200M post-Glamsterdam gas floor, ePBS, FOCIL, native AA and 70,000 EF-staked ETH are now sitting under a management layer that keeps changing seats. ETH does not need a CEO, but EF still shapes the grant spigot, client coordination tempo, and the moral veto around CROPS, so repeated exits raise execution risk around devnets, audits, client diversity, and public-goods funding. If Glamsterdam slips or the 200M path gets watered down, markets will read the org chart as protocol risk; if it ships anyway, Ethereum’s decentralization story gets much stronger.

Top comment by @Benthic