The Ethereum Foundation (EF) will cut its budget by about 40% this year as part of its transition to a leaner, donation-based operating model, Ethereum co-founder Vitalik Buterin said in a blog post published Tuesday.
The job cuts come on the same day that EF confirmed a 20% reduction in its workforce and follows the resignation of co-executive director Xiaowei Wang. Her departure brings the total number of Ethereum Foundation executives who have left since January to nine, highlighting the scale of the organization’s ongoing turmoil.
Mr Buterin said the spending cuts were aimed at moving the foundation from spending about 15% of its remaining treasury annually until 2026 to a long-term goal of about 5% annually from 2030 onwards.
“I have too much respect for my colleagues at EF to pretend that not much has been lost,” Buterin wrote, acknowledging that the layoffs would involve “difficult decisions” and the departure of experienced engineers who have worked on Ethereum for many years.
