The Ethereum Foundation Has Disclosed A New Public Good Initiative 

The second-largest cryptocurrency by market cap has significantly underperformed since 2022 despite expansion efforts and multiple pivots, such as the Cancun-Deneb network upgrade. Though Ethereum’s price rose in 2024, its ratio to Bitcoin has been on a gradual decline, reaching multi-year lows. Upon the approval of spot ETFs for both cryptocurrencies, capital flows have further highlighted the divergent dynamics. The ETH price prediction suggests that its value may increase by +5%. 

Earlier this year, Vitalik Buterin, who remains the de facto figurehead for Ethereum, announced tremendous changes in the Ethereum Foundation’s leadership structure. This indicates a shift towards decentralization and support for developers, overcoming ongoing battles and struggles. According to the Russian-Canadian programmer, the nonprofit organization must rethink its formal hierarchy and leadership approach, as it has been slow to act on issues such as transaction speeds or the network’s ability to draw in developers. 

Apropos of increased pressure, the Ethereum Foundation has promised to assign 50,000 ETH worth $165 million to support its decentralized finance (DeFi) ecosystem. Kain Warwick, the founder of Synthetix, an Ethereum-based project that offers derivatives by issuing synthetic assets, has been one of the outspoken critics of the nonprofit organization. Even core developer teams are “rolling back” against the network. 

A Group Of Ethereum Developers And Leaders Released The Open Intents Framework 

The Ethereum Foundation announced the Opens Intent Framework (OIF), an initiative that addresses issues that are important to the well-being of the crypto community. The project, initiated by Ethereum developers and leaders, aims to streamline the execution of blockchain transactions, improving interoperability across the Ethereum ecosystem. In lieu of submitting clear step-by-step instructions for a transaction – gas settings, calldata, etc. – a user can delegate the execution details to a third party. 

The OIF is developed in synergy with more than 30 teams, which includes Layer-2 blockchains, infrastructure providers, and digital wallets. The goal of the initiative is to bring “intents” to all areas within the Ethereum ecosystem and abstract from the complexity of the blockchain. An ever-increasing number of activities are frustratingly fragmented, which is the result of Ethereum’s inherent limitations. Users can accomplish specific goals by asking an intermediary to facilitate transactions. 

The “public good initiative” is endorsed by contributors from Hyperlane, an open interoperability framework for blockchain smart contract developers and users, and Bootnode, which empowers teams to accelerate their project development and deployment process. The standardized framework is supported by top Ethereum Layer-2 projects, namely Arbitrum, Optimism, Polygon, Scroll, Gnosis, zkSync, and Starknet. There already are some standards fundamental to cross-chain transactions. For example, ERC-7683 solves Ethereum’s fragmentation problem. 

ERC-7683 Provides The Standard, But The Open Intent Framework Is The First Successful Implementation 

ERC-7683 was proposed by Uniswap Labs and Across for cross-chain intents in April 2024. Designed to connect various blockchains, it improves interoperability and reduces errors, therefore simplifying DeFi transactions. If someone wants to move coins from one blockchain, Base, to another one, Polygon, they must publish an ERC-7683 transaction. The tokens are sent to a secure “lockbox”, which can only be claimed if a user can prove they sent the coins to that location. 

The Open Intents Framework is the first modular implementation that allows for the execution of intents at scale, marking a monumental leap forward in facilitating liquidity transfers across disparate networks. Users can specify the origin chain, the destination chain, and the number of assets to be transferred. The solvers or relayers – however you prefer to define such concepts – fulfill tasks immediately, facilitating nearly instantaneous bridging of liquidity. The intermediaries are systems that optimize transactions, operating with more or less discretion. 

Attention must be paid to the fact that intents can have arbitrary complexity, and specialized solvers or relayers might be needed to reduce barriers to adoption and foster broader collaboration across the Ethereum ecosystem. 

The Community Is Divided, And It Feels Like Ethereum Is Struggling To Stay Relevant 

At the core of Ethereum’s success lies its vibrant and diverse community, which comprises developers, researchers, enthusiasts, and investors. Some members have started distancing themselves from the Ethereum Foundation amid the leadership debate as Vitalik Buterin asserts his authority. While some call for assertiveness in leadership, others would like ETH to maintain its unwavering focus. Long-term innovation is preferable to short-term market dynamics. Aya Miyaguchi, the organization’s executive director since 2018, has even received threats online. 

The shake-up could mark a turning point for Ethereum, but the path forward remains uncertain, so the Ethereum Foundation is confronted with a delicate balancing act. Someday, it will get its act together. For the time being, no one wants to admit they’re wrong, which means that members of the community are standing their ground. The Ethereum Foundation must deal with internal challenges, network upgrades, and an increasingly circulating supply. All this could negatively impact ETH’s value. 

Ethereum Could Test The $2,300 Support Level Before Going Towards $4,000

Over the past weeks, millions worth of ETH positions have been liquidated on exchanges. Amid the increased fear in the cryptocurrency market, analysts are projecting reversal possibilities. Currently, Ethereum is trading at $2,099.70 with an intraday drop of -11.00%, which suggests that bearish sentiment is growing within the market; it signifies the belief that prices are about to fall. In spite of multiple failed attempts to trigger an altcoin season, the broader market sentiment remains optimistic. 

Once you decide that a trading platform meets your needs, open an account. You may need to upload documents to verify your identity and ensure your account passes regulatory scrutiny. Select how many ETH tokens you want to buy; you can buy fractional shares of Ethereum or place an order to buy Ethereum at a certain price in the future. The second-largest cryptocurrency by market cap could reach $4,000 before the end of the year. 

Concluding Remarks 

On the path to achieving sovereignty, Ethereum lacks a strong grip, and the Open Intents Framework could require time for validation. What is certain is that the need for ready-to-use, protocol-agnostic features for solvers/relayers, interop providers, and cross-chain builders is paramount.