amidst rising criticisms, Ryan offered a thoughtful perspective. “A lot of what we’ve seen is just market dynamics, regardless of fundamental value, influencing people’s perspectives, and they sometimes look for someone to blame,” he explained, alluding to the price volatility of ETH that has occasionally affected public sentiment toward the project.
Despite the challenges, Ryan remains hopeful about the future of the foundation he once considered leading. “I’m excited for some new blood,” he remarked. “I’ve known Aya since January 2018; we’ve worked closely together for years. I admire her leadership and believe she has made several crucial decisions regarding the EF’s direction.”
Looking ahead, Ryan expressed enthusiasm for the newly appointed leaders who have taken over Miyaguchi’s position. “They possess strong technical backgrounds and a profound understanding of Ethereum, encompassing both its strengths and weaknesses in terms of protocol development.”
