On July 1st, at the EthCC stage in Cannes, France, Ethereum developer Zak Cole made a bold declaration: "ETH to $10k isn’t a meme, it’s a requirement!" Following this statement, he announced the creation of the Ethereum Community Foundation (ECF), an organization dedicated to community-driven growth and pushing ETH to new heights.
This new foundation’s name closely resembles the well-established Ethereum Foundation (EF), hinting at a potential shift in how Ethereum’s ecosystem might be stewarded in the future. Zak Cole emphasized that ECF aims to speak words the EF won’t and take actions the EF avoids, all while serving ETH holders who "deserve better."
The announcement sparked both enthusiasm and skepticism across social media platforms. Supporters welcomed it as a community awakening, while critics dismissed it as another speculative gambit. As Ethereum faces price pressures and growing competition from networks like Solana, the ECF’s promise to prioritize community and ETH holders comes at a critical time.
But can it deliver?
Vision and Strategy of the Ethereum Community Foundation
The ECF’s objectives are clear and ambitious: increase the value of ETH, accelerate institutional adoption, and empower the community.
To raise ETH’s price to $10,000, the foundation plans to fund high-transaction-volume projects such as real-world asset tokenization. These initiatives would maximize the ETH burn mechanism introduced by EIP-1559, reducing circulating supply and creating upward price pressure.
In terms of institutional adoption, ECF intends to collaborate with regulators and develop compliant on-chain solutions. By offering simplified Ethereum integration methods for banks and enterprises, it aims to position Ethereum as a global settlement layer.
Community empowerment is another cornerstone of ECF’s vision. Through mechanisms like coin voting and partnerships with entities like the Ethereum Validator Association (EVA), it plans to give validators and community members a stronger voice in protocol development and fund allocation.
Transparency is a key differentiator for ECF. All funding decisions will be subject to community voting, and financial flows will be fully publicly visible—a direct contrast to criticisms of the Ethereum Foundation’s opacity.
Challenges Facing the Ethereum Foundation
The Ethereum Foundation has long been a central force in Ethereum’s development, driving technical milestones like The Merge and the Dencun upgrade. Yet, in recent years, it has faced growing scrutiny over its spending, centralized decision-making, and perceived distance from the community.
In 2023, the EF reported expenses of $134.9 million, funding critical upgrades and zero-knowledge proof research. However, a lack of detailed disclosure around its Ecosystem Support Program has led to questions about accountability.
Internal challenges have also emerged. In 2024, researchers Justin Drake and Dankrad Feist resigned following controversies related to their advisory roles with EigenLayer, raising concerns about conflicts of interest. Reorganizations and layoffs further highlighted operational difficulties.
Market dynamics have added external pressure. Ethereum’s mainnet revenue has declined as Layer 2 solutions like Arbitrum and Optimism absorb transaction volume. The ETH burn mechanism, designed to reduce supply, has become less effective with reduced on-chain activity. Meanwhile, competitors like Solana have gained traction due to lower fees and faster transactions.
These factors have fueled community frustration and created an opening for new entities like ECF to gain support.
The Leader Behind the Foundation
The success of any initiative often hinges on its leadership—and Zak Cole, the central figure behind ECF, brings a mixed reputation to the table.
A serial entrepreneur in the crypto space, Cole has co-founded multiple projects. However, some of these ventures have faced criticism for their market performance and community impact. For example, BTC L2 Corn experienced significant price declines after launch, and its airdrop strategy was perceived as unfavorable to participants. Another earlier project, ICON, saw its token value nearly vanish.
While market conditions and broader narratives play a role in the success of crypto projects, Cole’s track record raises questions about his long-term commitment to Ethereum’s community.
Skeptics argue that grand promises of transparency and empowerment can sometimes mask speculative motives. In a landscape filled with ambitious projects and occasional letdowns, the community remains cautious.
Yet, Cole’s experience also represents a deep involvement in blockchain innovation—a factor that could work in ECF’s favor if coupled with genuine intent.
Practical Steps and Real-World Applications
For ETH holders and ecosystem participants, understanding ECF’s actionable plans is essential. The foundation’s focus on high-ETH-burn applications could include derivatives platforms and tokenized real estate markets, which would significantly increase transaction fees and ETH destruction.
Institutional adoption efforts may involve partnerships with traditional finance entities, creating regulated pathways for enterprises to use Ethereum. This could include developing standardized APIs, compliance frameworks, and educational resources.
Community involvement mechanisms are still evolving, but tools like decentralized voting platforms and validator incentive programs could provide tangible ways for users to influence decision-making.
It’s worth noting that these strategies aren’t without risk. A narrow focus on price growth could encourage short-term speculation rather than sustainable development. Moreover, close ties with traditional institutions may lead to concerns about over-centralization.
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Frequently Asked Questions
What is the Ethereum Community Foundation?
The Ethereum Community Foundation (ECF) is a new organization focused on increasing ETH’s value, boosting institutional adoption, and empowering community participation in Ethereum’s development. It positions itself as a more transparent and community-alternative to the Ethereum Foundation.
How does ECF plan to increase the price of ETH?
ECF aims to fund projects that generate high transaction volume, such as real-world asset tokenization platforms. By increasing network activity, it seeks to maximize ETH burning through EIP-1559, reducing supply and creating scarcity.
What makes ECF different from the Ethereum Foundation?
While both organizations support Ethereum, ECF emphasizes transparency, community governance, and a direct focus on price appreciation. It also plans to involve ETH holders in funding decisions through voting mechanisms—a contrast to EF’s more centralized approach.
Is ECF officially affiliated with Ethereum?
No, ECF is an independent entity and is not part of the official Ethereum Foundation. It was launched by developers and community members seeking to address perceived gaps in EF’s strategy.
What are the risks associated with ECF’s approach?
Key risks include overemphasis on short-term price gains, potential centralization from institutional partnerships, and the challenges of executing large-scale community governance effectively.
How can users get involved with ECF?
While specific mechanisms are still unfolding, ECF has hinted at future voting systems and validator programs. Users can stay updated by following official announcements and participating in community discussions.
Conclusion
The emergence of the Ethereum Community Foundation reflects both the vitality and the tensions within Ethereum’s ecosystem. As the network navigates technological evolution and competitive pressures, initiatives like ECF highlight a growing desire for transparency, community agency, and decisive action.
Whether ECF can deliver on its promises remains uncertain. Its focus on ETH price growth and institutional integration could bring renewed momentum, but it must also address concerns about leadership credibility and long-term alignment with decentralized values.
For now, ETH holders and builders alike are watching closely—hopeful for positive change but mindful of past lessons in an industry where vision and execution must align to succeed.