Former Ethereum researcher Dankrad Feist (단크라드 페이스트) said a new organisation that has secured at least $1 billion is needed for Ethereum's ecosystem to rebound. With complaints growing over foundation operations and governance, the call is for a redesign of Ethereum's funding structure.

On May 22 local time, blockchain media outlet CoinPost reported that Feist posted on X, formerly Twitter, a piece titled "How to save Ethereum" on May 21. He said Ethereum currently lacks an organisation that shares sufficient economic alignment with the network while taking responsibility.

He cited the funding structure as the core issue. He said the Ethereum Foundation holds less than 0.1% of total Ethereum supply and does not have enough stable cash flow based on staking or fees. That implies long-term funding to support network operations and ecosystem expansion is insufficient relative to the market capitalisation.

Feist proposed that a new organisation should raise at least $1 billion at launch to address the issue. He said it should not be a one-off fund, but should build a sustainable structure by turning staking returns into permanent operating resources. "The community must create an organisation that is economically aligned with Ethereum and accountable for the results," he said.

He also offered a proposal on how to run the organisation. He said the new body should move under leadership with strong execution, and its committee should be made up of people who have an interest in Ethereum's value rising and the network growing. He said the current loose structure makes it difficult to speed up responses in an increasingly competitive blockchain market.

Feist also acknowledged his proposal may be difficult to accept immediately. "It may be hard to imagine right now, but I think this is the only way to make Ethereum successful again," he said. "It may take time to reach consensus," he added.

The remarks also coincide with ongoing internal conflict within the Ethereum community. Recently, criticism has been raised on social media that there is a lack of transparency over moves related to Ethereum Foundation figures, and debate is expanding over the foundation's role and scope of responsibility.

Dissatisfaction from key community figures has also surfaced publicly. David Hoffman (데이비드 호프먼), a co-owner of crypto media outlet Bankless, said on May 21 he sold all the remaining Ethereum he held. He added that he still maintains trust in the value of the network itself. The episode shows that complaints about operating structure and foundation governance are being raised separately within the community, apart from trust in price or the network.

The Ethereum Foundation has also recently shown moves to expand a staking-based revenue structure. It announced a staking initiative early this year and has moved to strengthen long-term funding structures. Feist's criticism, however, focuses on the view that the current scale is insufficient to support the entire ecosystem, rather than simply whether there is a revenue model.

The market sees the debate spreading beyond criticism of the foundation to the question of how far to redesign Ethereum's operating system and governance. It is still uncertain whether ideas such as creating a new organisation, raising large-scale funding and making staking returns a permanent funding source will move into actual discussion. Debate over the direction of Ethereum's ecosystem and its leadership structure is increasingly likely to continue for the time being amid the recent internal conflict.