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Ethereum Reform Debate: Justin Sun's Proposal and Vitalik Buterin's Response

Ethereum Reform Debate: Justin Sun's Proposal and Vitalik Buterin's Response

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Ethereum Reform Debate: Justin Sun's Proposal and Vitalik Buterin's Response

The Ethereum community is buzzing with discussion following TRON founder Justin Sun's ambitious plan to restructure the Ethereum Foundation (EF) and a subsequent response from Ethereum co-founder Vitalik Buterin. This debate comes amidst ongoing reforms within the EF.

Justin Sun's Blueprint for Ethereum

Justin Sun, in a series of X (formerly Twitter) posts, outlined a four-point plan for Ethereum's future under his hypothetical leadership. Key proposals included:

  • Halting ETH sales for three years: To stabilize supply and boost market confidence, Sun suggested a temporary freeze on ETH sales.
  • Funding EF through DeFi: Sun proposed covering operational costs using DeFi protocols like Aave, staking yields, and stablecoin borrowing, aligning with Ethereum's deflationary goals.
  • Significant taxes on Layer 2 (L2) solutions: A proposed tax on L2 solutions, aiming to generate $5 billion annually, would be used exclusively for ETH buybacks and burns.
  • EF restructuring: Sun advocated for a downsized EF staff, focusing on high-performing individuals with increased salaries, and redirecting resources to core L1 development, prioritizing scalability, security, and adoption.

Sun boldly claimed that under his leadership, "ETH would hit $10,000." This ambitious prediction sparked mixed reactions. While some praised the plan's boldness, others criticized it, suggesting Sun focus on improving DeFi within his own TRON ecosystem.

Vitalik Buterin Defends Current Leadership

Vitalik Buterin addressed the ongoing EF reforms, highlighting improvements in technical expertise, ecosystem engagement, and operational efficiency. He emphasized the EF's commitment to remaining decentralized and apolitical, stating that those seeking a different vision are welcome to start their own organizations.

EF executive Aya Miyaguchi confirmed ongoing efforts, emphasizing the goal of solidifying Ethereum's position as a neutral platform. She also noted the focus on decentralized and privacy-preserving technologies.

The debate also included criticism of the current EF leadership. Buterin strongly refuted these criticisms, defending Miyaguchi against personal attacks and highlighting the toxicity of some social media discourse. He emphasized the need for a proper board within the EF to improve governance.

Ethereum's Current Market Position

At the time of writing, ETH was trading at $3,305.

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