Vitalik Buterin says Ethereum Foundation will cut budget 40% in major reset

The Ethereum Foundation announced a significant budget cut of 40% this week, marking a major reset for the organization. This reduction follows a previously confirmed 20% decrease in headcount and comes in the wake of the resignation of co-Executive Director Hsiao-Wei Wang. Wang's departure brings the total number of senior figures to leave the Ethereum Foundation since January 2024 to nine. This series of departures and budget adjustments signals a period of substantial restructuring within the foundation, aiming to streamline operations and adapt to evolving priorities within the Ethereum ecosystem. The exact reasons for the extensive senior staff departures and the scale of the budget cut were not detailed in the announcement, but the move indicates a strategic recalibration of the foundation's resources and operational focus.