Lido Founder Creates Second Foundation for Ethereum

Lido founder Konstantin Lomashuk created a “Second Foundation” for Ethereum as the blockchain is going through leadership debacles.

The only material from this account remains vague, but a closer look at Lomashuk’s social media provides insight. In all likelihood, this Second Foundation will help promote decentralized ideals against the “bag-chasing” culture of modern crypto.

Lomashuk’s Goals For Second Foundation

Konstantin Lomashuk, founder of Lido and P2P.org, announced today on social media that he had created a “Second Foundation” for Ethereum.

This came after the Ethereum Foundation (EF) started undergoing a significant leadership transformation. Earlier today, veteran developer Eric Conner resigned from the project.

So far, Lomashuk’s intentions for this Second Foundation remain somewhat obscure. The actual announcement consisted of the phrase “hello world computer,” but the new account has no official description.

However, by looking at some of the material Lomachuk has been reposting lately, some insights into his thought process become clearer:

“The future of the world computer is decentralized. EF is only one part of the world computer. Perhaps the org that some people want to reform and bring back to new greater heights is actually not EF. The foundation should not ‘midcurve’, it should confidently represent the aspects of Ethereum that it can be effective at representing,” Vitalik Buterin said.

Also, Lomashuk said that comments about the growing scam culture in crypto “completely resonate” with him, providing insights into what he wants this Second Foundation to achieve.

For Lomashuk, this may be an opportune moment to divert his attention to the Second Foundation; Lido has been performing well lately.

“Vitalik, the best thing you could do right now imo is to spin out the RD support functions from the EF into their own org and allow the existing Foundation to focus on ecosystem development and support this would be the best way to demonstrate a commitment towards decentralization,” a popular Ethereum investor wrote.

It’s evident that EF is experiencing a leadership crisis. At the same time, Ethereum has been plagued by declining demand, and EF is considering using staking to pay expenses. This would end a years-long taboo on taking a firm side in a future hard fork.

Ultimately, however, Lomashuk intends to proceed, the Second Foundation’s broad goals seem legible. Since the crypto market received massive cash flows and institutional acceptance last year, the space has transformed drastically.

Nonetheless, he expressed continued faith in the original vision of digital currency: a tool to build radically decentralized structures.