Before arriving in Denver, Colorado, last Wednesday, expectations were set for a potentially low turnout at ETH Denver due to the fragmented morale within the Ethereum community. However, contrary to these assumptions, the event recorded an unprecedented attendance of 25,000 individuals. Additionally, public relations firm Yap Global estimated that another 5,000 to 10,000 enthusiasts participated exclusively in side events.
Originally launched in 2017 as an Ethereum hackathon by John Paller, the conference served as an indicator of ongoing tensions within the community, particularly regarding the leadership of Ethereum Foundation President Aya Miyaguchi. While some signs of waning enthusiasm were observed—especially in light of Solana’s strong performance in 2024, juxtaposed with Ethereum’s struggles—the general sentiment among attendees suggested little concern for the controversy surrounding Miyaguchi. Many appeared indifferent to her “infinite garden” philosophy and the criticism attributing Ethereum’s technical stagnation and poor market performance to her leadership.
One attendee, Natalie, admitted to having little awareness of the internal issues facing the Ethereum Foundation. Upon learning more about the situation, she proposed a shift toward greater decentralization, emphasizing the need to reduce reliance on a single figure within the ecosystem.
Diverging Perspectives on Ethereum’s Leadership and Incentives
Natalie expressed the view that Ethereum’s leadership should be more decentralized, emphasizing that power should not be concentrated on a single individual. However, while many attendees seemed indifferent to the platform’s governance, there were those who not only identified the root issues within Ethereum but also proposed potential solutions.
Ethan Baker, for instance, pointed to the Ethereum Foundation’s payment policies as a factor affecting developer motivation. He suggested that if developers were compensated in ETH rather than fiat currency, they might be more invested in the asset’s price performance. In his view, adjusting incentives could create a stronger alignment between the development team and Ethereum’s long-term success.
It soon became clear that most casual attendees were largely unaware of the internal disputes that had been unfolding within the Ethereum Foundation in the months leading up to ETH Denver. As a result, major leadership changes—including the appointments of Tomasz Stańczak and Hsiao-Wei Wang as co-executive directors and Danny Ryan’s move to Etherealize as co-founder—barely registered as significant events for many.
Ultimately, the ETH Denver crowd appeared to reflect a broader division within the Ethereum community. A small but vocal minority remained deeply engaged in the network’s technical development and price trajectory, while the majority—comprising casual participants and mainstream supporters—seemed disconnected from the foundation’s leadership dynamics, with many unaware of Aya Miyaguchi’s role entirely.
Builders Stay Focused Amid Ethereum’s Leadership Uncertainty
Stepping into the National Western Complex on the first day of ETH Denver, the atmosphere was exactly as expected for an Ethereum conference—filled with rainbows, unicorns, a live band playing to one side, and massive “bufficorn” balloons scattered throughout the venue. Despite the event’s playful and eccentric ambiance, the developers in attendance remained focused on their work. Moving from booth to booth, it was clear that innovation was thriving, with no shortage of groundbreaking ideas being explored and implemented.
One particularly intriguing discussion revolved around a protocol called “RandAO,” which claims to provide decentralized random number generation (RNG) while ensuring randomness integrity, provided that at least one participant remains honest. The significance of high-quality RNG became evident a few years ago when a vulnerability was discovered in Libbitcoin, a Bitcoin client that relied on weak RNG for generating private keys. An attacker exploited this flaw, successfully regenerating multiple private keys and draining the associated wallets.
Another standout project was MatterFi, a security firm that develops wallets and offers a feature known as “Send to Name.” This innovation enables the cryptographic identification of a recipient’s address, assigning a unique human-readable name that allows users to send funds reliably across multiple blockchains.
Beyond the serious projects, ETH Denver also featured its share of quirky and entertaining elements. A six-foot-one woman in four-inch platform heels, despite not knowing Ethereum, was enjoying the attention her height attracted. A Dogecoin-themed Cybertruck and McLaren—both rumored to belong to John Paller—made an appearance, along with at least three robots, including a canine robot from Coinbase that captivated children. Meanwhile, Eva Blaisdell, known as “Lady Rocket,” made waves with her ambition to launch the first Bitcoin wallet to the moon.
Reflecting on the Ethereum
Foundation’s leadership turmoil after the event, the situation seemed more of a distraction than a genuine threat to Ethereum’s progress. While the concerns raised were valid, they had little impact on the builders, who continued to execute their ideas, and on the broader audience, who remained captivated by Ethereum’s potential.
Although Miyaguchi’s “infinite garden” metaphor often comes across as a vague euphemism for being a jack-of-all-trades and master of none, she managed to capture Ethereum’s current state more accurately with another analogy.
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