Lido founder Konstantin Lomashuk has created a "Second Foundation" for Ethereum in response to an ongoing leadership crisis within the Ethereum Foundation. While details surrounding this new endeavor remain sparse, Lomashuk's social media activity hints at promoting decentralized ideals in the face of modern crypto's "bag-chasing" culture.

The initiative comes after Ethereum undergoes significant leadership changes, with veteran developer Eric Conner resigning. Although Lomashuk's announcement was cryptic, insights can be gleaned from reposted materials and comments on the growing scam culture in crypto which resonate with his vision.

Amidst Ethereum's leadership challenges, the Foundation is considering staking to cover expenses, marking a potential shift in longstanding policy. The Second Foundation aims to advocate for decentralized structures and counteract recent transformations brought by institutional investments.