Ethereum’s recent landmark upgrade, hailed as its most significant in over a year, has sparked a flurry of optimistic discourse amidst a backdrop of market turbulence. As the blockchain’s native token, Ether (ETH), has seen its value dip, and developers have been swayed by competing platforms, the Ethereum Foundation has faced scrutiny over its leadership and strategic vision.
Leadership and Vision: A Call for Stronger Coordination
During a panel at CoinDesk’s Consensus conference in Toronto, industry leaders Paul Brody of EY and Josh Stark from the Ethereum Foundation painted a more optimistic picture. Stark emphasized the community’s need for “stronger leadership” to guide Ethereum’s roadmap and encourage ecosystem collaboration. He pointed out a critical gap in messaging, stating, “Ethereum’s fundamentals are incredibly strong, but few people are standing up to tell the story.”
Brody, however, downplayed concerns about the foundation’s leadership, lauding Aya Miyaguchi’s tenure as executive director, which ended earlier this year. Under her guidance, Ethereum has become a proof-of-stake chain with over 120 layer-2 networks, boasting a transaction capacity of 300 to 450 million transactions daily. Brody noted, “If I step back and look at [Miyaguchi’s] tenure very objectively in terms of the results, I would say A plus.”
The Rollup Debate: Balancing Innovation and Security
Ethereum’s scaling strategy has leaned heavily on layer-2 rollups like Optimism and Arbitrum, which reduce transaction costs—a key barrier to adoption. While Brody expressed satisfaction with this approach, critics worry about the security and fragmentation risks these rollups pose. Brody countered, “Ethereum is being Ethereum—identify a problem, fix it, and move on.” This aligns with broader industry discussions on the importance of staking, as highlighted in Crypto Coalition Tells SEC Staking Is ‘Essential Good,’ Not a Security.
Stark, echoing Brody’s sentiment, asserted, “All ecosystems are going to end up with something like an L2 roadmap with modularity and specialization.” He acknowledged the challenges but remained confident in Ethereum’s capacity to navigate them.
Market Perception: A Complex Narrative
Despite Ethereum’s technical strides, Ether (ETH) has lagged behind rivals in market performance, raising questions about its perceived value. Stark contrasted Ethereum’s complex narrative with Bitcoin’s simpler positioning as a store of value, which has helped the latter weather market volatility more effectively.
Yet, Stark remains optimistic: “The world’s not going to stop learning about these technologies and these systems. The world is going to have an appetite for a slightly more complicated, but just as real value proposition.” He believes that the market will ultimately recognize Ethereum’s intrinsic value, underscoring its status as a foundational crypto project.
Looking Ahead: Challenges and Opportunities
As Ethereum ushers in a new leadership era with Hsiao-Wei Wang and Tomasz Stańczak at the helm, the blockchain faces the dual challenge of maintaining its innovative edge while addressing criticisms. The ongoing debate around layer-2 rollups and the need for more cohesive messaging highlight the complexities Ethereum must navigate. However, the network’s robust infrastructure and community-driven ethos suggest it is well-positioned to overcome these hurdles. For a deeper dive into the regulatory implications, see US crypto groups urge SEC for clarity on staking.
The road ahead is fraught with challenges, but Ethereum’s history of adaptation and resilience offers a beacon of hope for its supporters. Whether the markets will “catch up” remains to be seen, but one thing is certain: Ethereum is not standing still.
Source
This article is based on: Ethereum Backers Respond to Critics: ‘Markets Will Catch Up’
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
