By Jaleel Jia Liu, BlockBeats
Ethereum faces its "midlife crisis" as ETH price stagnation contrasts with Bitcoin's new highs and Solana's resurgence. This pivotal year marks ICO's 10th anniversary—a decade where Ethereum's $321B valuation outpaced early Apple and Microsoft, yet now confronts existential questions about its irreplaceability.
Phase 1: The "Eight Regents" Era (2014-2015)
Vitalik Buterin's greatest regret remains the fracturing of Ethereum's 8 co-founders. Initially assembling 5 leaders (Vitalik, Di Iorio, Hoskinson, Alisie, Chetrit) followed by Lubin, Wood, and Wilcke, this "eight regents" structure collapsed under ideological clashes.
The Swiss Pivot: Ethereum's First Schism
At June 2014's Spaceship House meeting, Vitalik rejected corporate VC funding in favor of decentralized non-profit governance—a decision that exiled:
- Charles Hoskinson (founded Cardano)
- Joseph Lubin (launched ConsenSys/MetaMask)
- Anthony Di Iorio (exited to philanthropy)
- Amir Chetrit (faded into anonymity)
"I realized crypto wasn't just idealists—many wanted wealth," Vitalik reflected. By 2015, only 4 founders remained.
Phase 2: Ethereum's "Traitorous Eight" Exodus (2015-2018)
The second wave of departures saw technical architect Gavin Wood exit in 2015 over centralization disputes, later founding Polkadot. By 2018:
- Mihai Alisie (early legal architect) quietly departed
- Jeffrey Wilcke (Geth developer) transitioned to gaming post-DAO hack
👉 How Ethereum's governance compares to Bitcoin today
The "V-God" Centralization Era
Vitalik's unprecedented authority drew criticism:
- 85% approval for DAO fork vs Bitcoin's consensus model
- Core developer Lane Rettig: "Governance failed—it's technocracy"
- ConsenSys research confirmed "control more centralized than desired"
Phase 3: The Midlife Crisis & Post-Vitalik Experiments (2018-Present)
Foundation Turmoil
- 2018: EF sells ETH reserves amid community backlash
- 2022: Merge succeeds but price stagnates (-63.5% vs SOL)
- 2024: Researchers like Dankrad Feist face conflict allegations over EigenLayer advisory roles
Vitalik's Evolving Role
Now 30, Vitalik acknowledges:
"I'm playing a different role now... time for the next generation." EF researchers (Ryan, Drake, Beiko) increasingly lead technical roadmaps.
👉 Why Ethereum's L2 solutions are gaining traction
FAQs
Q: Can Ethereum survive without Vitalik?
A: With 99+ core developers and 250K+ ecosystem contributors, Ethereum's decentralization may withstand his gradual exit.
Q: What caused Ethereum's price stagnation?
A: "Car too heavy"—its $321B market cap faces growth physics similar to Apple/Microsoft at this scale.
Q: Is EF still the central authority?
A: Increasingly "Congress-like" with competing interests, though still overseeing Geth and researcher teams.
Ethereum's journey mirrors Silicon Valley's rebellions—from idealistic collective to institutionalized protocol. As Vitalik steps back, the network faces its ultimate stress test: becoming truly leaderless.