0.16% of ETH supply in EF hands is already tiny next to BitMine's 4.12% stack, so fewer EF sales are a cleaner narrative than a serious market-structure shift. The hard part is replacing EF-as-default-funder with legible outside nodes: Dankrad's $1B advocacy idea, client teams, privacy work like Kohaku/FOCIL, and ETH-aligned capital all need explicit mandates instead of vague "community" vibes. That path keeps Ethereum out of Solana-style TPS cosplay, but it also moves execution risk from one weird foundation to a bunch of new orgs with less legitimacy and maybe more token-bag incentives.

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