Aya Miyaguchi, executive director of the Ethereum Foundation, will soon be assuming a new role as president of the Switzerland-based nonprofit, she wrote in a Tuesday blog post.

Within the new role, Miyaguchi wrote that she will continue supporting the Ethereum Foundation’s “institutional partnerships.” Miyaguchi has served as executive director since 2018. 

“I’m feeling deeply grateful and enthusiastic for what’s ahead,” she wrote, noting that she had broached the idea of moving into the president’s role a year ago. “Recent events have given me the perfect opportunity to reflect on what truly matters to me.”

The announcement comes as Ethereum has faced mounting criticism that the network is losing ground to rival blockchains, such as Solana, and that Ethereum leadership has been ineffective and too hands-off in its support of builders. Calls for the Foundation to replace Miyaguchi intensified in January, and co-founder Vitalik Buterin has hinted at changes in the top positions for months.

Ethereum was recently trading just below $2,500, down 6% over the past 24 hours, according to crypto data provider CoinGecko.

ETH’s gains, even amid the bull market of the last year-plus, have paled next to Bitcoin and other digital assets. The second-largest crypto by market value is changing hands at roughly half its all-time high mark of $4,878.26, set three three years ago. ETH last reached the psychologically important barrier of $4,000 last December.

Meanwhile, both Bitcoin and Solana set new all-time high marks as recently as last month.

In the blog post, Miyaguchi underscored the Foundation’s focus on credible neutrality, saying that its “role has never been to control or own all domains in Ethereum,” but rather promote values that align with decentralization.

“We must avoid evolving like a traditional corporation, because our goal isn't for EF to ‘win’—it is for Ethereum to win over the long term while staying true to its core values,” she wrote. “Ethereum doesn’t grow like a machine; it grows like a garden, strengthened by its biodiversity.”

During Miyaguchi’s tenure, Ethereum has changed a lot. The network transitioned to a proof-of-stake consensus model in 2022, reducing its carbon footprint by 99% through the so-called merge. The network also embarked on a layer-2-centric roadmap, embracing scaling networks as a key breakthrough in expanding Ethereum’s capabilities.

As of publication, who might replace Miyaguchi was unclear. Buterin thanked Miyaguchi on X Tuesday, teasing that a new leadership structure for the Ethereum Foundation would be released soon.

Edited by James Rubin

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