Danny Ryan, a key figure at the Ethereum Foundation, recently announced his departure after seven years of contribution to the Ethereum ecosystem. His role in Ethereum’s transition to a proof-of-stake consensus system, particularly during “The Merge,” was significant. Ryan attributed his decision to personal reasons and emphasized that it was not a criticism of Ethereum or the crypto sector. In a post on GitHub, he expressed that being an Ethereum leader was an intense experience and that he was ready for new opportunities. Ryan reassured the community about Ethereum’s future development, highlighting the depth of experience and leadership in the project.
Reflecting on his time at the Ethereum Foundation, Ryan recalled joining as a “random person from the internet” and quickly finding a meaningful place to contribute. He played a crucial role in launching Ethereum’s Beacon Chain in 2021 and provided updates on Ethereum Improvement Proposals. Despite his departure, Ryan expressed confidence in Ethereum’s path forward, acknowledging that there are still challenges to tackle but with effort, they are solvable. As the second-largest cryptocurrency by market capitalization, Ethereum’s native token, Ether, was trading at $2,416 as of September 13.
Ethereum co-founder Vitalik Buterin made a public announcement that he will only endorse Layer 2 solutions that have progressed beyond early developmental stages from next year. Buterin’s move aims to enhance the security and trustworthiness of the Ethereum ecosystem, focusing on various rollup projects at its core that are currently reliant on early-stage mechanisms. He emphasized the need to transition away from rollups being “glorified multi-sigs” and towards a future of cryptographic trust with minimal human oversight. Buterin stated that he will only mention publicly Stage 1+ L2 projects in blogs, talks, etc., with a possible grace period for new interesting projects.
Buterin’s decision to endorse only advanced L2 solutions is universal, irrespective of personal investments or friendships. He highlighted the progress of several zero-knowledge rollup (ZK-rollup) teams towards reaching Stage 1 by the end of the year, a milestone crucial for Ethereum’s scaling solutions’ adoption and trust. However, Buterin cautioned against prematurely discarding protective measures until confidence in the security of proof systems is established. Reports indicate that Buterin has been associated with ETH sales totaling 950 ETH, valued at approximately $2.28 million, since August 30. His wallet, which received 3,800 ETH worth around $9.8 million, has been executing strategic sales in smaller batches, with the latest sale involving 190 ETH converted to $441,971 in USDC, bringing the total sold to 950 ETH.
In a move that reflects his commitment to the security and advancement of the Ethereum ecosystem, Buterin’s decision to endorse only advanced L2 solutions signals a shift towards higher standards of trust and reliability. This approach is aimed at ensuring that the Ethereum blockchain continues to evolve with robust security measures in place, reducing the reliance on human oversight and moving towards greater cryptographic trust. As Ethereum continues to grow and face scalability challenges, Buterin’s decision to prioritize advanced Layer 2 solutions is a strategic step towards enhancing the network’s capabilities in a sustainable and secure manner. Through these measures, Ethereum aims to maintain its position as a leading blockchain platform for decentralized applications and smart contracts.
