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On June 4, the Ethereum Foundation (EF) officially released its latest Treasury Management Policy, which systematically elaborates on its financial expenditure policy, asset allocation strategy and long-term vision of "Defipunk". The policy aims to enhance the Foundation's financial resilience, support DeFi innovation, and strengthen its value position in the direction of privacy protection and self-custody. Ethereum Foundation's Treasury Management Policy page The role of the EF Treasury is to support the long-term autonomy, sustainability and legitimacy of foundations. The Ethereum Foundation (EF) is expected to continue to be the long-term steward of the ecosystem, but its mandate will gradually narrow. The fiat currency reserves have increased, and heavy money has been "smashed" for product delivery According to the new policy, EF will determine the allocation ratio of fiat currency to ETH using the "operating expenditure ratio × buffer period" model, and maintain the annual spending at a high level of 15%. The Foundation pointed out that 2025-2026 will be a critical stage for the ecosystem, and resources need to be concentrated to promote the implementation of technologies at the protocol layer, including L1 scaling, blob technology, and UX optimization. EF said that 2025–2026 will be a key window to move forward with the implementation of the protocol, and it is expected to maintain 15% of annual spending and set a 2.5-year fiat buffer. This means that the Foundation will need to convert about 37.5% of its coffers into fiat currency to support short- to medium-term investments. According to EF's new Treasury Management Policy, A is the annual operating expense (as a percentage of the current total treasury) and B is the operating buffer (the number of years in the reserve that can support operations) Specifically, the logic of this model can be divided into three levels, corresponding to strategy formulation, amount calculation and execution. The first layer: structural model, setting the asset allocation ratio The Foundation first uses a structural model to define its asset allocation framework. The model multiplies the annual operating expenditure as a percentage of the treasury (A) by the desired operating buffer period (B) to arrive at a target fiat ratio: A × B: Determine the target reserve size denominated in fiat currency. This value determines how often and how much ETH is sold. This layer of the model does not focus on the specific amount, but emphasizes how the foundation should maintain a long-term asset structure and reduce the short-term decision-making pressure caused by currency price fluctuations, which is suitable for the formulation of governance framework or asset allocation policy. According to the data disclosed in the 2024 Ethereum Foundation Report, the total value of the Ethereum Foundation treasury is $970.2 million, a decrease of 39% from the previous disclosure. Of this amount, operating expenses in 2023 will be approximately $134.9 million, or 13.9% of the total value of the treasury. Based on the standard of 15% of the new fiscal annual operating expenditure and a 2.5-year buffer period, EF's target fiat currency reserve ratio is 15% × 2.5, or 37.5%. At present, the foundation's crypto assets account for 81.3%, and under the new standard, the foundation may need to reduce its holdings of nearly 30% of ETH. According to EF's financial report, the Ethereum Foundation's operating expenses in fiscal year 2023 (left) and the proportion of treasury asset allocation in October 2024 (right), according to the new fiscal standards, EF needs to reduce nearly 30% of its crypto asset holdings The second layer: the amount model, which calculates how much fiat currency should be raised After the structure ratio is set, the Foundation applies the target ratio to the current total treasury value and translates it into specific fundraising goals: Target fiat currency reserves = A × B × the current total value of the vault Corresponding to the actual amount, its target fiat currency reserves are about $363 million. This amount model is used to assess the sufficiency of the current fiat currency reserves and whether ETH needs to be sold to raise the difference, which is an important basis for decision-making at the executive level. Layer 3: Execute the model, and work backwards to deduce how much ETH should be held Eventually, in order to achieve the allocation goal of fiat currency and ETH, the Foundation will consider the remaining part of the treasury (i.e., 1 - A × B) as the ETH reserve value and divide it by the current ETH unit price, so as to deduce the amount of ETH that should be held: TotalTreasury - A × B: The target value of the ETH reserve (divided by the ETH unit price to get the amount of ETH held by the core). Target ETH amount = (1 - A × B) × Total Treasury ÷ ETH current price This step translates the strategy model into actual position requirements. Corresponding to the actual amount, the foundation treasury is $970 million, A × B=37.5%, and based on the ETH price of $2,500, the foundation should keep about 242,000 ETH as a core long-term holding asset. Compared with the traditional budget system, this model provides a more flexible asset allocation method: in a bull market, fiat currency can be cashed out in a timely manner to enhance the ability to resist cyclicality; It can also maintain long-term belief in currency holding during market downturns. EF said the board will regularly evaluate two parameters, A and B, to dynamically adjust the asset structure and ensure that resource allocation is synchronized with the strategic cadence. The next two and a half years are considered a critical period for the ecosystem by the Ethereum Foundation, so it is necessary to focus resources on promoting the delivery of important technologies. In 2025, EF will spend about 15% of treasury funds (37.5% of fiat currency reserves) and plans to maintain a legal buffer for spending for 2.5 years. The company plans to reduce annual operating expenses roughly linearly over the next five years, eventually reaching a baseline level of 5% over the long term. Related Reading: Ethereum Foundation 2030 Plan: Slashing ETH Spending to 5%, Actively Supporting Defipunk Optimize asset management with an emphasis on RWA quotas In terms of asset allocation, the Ethereum Foundation (EF) has further clarified its asset allocation framework in the new policy, which aims to balance security, liquidity and long-term stability. In terms of crypto assets, EF said it will seek stable financial returns without violating Ethereum's principles of decentralization and openness. The Foundation prioritizes deployment to audited, permissionless, and transparently structured DeFi protocols, emphasizing protection against potential risks such as smart contracts, governance, stablecoins, and oracles, and avoiding excessive pursuit of high-risk returns. On-chain funds will be flexibly allocated based on market conditions, risk exposure, and yield opportunities, which currently includes independent staking and providing wETH liquidity to mainstream lending protocols. In the future, it is also planned to introduce stablecoin lending and some high-security on-chain RWA products as a complement. In addition, EF evaluates the deviation between actual fiat reserves and operational buffer targets on a quarterly basis, decides whether to sell ETH, and makes a strategic choice between off-chain swaps or on-chain swaps. Compared with the previous strategy of focusing on on-chain returns, EF has explicitly introduced tokenized real-world assets (Tokenized RWAs) as an important component of fiat assets. Its allocation structure is divided into three tiers: immediate liquid assets that cover daily expenses, low-risk assets that match medium- and long-term obligations, and tokenized real-world assets (Tokenized RWAs) that are integrated into a unified strategy management system. This change sends a clear signal: the fund is starting to think more about the stable income tools of the fiat world, with the aim of supporting the sustainability of higher expenses in the short to medium term, rather than relying on market conditions or the fortuitous nature of on-chain returns. It is worth noting that only RWA protocols that meet the conditions of on-chain transparency, auditability, and decentralized governance may be included in the foundation system. Conversely, traditional RWA projects with closed structures that rely on legal trust paths will face a higher barrier. Such adjustments not only improve the robustness of the treasury structure, but also reserve institutional space for further expansion of on-chain asset management paths in the future. At this time, the details of the deployment have not been disclosed. Promulgation of "New Standards for Entrepreneurship" in Ecological Projects In addition, EF has set out clear goals for Cypherpunk in its new fiscal policy, and based on this, it has built a set of evaluation frameworks called "Defipunk", which aims to promote a more decentralized, privacy-friendly, and technology-self-sufficient financial infrastructure. The framework emphasizes six core values: security, open source, financial autonomy, technology instead of trust, freedom through cryptographic tools, and privacy, with a particular focus on privacy at the transaction and on-chain data levels. EF's operating expenses for fiscal 2023, most of which will flow into L1 underlying R&D and the establishment of "new facilities", are likely to be significantly reduced following EF's announcement of layoffs and strategic redirection At the same time, EF has developed a standardized evaluation system for future on-chain deployments. These include permissionless access, self-custody, FLOSS-level open-source protocols, privacy protection options, open and transparent development and governance processes, trust-minimized core logic, manipulation-resistant oracle mechanisms, security audit guarantees, and decentralized user interfaces. According to EF, this evaluation framework will serve as an important reference standard for future treasury fund deployment, encouraging ecological projects to continue to optimize in the direction of security, privacy and decentralization, so as to jointly build a long-term financial ecosystem that is in line with crypto-native values. The Defipunk framework will impact the Ethereum Foundation's funding mechanisms for developers, particularly in terms of privacy, which EF has made clear of its future priorities, emphasizing support for cryptographic transactions, data protection mechanisms, and decentralized user interfaces, and encouraging on-chain anonymity. The Foundation said that "privacy is a key unfinished task for DeFi", and will promote the development of the related ecosystem through strategic funding and research cooperation in the future. This shift in stance could lead to new inflows and long-term endorsements for privacy protocols such as Railgun and anonymous identity projects. Such a policy framework with open standards and evaluation mechanisms marks the beginning of an era that relied heavily on the subjective judgment of core members. For a long time, projects that want to gain "legitimacy" in the Ethereum ecosystem often need to connect with EF through informal channels. Whether it's a project founder looking for a platform, or an investor seeking early access to high-quality targets, EF researchers are seen as a key gateway to resources and discourse. This network-based ecological mode of operation made "Approaching EF" an unavoidable path to success. Related Reading: EF No Dreams Against this backdrop, EF's "Defipunk" assessment framework is particularly significant. It is not only a technical explanation of the rules for the use of funds, but also marks a shift in the concept of ecological governance—from the "consensus politics" driven by the implicit power network to a transparent mechanism based on open standards and value orientation. The Defipunk evaluation system, which focuses on security, decentralization, and privacy protection, provides a clearer institutional path for how future projects can obtain financial support and ecological recognition. In other words, from now on, the project's support will no longer depend solely on whether it has a "good relationship with whom", but whether it is in line with Ethereum's long-term vision and public value goals. This is a loosening of the institutional level, and it is also an important starting point for the return of ecological culture from personal preferences to technical rationality. Reverberations from the community, has ETH bottomed out? While the Ethereum Foundation announced a new fiscal policy and put forward the goal of "reducing costs and increasing efficiency", a series of noteworthy changes are also emerging at the market level. Personnel adjustments within the foundation, strategic bets on ETH in the capital market, and a phased rebound in the ETH/BTC exchange rate have intertwined a more complex ecological structure map. There was a lot of discussion in the community, and there was a lot of discussion in the community, and there were echoes of consensus and disagreement. On June 3rd, EF announced the elimination of some R&D personnel and the reorganization of the original research team into a new department called "Protocol", focusing resources on three major technical directions: L1 extensions, blob extensions, and UX improvements. On the one hand, some R&D personnel will be eliminated, especially those teams that have stayed in the theoretical stage for a long time; On the other hand, the introduction of stricter accountability mechanisms requires the rapid transformation of research results into actual outputs. Co-executive director Hsiao-Wei Weng said on social media X that he hoped the new structure would drive the core project forward more efficiently. Previously, the verbal and written criticism of the Ethereum Foundation (EF) has been protracted, and the weak trend of Ethereum in the past few months has also promoted the fermentation of community dissatisfaction, many famous investors and developers have expressed their opinions and dissatisfaction with EF, and some core members have left EF to transfer their research and resources to the outside of the foundation, indicating that EF's internal differences have reached the point of irreconcilability, and EF has been directly pushed to the forefront. Related reading: "How long can the Ethereum Foundation last if the core members left to set up "Shanzhai EF"? 》 As a result, some community voices see the restructuring of the Ethereum Foundation as a "self-correction" of the Foundation in response to external criticism. Some developers have pointed out that this is a necessary focus adjustment, which is expected to focus more efforts on the core evolution of the protocol layer. Around the same time, SharpLink Gaming, a U.S.-listed company, announced its Ethereum treasury reserve strategy, planning to raise $425 million for long-term ETH holdings, and the leading investor behind it is Consensys, an important technology enabler of the Ethereum ecosystem. This operation, known as the "ETH version of microstrategy", has been interpreted in the community as a repricing of Ethereum by the traditional capital market, and is also seen as a public endorsement of Consensys' technical roadmap. SharpLink's big bet quickly boosted market confidence, with ETH price rising 4% to $2,639 in 24 hours following the May 28 announcement, up 50% over the past month. Related reading: "Spending $425 million on ETH microstrategy, "E guards" abandon political correctness" On June 4, the ETH/BTC exchange rate rose by more than 2% in a short period of time, sparking market attention on the direction of the skew of funds. Traders see it as a signal of a regression in the relative value of ETH. Some analysts believe that ETH is currently approaching the apex area of a large technical pattern, and if it breaks through, the price is expected to rise to $2,000 or $3,000, and the impetus behind it may come from improving fundamentals, or it may only be driven by large capital entry. Related Reading: "10x Research: ETH Moves More Resilient Than Expected, Approaching the Apex of Key Technology Patterns" But what is more noteworthy is that in contrast to the Foundation's reduction of operating expenses and the high-profile increase of market funds in ETH, the focus of Ethereum's narrative is shifting from "institutional incentives" to "market consensus", and the tension between technological promotion and capital will is being staged simultaneously. Taken together, EF's current strategy to reduce costs and increase efficiency reflects both fiscal prudence and a repositioning of the boundaries of its role. In the context of the continuous evolution of decentralized governance, the collaborative relationship between foundations, technology companies, capital institutions, and the developer community is also moving towards a new stage of more complex but potentially more efficient.

Review: Felix, PANews The Ethereum Foundation released its new fiscal policy on June 4, which outlines how the Foundation will manage its reserves, deploy funds in DeFi protocols, and privacy assessment criteria, while maintaining Ethereum's commitment to self-sovereignty and neutrality. The Ethereum Foundation has announced that it will adopt a more structured and transparent reserve policy, tying operating costs and cash requirements to ETH reserves and sales to strengthen its financial position. This policy is very different from the foundation's historically passive capital stance. Cut back on expenses and regulate the sale of ETH In recent months, the Ethereum Foundation's unexpected sale of ETH has sparked a backlash from the community, with some critics claiming that the Foundation's series of moves have undermined trust in the Foundation. Or because of these doubts, the Foundation announced a complete update of its asset management strategy. The Foundation's annual operating costs (measured as a percentage of Foundation funds) and years of operation will be reassessed periodically, taking into account market dynamics and community input, to ensure that the Foundation's short-term operations are aligned with its long-term strategy. The goal is to reduce annual spending from 15% to 5% of assets by 2030. Currently, the Ethereum Foundation is only 2.5 years away from running out of cash, so "the next 18 months will be critical." In addition to this, the Foundation calculates the statutory reserve requirement by multiplying the fixed annual operating expense target (currently set at 15%) by 2.5 years of operating time. Automatically sell ETH only when cash reserves fall below the 2.5-year spending buffer (about 37.5% of the vault). In addition, in order to continue the trend of working more closely with the DeFi ecosystem, the Foundation will also pursue funding strategies, including solo staking and the provision of wETH to yield-based lending protocols. It may also borrow stablecoins and seek higher on-chain yields through RWA exposure and DeFi allocation. In keeping with its transparency commitments, the Foundation will also publish quarterly and annual reports outlining its asset holdings, investment performance, and any significant developments during each period. As of October 31, 2024, the Foundation's total reserves are approximately $970.2 million, including $788.7 million in crypto assets and $181.5 million in non-crypto assets. Adopt the "Defipunk" principle to evaluate DeFi protocols The policy also sets out a documented commitment to privacy, which the Foundation defines as "a fundamental civil liberty" in an increasingly monitored financial environment. Through a new internal rule called "Defipunk", the Foundation will evaluate potential DeFi partners based on a set of criteria: permissionless access, self-custody, open-source licensing, and technical privacy features such as transaction masking. DeFi protocols that fail to meet the criteria may still be eligible, but only if credible progress towards these ideals has been demonstrated. The foundation also called on employees who are "involved in fund management" to also "upskill" by using open-source, privacy-preserving tools. Employees involved in financial management are expected to use and/or contribute to open-source privacy tools in order to complete their day-to-day work, especially if they need to improve their skills in the relevant field. In the new policy, the Foundation underlines its commitment to the core values of "Cypherpunk". "Through research, advocacy, and strategic capital deployment, the Foundation can help foster an Ethereum-native financial ecosystem that asserts self-sovereignty and sustains an 'open society in the electronic age' at scale." It is worth mentioning that this may also put the foundation at odds with regulatory trends in the United States and Europe, where policymakers are increasingly prioritizing transparency and compliance over crypto privacy. Related reading: Ethereum Foundation's first public layoff, strategic adjustment sparked controversy again, and the foundation model failed?

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