Former Ethereum Foundation researchers launched Ethlabs, a nonprofit backed by Ethereum co-founder Joe Lubin and the two largest ETH treasury firms Bitmine Immersion Technologies and SharpLink, according to a statement released Monday. The organization aims to prepare the Ethereum network for institutional adoption as stablecoins, tokenized real-world assets, and autonomous AI commerce move onchain. The Ethereum Foundation has historically served as the network's primary research coordinator, but recent departures of high-ranking members including two co-executive directors and Protocol Cluster leadership have raised concerns among ETH holders and community members about the organization's direction.
Five Former Ethereum Foundation Researchers Co-Founded Ethlabs
Five former senior Ethereum Foundation researchers co-founded Ethlabs, according to Monday's statement. The researchers are "technologists who have guided the network through its most consequential upgrades over the past decade," Ethlabs said. The statement noted that as stablecoins, tokenized real-world assets, funds and autonomous AI commerce move onchain, they are converging on Ethereum. "Ethlabs exists to ensure the network is ready to absorb that demand at scale, advancing a faster Ethereum with trustworthy interoperability, so institutions building on Ethereum can do so with the neutrality, resilience, privacy and security they require," according to the statement.
Ethlabs Focuses on Institutional Onchain Requirements
Initially, Ethlabs's work will focus on what institutions need to move onchain at scale, the nonprofit said. "Ethereum is entering its next stage of evolution," Lubin said in Ethlabs' statement. "We are now poised to recognize and implement the idea that there should be a number of steward nodes of Ethereum, each configured in their unique way to evolve and protect what is sacred about the network and massively grow the world's appreciation and utilization of it." Lubin previously told The Block that there was a plan for several organizations to spin out of the Ethereum Foundation. These other organizations will focus on areas like usability and scalability as well as institutional outreach.
Bitmine and SharpLink Hold 5.7 Million and 876,000 ETH Respectively
Ethlab backers Bitmine and Sharplink are the two largest publicly-traded Ethereum digital asset treasuries, with holdings of roughly 5.7 million and 876,000 ETH tokens, respectively. Bitmine Chairman Tom Lee said, "Ethereum is positioned to grow significantly in adoption by institutions and by AI agents. And naturally, the ecosystem needs to dramatically expand its investment in talent and research to support this growth."
Ethereum Foundation Announced CROPS Mandate Earlier This Year
The Ethereum Foundation announced a singular focus on supporting censorship resistance, open source, privacy and security (CROPS) technologies via a mandate earlier this year. The Ethereum Foundation has historically been a lightning rod for controversy, including from ETH holders and community members who argue the organization has failed to maintain a competitive footing. The organization has raised concerns after the recent departure of several high-ranking members, including the foundation's two co-executive directors and the leadership of the major Protocol Cluster.
FAQ
What is Ethlabs and who founded it?
Ethlabs is a nonprofit launched by five former senior Ethereum Foundation researchers. The organization is backed by Ethereum co-founder Joe Lubin and the two largest ETH treasury firms Bitmine Immersion Technologies and SharpLink.
How much ETH do Bitmine and SharpLink hold?
Bitmine holds roughly 5.7 million ETH tokens and SharpLink holds roughly 876,000 ETH tokens, making them the two largest publicly-traded Ethereum digital asset treasuries.
What is the Ethereum Foundation's CROPS mandate?
The Ethereum Foundation announced a singular focus on supporting censorship resistance, open source, privacy and security (CROPS) technologies via a mandate earlier this year.
