The Chopping Block: The Ethereum Foundation Manifesto + Who Really Runs Crypto? - Unchained Recap

Podcast: Unchained

Published: 2026-03-19

Guests: Taylor Monaghan, David Hoffman

What Happened

The Ethereum Foundation (EF) recently released a 38-page document known as the EF Mandate, which was unveiled on March 13th. This document aims to define the role of the EF within the Ethereum ecosystem, emphasizing core cypherpunk values encapsulated in the acronym CROPS: Censorship Resistance, Open Source, Privacy, and Security. The Mandate also introduces a 'walkaway test,' which suggests that Ethereum should be capable of functioning independently of the EF, measuring success by how unnecessary the foundation becomes.

The release of this document has sparked significant debate within the community. Some view it as a reaffirmation of Ethereum's commitment to its foundational values, while others criticize it as a retreat from practical development and adoption. David Hoffman interprets the Mandate as an indication that Ethereum is prioritizing its role as a sanctuary technology against financial oppression rather than becoming a major economic engine.

Vitalik Buterin's influence is perceived in the Mandate, with an emphasis on Ethereum as a defensive technology instead of an economic powerhouse. Despite recent improvements in communication, the EF's new document appears to contradict its previous efforts to highlight entrepreneurs and support startups. This contradiction has led to criticisms that the EF is focusing too much on philosophical ideals rather than advancing Ethereum's adoption.

The EF has recently expanded its team to include more people focused on growth and go-to-market strategies, suggesting a shift towards supporting the Ethereum ecosystem's expansion. Observers note that Solana's rise has been a catalyst for some of these changes, with the EF learning from the successes of the Solana Foundation. However, internal disagreements within the EF continue to persist, with some members prioritizing adoption and growth while others focus on freedom technology.

Ethereum Layer 1 (L1) remains favored by large institutions for launching money market funds and real-world assets (RWAs), while startups are increasingly choosing alternative platforms like Base and Arbitrum. The EF's role is seen as reducing risk and ensuring Ethereum's longevity, which influences builders' decisions on where to build. There is also a perception that the EF has preferences for certain types of DeFi, favoring low-risk over high-risk projects.

The Ethereum community has been engaged in internal debates about growth versus value preservation, with the EF's communication strategy criticized for frequently changing terminologies and not maintaining consistent messaging. Concerns have been raised that the EF's focus on long-term values might neglect immediate growth and support for startups. Comparisons have been drawn between Ethereum's long-term vision and the Chinese government's balance of socialism and capitalism.

The EF is encouraged to support builders and startups without endorsing potentially illegal or high-risk projects. Critics argue that the EF's reluctance to support certain projects stems from short-term thinking and fear of reputational risks. There is also a belief that Ethereum's unique culture, set from the top, empowers entrepreneurs to build independently and contributes to the platform's innovation and experimentation.

Ethereum's decentralized nature and culture are seen as conducive to innovation compared to other platforms like Solana. The ecosystem is characterized by a balance between innovation and financialization, with the platform having proven the utility of stablecoins and decentralized finance (DeFi). Despite this, there is a significant lag between on-chain innovation and mainstream adoption, as Ethereum continues to inspire many to enter the crypto space beyond Bitcoin.

Key Insights