Amid the controversy that enveloped the Ethereum Foundation (EF) this winter, one of the platform’s most esteemed architects was quietly strategizing his next steps. Danny Ryan, a pivotal figure behind Ethereum’s groundbreaking upgrade known as “The Merge,” departed the EF in September but soon began discussions to return as the foundation’s next leader.
In a revealing interview, Ryan shared, “I was in discussions with Vitalik [Buterin] and others to potentially go back to help oversee the Ethereum Foundation.” However, as the non-profit organization behind the second-largest blockchain underwent a significant leadership overhaul, Ryan’s focus unexpectedly shifted — this time towards guiding Ethereum into the Wall Street arena.
This transition at the Ethereum Foundation coincided with mounting dissatisfaction within the community, as critics expressed concerns that the organization was losing ground to emerging competitors like Solana. Part of the reshuffle included moving Aya Miyaguchi, who had served as the executive director since 2018, to the role of president.
Instead of Ryan stepping into Miyaguchi’s former role, the daily operations shifted under the stewardship of Hsiao-Wei Wang, a researcher within the EF, alongside Tomasz Stańczak, the creator of Ethereum’s Nethermind client software.
The Ethereum Foundation, established as a Swiss non-profit, plays a crucial role in fostering the development of the Ethereum blockchain ecosystem. It manages a treasury of Ethereum’s ether (ETH) tokens, which it allocates through grants to various projects within the ecosystem. The foundation also employs a team of developers and researchers responsible for coordinating updates and defining the chain’s strategic direction.
In January, as the EF was experiencing leadership changes, Ryan stated that he had “mutually parted ways” with Buterin and the EF. Shortly thereafter, he was introduced to Vivek [Raman], one of the co-founders of Etherealize, a new firm focused on introducing ether (ETH) products to traditional financial markets. By March, Ryan confirmed his role as a co-founder at Etherealize.
Ryan made this decision because he perceives Ethereum to be at a critical technological juncture: “Ethereum is much larger than the EF. A few adjustments at the EF won’t determine Ethereum’s future overall.”
He emphasizes the importance of bridging the technology with real-world users: “The reason it may feel more urgent now compared to previous times is that the global market is ready to embrace these systems,” Ryan explained. “It’s essential that Ethereum—an entirely open, decentralized, and permissionless platform—becomes the preferred option.”
Connecting Web3 with Wall Street
At Etherealize, Ryan’s mission is to merge Ethereum’s technical advancements with institutional finance. The firm is creating financial products intended to make Ethereum more reachable for conventional investors, all while upholding the foundational principles of the blockchain.
During his tenure at the EF, Ryan was instrumental in charting out Ethereum’s significant transition from proof-of-work to proof-of-stake, referred to as the Merge. He is confident that his strong connections with an influential organization in the Ethereum space will enhance his initiatives at Etherealize.
“With my involvement, we can create a two-way connection. I have extensive context within Ethereum—I helped build the protocol,” Ryan stated. “I know many individuals working on it, understand the challenges we face, and can navigate how things may evolve in the coming years. I can act as a liaison between Ethereum and the traditional world.”
While Ryan’s specific responsibilities are still being defined, he expressed a desire for Etherealize to engage in open research and development, potentially contributing to layer-1 or layer-2 innovation, as they determine their strategy moving forward.
Market analysts highlight that Ryan’s transition is occurring at a crucial juncture for both Ethereum and the mainstream adoption of cryptocurrencies. With a newly established regulatory environment for crypto under U.S. President Donald Trump’s administration, conventional financial institutions, particularly in the United States, are anticipated to develop a greater comfort level with blockchain technology. Ryan hopes that his strong technical background will assist in ensuring these integrations meet Wall Street’s stringent standards without losing sight of crypto’s core values.
“Our goal is to bring the entire world closer to Ethereum in every way possible, and having a profound technical understanding of Ethereum will facilitate that,” Ryan remarked.
Future Prospects for the Ethereum Foundation
When asked about the timing of his exit from the EF in light of the organization’s growing criticisms, Ryan offered a thoughtful perspective. “Much of what we’ve observed is simply market dynamics, regardless of fundamental value, shaping people’s viewpoints, leading some to seek someone to blame or point fingers,” he noted, referring to the price fluctuations in ETH that have occasionally influenced public opinion about the project.
Ryan remains positive about the impending transformations within the foundation he once aspired to lead. “I’m looking forward to fresh perspectives,” he commented. “I’ve known Aya since January 2018 and we’ve collaborated closely for years. I’ve publicly stated my admiration for her leadership, and I believe she has made several critical decisions for effectively running the EF.”
He also expressed enthusiasm for the two individuals elevated to succeed Miyaguchi. “They each bring strong technical expertise and a comprehensive understanding of Ethereum, including both its strengths and weaknesses in terms of protocol development.”
Explore more: Ethereum’s New Supporter on Wall Street: A Q&A With Vivek Raman