Blockchain researcher William Mougayar stepped into the storm, slapping his jacket on the bench of the Ethereum Foundation and telling the crowd that the critics were only seeing a billboard, not the factory.
the Foundation is not a marketing troupe but a behind‑the‑scenes crew that keeps the engine running.
– William Mougayar (@wmougayar) May 24, 2026
The distinction is clear: ETH is the coin, Ethereum the shared furnace, and the Foundation the unlikely janitor who cleans up after the blaze.
ETH Sales Keep Drawing Questions
While the Foundation dances around its treasury, the press gasps at every sale. A recent splash saw 10,000 ETH trade hands with BitMine on May 1 at a cool $2,292 each-no small sum, yet a blot on a ledger of principles.
It was followed by another 10,000 sale a week later, and a chilly $2,042.96 transaction in March. The pattern was clear: the Foundation was making money, but people did not want it.
Crypto.news gave the sale a fairy godmother’s stamp: “Fueling the core, research, ecosystem work, and grants for the community.”
Unstaking Moves Add to Public Debate
On April 26, the Foundation tipped over 17,035.326 ETH-$40 million in a single fall-and soon after neutralized a 70,000 ETH stake. The timing was so suspicious that the market whispered, “Did they hide a sale behind this trick?”
May 12 saw a withdrawal of 21,270 ETH from Lido, sent straight into the Ethereum withdrawal queue. No official memo linked it to market sales, but the rumor mill kept spinning.
Research Funding Remains the Core Argument
Mougayar reminded everyone that building a city of code requires dust and sweat. The Foundation’s grants focus on zero‑knowledge research, validator security, Ethereum clients, and public infrastructure.
He rejected the idea of the Foundation as a marketing mirage. According to him, as the network matures, the organization should step back, allowing the engine to run without a nervous system. In other words, let the spell be cast by the code, not the banner.
Now the debate is simple: either the stakeholders want clearer exhortations and fewer bold steps, or they accept that the Foundation sometimes protects the engine, even if the market fans in the way it wants.
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2026-05-24 14:23