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BTC $64.3k | ↗ 0% |
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HYPE $67 | ↘ 2% | |
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ETH $1.7k | ↗ 0% |
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GWEI $0.11 | ↗ 17% | |
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SOL $72 | ↘ 2% |
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XMR $330 | ↗ 5% | |
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- 📱 Fomo, the popular trading app, raised $75M at a $550M valuation in a Series B, giving it more capital to grow as it tries to make onchain trading feel like a social experience.
- 🔮 Schwab is reportedly teaming with Cboe to launch S&P 500 prediction markets soon, focusing on finance rather than the popular sports, politics, and entertainment markets.
- 🏛️ More institutional news: NYSE parent ICE and OKX announced a 50-50 joint venture, co-chaired by former Gov. Andrew Cuomo, to give OKX users access to ICE futures and NYSE tokenized equities markets.
A multipolar world calls for multipolar solutions. And particularly in a decentralized ecosystem like Ethereum's, where the 
Ethereum Foundation plays a narrow, credibly neutral role by design, ETH the asset can only benefit from more groups stepping forward to champion Ethereum and to go deeper and more opinionated in places the EF can't.
That said, today a group of former EF luminaries have taken up the mantle here and entered the War for Ethereum on the side of Ethereum through their new organization: Ethlabs.
Ethlabs is an independent nonprofit R&D lab co-founded by five researchers who've spent years shaping Ethereum's core protocol from inside the Foundation. Ansgar Dietrichs, previously at the EF since 2022, now serves as the Ethlabs's Executive Director, and he's been joined there by other previous and renowned EF researchers Julian Ma, Barnabé Monnot, Josh Rudolf, and Caspar Schwarz-Schilling.
The vision? Make Ethereum "the settlement layer of the global economy" by collaborating with teams spanning from applications to protocol core devs and everything in between, and with this work all centered around the pillars of ETH, DeFi, general adoption, and credible neutrality.
Importantly, supporting this new group is a coalition of major funders and community contributors that spans pretty much every corner of the Ethereum ecosystem. The three anchor funders are Bitmine, Sharplink, and Joe Lubin, while community supporters include Hayden Adams, Jesse Pollak, Justin Drake, Danny Ryan, Tim Beiko, Bankless's own David Hoffman, and dozens more across L2 teams, DeFi projects, and beyond.
However, despite these high-profile patrons, Ethlabs will notably maintain independence over its research efforts, and the group has enshrined this independence into its funding model by routing all contributions through an independent grants administrator. This way, there's always a foundational buffer between the researchers and funders.
As for why now, Bitmine chairman Tom Lee gave the rationale for supporting Ethlabs from the institutional side of things:
"We believe Ethereum is positioned to grow significantly in adoption by institutions and by AI agents. And naturally, the ecosystem needs to dramatically expand its investment in talent and research to support this growth."
And of course, everyone is on the same side here. This isn't some major ideological breakaway, as Ethlabs's efforts are scoped out to be complementary to the EF's. MegaETH's Bread, one of Ethlabs's first community supporters, stressed this dynamic on the news:
"This is a group of longtime core contributors banding together outside of the EF to address the thing everyone has clamored for of late: value accrual and acknowledging applied blockchain PMF (e.g. DeFi).
Ethlabs along with the EF can now represent 2 halves of a whole. Idealism and pragmatism working together to strengthen the network."
For now, then, the work begins. Out of the gate, Ethlabs has said their initial development plans will be institution-centric, namely focused on "faster settlement, native issuance and cross-chain movement on robust infrastructure, capacity on mainnet and research that grounds ETH’s monetary properties."
We'll have to see how these efforts shake out over time, but this arrival is undoubtedly promising. Not only is it a talented team with a stacked listed of backers who are fighting out into new terrain, but they've also given us our latest reminder that Ethereum is absolutely still worth fighting for. Godspeed to that, I say.
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