Long-standing Ethereum Newsletter Shutting Down, Blames Ethereum Foundation
"Week in Ethereum" is shutting down after nearly 10 years of operation, sparking controversy in the community over the role of the Ethereum Foundation in providing financial support.
Week in Ethereum (WiE), one of the channels providing reliable news sources for the Ethereum community, is at risk of having to stop operating due to lack of financial support from the Ethereum Foundation.
Even Van Ness, founder of the WiE newsletter, shared this information on his personal social media account that for the rest of 2024, WiE will only receive a small amount of financial support from the Ethereum Foundation. "This support is only symbolic," he said, and emphasized that the Ethereum Foundation leadership has automatically cut the amount, implying that WiE should end.
However, Van Ness also admitted that "Week in Ethereum" could not find a suitable business model. He said that the amount of money to maintain operations through advertising and sponsorship is "a big challenge, when marketing partners do not appreciate the model".
So @WeekInEthNews has ended. Here's why: https://t.co/WUjuqAuVtn pic.twitter.com/Xd01Go6Gjz
— Evan Van Ness 🧉 (@evan_van_ness) January 1, 2025
"Week in Ethereum" is known as a reliable source of information in the Ethereum community, with a history of operations stretching back to August 21, 2016 - a time before Bitcoin and Ethereum were widely known.
The decision to cut financial support from the Ethereum Foundation has caused controversy in the Ethereum community, many users expressed regret and confusion because WiE is considered the inspiration for a series of founders to build many projects in the ecosystem.
A number of users expressed regret and confusion over the Ethereum Foundation's decision to cut funding for the X platform.
Hari, co-founder of Cantina and SpearbitDAO, commented that the Ethereum Foundation's decision to cut funding for this newsletter was a "very strange decision", especially in the context of the "queen" blockchain gradually losing project development talent.
A very bizarre decision from EF to cut @WeekInEthNews at a time when Ethereum is losing developer talent.
We need a wartime foundation. https://t.co/yvtituEgof
— Hari (@_hrkrshnn) January 1, 2025
The Ethereum Foundation's decision to stop funding the long-standing news outlet WiE comes amid a financial "scandal" for the foundation behind the blockchain of the same name.
The underlying reason is that the investor community is still wondering what the Ethereum Foundation is using the money for. What needs to be done is to push the ETH token price to break the peak of 4,000 USD to follow the example of its predecessor Bitcoin to surpass the 100,000 USD mark, but this organization only regularly dumps large amounts of ETH into the market and has not achieved transparency in financial reports.
Therefore, the community has many rumors "blaming" the Ethereum Foundation for continuously selling ETH, leading to the result that the token price is still "struggling" below 4,000 USD, unable to follow the footsteps of its predecessor Bitcoin.
