Ethereum Whales Back Launch of Ethlabs to Boost Institutional ETH Adoption

A coalition of ex-Ethereum Foundation researchers has formed a new research lab to bolster the Ethereum network for institutional adoption. Dubbed Ethlabs, the newly createdd nonprofit is backed by the largest Ethereum corporate treasuries, including SharpLink and Bitmine, with independence at the heart of its operations.

Ethlabs garners support of Ethereum’s heavyweights

According to a press release, Ethlabs will prepare the Ethereum network for the next era of institutional adoption. Operating as a nonprofit, Ethlabs will bring a pool of ecosystem researchers to work on Ethereum’s neutrality, interoperability, and privacy capabilities.

Ethlabs’ co-founders are ex-Ethereum Foundation researchers with years of experience spearheading innovation on the network. The founding team includes Ansgar Dietrichs, Josh Rudolf, Julian Ma, Caspar Schwarz-Schilling, and Barnabé Monnot.

Right off the bat, the team will work to improve settlement times, cross-chain movement, and native issuance. Furthermore, initial efforts at Ethlabs will revolve around improving “capacity on mainnet and research that grounds ETH’s monetary properties.” 

In terms of funding, the newly-minted Ethlabs is backed by two of Ethereum’s largest treasury companies, SharpLink Gaming and Bitmine Immersion Technologies. Ethereum co-founder Joe Lubin is also backing the new research hub, while SNZ, Anchorage, and Octant have pooled funds for Ethlabs.

“As a significant institutional participant in the Ethereum ecosystem, Bitmine is excited to help serve as a steward of Ethereum’s long-term growth and support the dedicated builders, researchers, and innovators who are helping shape its future,” said Bitmine Chairman Tom Lee.

Despite the small pool of early backers, Ethlabs noted that it will remain an independent entity. The organization disclosed that an independent grants administrator disburses contributions, with the final decision on research priorities resting with Ethlabs leadership.

Meanwhile, the Ethlabs’ announcement did little to stop the ETH price from sliding further. The largest altcoin is trading at $1,658, a decline of around 5% over the last day despite heavy ETH buying by Bitmine.

Ethereum Foundation worries trigger an alternative

The launch of Ethlabs comes on the heels of a rocky patch for the Ethereum Foundation, the Switzerland-based nonprofit organization stewarding the network’s ecosystem since 2014. In recent months, the Ethereum Foundation has suffered a wave of resignations and exits from senior researchers and executives.

Despite the exits, Ethlabs pioneers say Ethereum is in safe hands since the researchers are still connected to the ecosystem via several steward nodes. Ethereum co-founder Joe Lubin noted that emerging organizations improve the network’s decentralization, adding that they are advancing the network in their “unique” way.

“Ethlabs is the latest group of EF origin that is externalizing to become a major node of the network of Responsible Institutions and Stewards of Ethereum,” said Ethereum co-founder Joe Lubin. 

While the Ethereum Foundation is narrowing its focus to protect the network’s core strengths, pundits say Ethlabs will adopt an execution-focused approach. 

Previously, the Ethereum Foundation has come under criticism for lacking transparency and moving slowly with innovation, drawing comparisons with the Solana Foundation’s aggressive push on growth and institutional adoption. Over the last month, Solana has garnered a streak of institutional partnerships, with the latest being MoneyGram joining as a network validator.

Source:: Ethereum Whales Back Launch of Ethlabs to Boost Institutional ETH Adoption