In an audacious move to influence the future of Ethereum (ETH), Justin Sun, the founder of the Tron blockchain, has publicly shared his vision for managing the Ethereum Foundation (EF) and its network on X. Sun’s proposal aims at driving the price of Ether (ETH) to an ambitious $10,000, detailing a series of radical changes he would implement if given control.
Central to Sun’s plan is the immediate cessation of ETH sales by the EF for at least three years. He suggests that operational funding should instead be secured through mechanisms like AAVE lending, staking yields, and stablecoin borrowing. This approach, Sun argues, would keep the ETH supply stable, supporting the network’s deflationary objectives and bolstering market confidence.
Another key aspect of Sun’s strategy involves imposing heavy taxes on Layer 2 solutions, which are secondary frameworks built on Ethereum to enhance its scalability. He envisions this tax generating at least $5 billion annually, which would then be reinvested into buying back and burning ETH, in a decentralized manner, to reduce its circulating supply further.
Operational efficiency within the EF would see a significant overhaul under Sun’s leadership. He proposes a drastic downsizing of the staff, keeping only the most competent individuals while simultaneously offering substantial salary increases to those who remain. This merit-based system would, according to Sun, transform the EF into a lean, performance-driven organization.
Regarding Ethereum’s economic model, Sun advocates for a shift in how rewards are distributed. His plan includes reducing node rewards and increasing the focus on fee-burning mechanisms, which would make Ethereum more deflationary, potentially enhancing its value proposition as a store of value akin to digital gold.
Lastly, Sun’s vision pivots all resources towards the development of Ethereum’s core Layer 1. By concentrating efforts on improving scalability, security, and adoption at this foundational level, he believes ETH could not only reach but surpass $4,500 in value within the first week of implementing these changes, setting the stage for long-term growth.
While Sun’s proposals are provocative and aimed at stirring debate within the Ethereum community, they also highlight the ongoing discussions about the best paths for blockchain scalability, governance, and economic policy. His plan, while hypothetical, underscores the potential directions Ethereum could take in managing its growth, balancing between fostering innovation and ensuring the network’s economic health. However, such drastic measures would undoubtedly face scrutiny and resistance from the diverse and decentralized community that Ethereum has cultivated over the years.
Price Action: As of press time, ETH is changing hands at $3,300, up 0.41% intraday.
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