The restructuring of the Ethereum Foundation (EF) into three major business groups and the establishment of Etherealize reveal the governance logic of Ethereum's transition from a "centralized foundation" to a "multi-centered ecosystem."

From the interview with Hsiao-Wei, the co-executive director of the Ethereum Foundation, conducted by ETHPanda, we can extract several key highlights of Ethereum's current development:

1) On the technical level, The Merge successfully achieved the transition from PoW to PoS, described as "changing the engine while the plane is flying," showcasing Ethereum's ability to complete core architecture upgrades without downtime. Notably, she emphasized that the biggest challenge of The Merge was not the technology itself, but rather "integrating people"—coordinating various developers, clients, and stakeholders;

2) In terms of organizational structure, EF is undergoing significant functional differentiation and specialization. The EF has been reorganized into three major business groups, while specific functions have been separated into external organizations such as Etherealize, which focuses on handling connections with traditional finance and Wall Street. This division of labor reflects Ethereum's gradual shift towards a decentralized governance model;

3) Regarding funding strategies, EF is no longer limited to simple ETH sales but is actively exploring diversified management methods such as DeFi lending, staking, and asset tokenization, demonstrating a more mature financial mindset. It is worth noting that Hsiao-Wei pointed out that the EF sells tokens out of necessity—there are two to three hundred people in the foundation, and about 75% of expenditures need to be paid in fiat currency. This practical need explains why "selling tokens" is necessary even during less favorable market conditions.

I find it most thought-provoking that Hsiao-Wei has a candid attitude towards the responsibilities of the Ethereum Foundation. She stated, "If an organization emerges in the community that can replace the role of EF, the foundation may scale down"—this essentially means that EF does not seek a permanent central position but is willing to relinquish power at the appropriate time. This proactive consideration of self-boundaries and gradual withdrawal contrasts sharply with the practices of other blockchain project founding teams that continuously expand their power boundaries. Additionally, regarding future application trends, Hsiao-Wei specifically mentioned several noteworthy directions. She pointed out that Identity, Social design, and mini-program ecosystems are potential innovative directions that align with the current trend of Web3 permeating everyday applications.

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