The Ethereum Foundation (EF) will cut its budget by about 40% this year as part of a transition to a leaner, foundation-style operating model, Ethereum co-founder Vitalik Buterin said in blog post published on Tuesday.
The cut comes on the same day EF confirmed a 20% reduction in staff. follows the resignation of c co-executive director Xiao-Wei Wang. Her departure brings to nine the total number of senior figures at the Ethereum Foundation who have left since January, underscoring the extent of the ongoing upheaval at the organization.
Buterin said the spending cuts aim for the fund to spend about 15% of its remaining coffers annually until 2026, before a long-term goal of about 5% a year after 2030.
“I have too much respect for my colleagues at EF to pretend that not much has been lost,” Buterin wrote, acknowledging that the cuts would involve “difficult decisions” and the departure of experienced engineers who had worked on Ethereum for years.
