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Ethereum Foundation cuts 20% of staff as L2 growth strains base layer value

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The Ethereum Foundation announced in June 2026 that it would eliminate approximately 54 positions, representing a 20% workforce reduction, alongside a roughly 40% budget cut. The Foundation cited a need to refocus on its most critical priorities, while several senior leaders had already departed in the months prior. Despite Ethereum's strong institutional standing — bolstered by ETF approvals and widespread adoption as a smart contract standard — a growing share of on-chain activity and revenue is being captured by Layer-2 networks rather than the base layer. Many L2s operate with independent tokens and ecosystems, meaning less economic value flows back to ETH itself. Analysts and observers note a broader shift in developer sentiment, with more teams choosing rival chains that offer faster iteration cycles and clearer product narratives.

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