Ethereum has just wrapped up its most significant upgrade in over a year, marking a notable milestone amid a challenging period for the blockchain. Recently, the price of Ether (ETH) has taken a dip, with some developers moving to rival platforms, and the Ethereum Foundation facing criticism for its coordination and vision.
However, during a panel at the recent CoinDesk Consensus conference in Toronto, industry leaders offered an optimistic outlook. Paul Brody, a global blockchain leader at EY and chairman of the Enterprise Ethereum Alliance, along with Josh Stark from the Ethereum Foundation, emphasized that Ethereum remains at the forefront of innovation in crypto.
Josh Stark highlighted two key areas the community is focusing on: first, the need for stronger leadership to guide the roadmap and coordinate efforts across the ecosystem; second, better messaging to showcase Ethereum’s strengths. Despite recent hurdles, both leaders agree that Ethereum continues to be the most forward-looking and innovative project in the crypto space.
Brody addressed concerns about the Foundation’s leadership, pointing out that the criticism might be overstated. He praised the former executive director, Aya Miyaguchi, for her impactful tenure, which began in 2018. Brody shared impressive stats: Ethereum now supports over 120 layer-2 networks, handling between 300 and 450 million transactions daily, with transaction fees at layer-2 levels averaging under one penny for the past three months. “Objectively, Miyaguchi’s leadership was an A-plus,” he said.
Recently, the Foundation underwent leadership restructuring, appointing new co-executive directors Hsiao-Wei Wang and Tomasz Stańczak to sharpen its strategic focus.
Some critics argue that Ethereum’s roadmap has relied too heavily on layer-2 rollups—independent chains that process transactions efficiently before settling on Ethereum’s main chain. Brody defended this approach, expressing delight in the network’s progress. Layer-2 solutions like Optimism, Arbitrum, and Coinbase’s Base have significantly reduced user fees, addressing one of the main barriers to broader adoption. Skeptics, however, warn that these solutions introduce new security risks and fragmentation issues that could undermine Ethereum’s core value.
Brody encapsulated Ethereum’s spirit: “Ethereum is about identifying a problem, fixing it, and moving on. Scaling was a huge challenge, and now, with the capacity to handle nearly 450 million transactions daily, we’ve made great strides.”
Josh Stark added that modularity and specialization in layer-2 solutions are the future for all ecosystems. Ethereum, having explored this path extensively, has encountered its share of challenges but remains committed to navigating them.
While ETH has traditionally been seen as a blue-chip crypto asset, recent months have seen it underperform compared to some competitors like Bitcoin, which is widely regarded as a stable store of value. Stark noted that Ethereum’s narrative is more complex, but he remains confident that the market will eventually recognize its true value.
He believes that as the world continues to learn about these technologies, Ethereum’s deeper and more nuanced value proposition will be appreciated, and markets will ultimately reflect that. “Ethereum has always been one of the most important projects in crypto, and I think that’s still the case,” Stark affirmed.
