On February 25, 2023, Aya Miyaguchi marked a pivotal moment in her career by announcing her transition from Executive Director to President of the Ethereum Foundation (EF). This move, contemplated for over a year, indicates her commitment to guiding one of the most significant platforms in the blockchain universe. In her statement, she reflected on recent challenges facing Ethereum, emphasizing that the network’s true essence becomes apparent during times of conflict or debate. This insight underscores the community’s deep-rooted investment in Ethereum, as they see it as a collective asset—neither owned by any single entity nor controlled by a centralized authority.
Miyaguchi’s remarks highlight Ethereum’s foundational principles of decentralization, credibility, and collaborative growth. Her comment, “Ethereum belongs to everyone precisely because it belongs to no one,” encapsulates the ethos of a diverse, inclusive ecosystem that thrives on the contributions of its global community. The notion of “Pace Layering” that she referred to is particularly relevant in the fast-evolving landscape of blockchain technology, suggesting that while certain layers of Ethereum may evolve more rapidly, others require a steadier hand to maintain continuity and trust.
Her focus on identifying gaps—rather than controlling the entire ecosystem—positions the Ethereum Foundation as a facilitator of growth. This approach allows various projects and innovations within the Ethereum space to flourish autonomously while still benefiting from foundational support and resources.
However, Miyaguchi’s presidency emerges against a backdrop of internal strife. In January 2023, dissatisfaction with her leadership came to the surface, resulting in accusations of inefficiencies and mismanagement. Certain core developers expressed their discontent, leading to exits from the Foundation and a swell of negative sentiment surrounding Ethereum. This narrative was further exacerbated by Ethereum’s continuing price struggles in a market that has otherwise seen substantial highs—most notably with Bitcoin reaching new peaks in 2025.
Despite the turbulence, Vitalik Buterin’s support underlines the importance of collaborative leadership. He emphasized that the role of the executive director is to cultivate an environment conducive to innovation and progress. Each success of the Ethereum Foundation, from hard forks to community events like Devcon, is a testament to Miyaguchi’s ability to foster collaboration among diverse stakeholders.
As Ethereum navigates through this complex scenario, the market performance of its native cryptocurrency has raised additional concerns. With ETH prices substantially lower than their all-time highs and recently dropping to $2,337 amid market turmoil, many are wary of the potential for recovery. While there are optimistic indicators—such as the possible launch of a staked Ether ETF and ongoing developments in DeFi—enthusiasm is tempered by looming market uncertainties.
Aya Miyaguchi’s step into the presidency of the Ethereum Foundation symbolizes a critical moment for leadership in a time of discord. Her focus on decentralization and community values is commendable, but the challenges facing Ethereum are significant. If the Foundation can unite its diverse voices and leverage its strengths, it may yet thrive in an increasingly competitive landscape, reaffirming its position as a leader in the blockchain space.
