Five former senior researchers at the Ethereum Foundation have spun out an independent nonprofit R&D lab called Ethlabs. Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf, and Julian Ma announced the launch on June 22, with a mission to make Ethereum the settlement layer of the global economy. Backers include BitMine, SharpLink, Joseph Lubin, Anchorage, Octant, and SNZ.
A new research lab with strings attached
Ethlabs describes ETH as 'the most valuable, programmable store of value' and says its research agenda will include work on ETH monetary properties. The lab’s funding structure is designed to give backers accountability without control: Ethlabs sets its own research agenda, produces quarterly reports, and undergoes independent annual audits. The setup is meant to avoid the governance gridlock that some critics say has crept into the Ethereum Foundation.
The funding gap that won't go away
The split comes as former EF staffer Trent Van Epps warns of a potential core protocol funding crisis within three to nine months. He estimates the network needs about $30 million annually for core development. Van Epps argues the EF needs a full reset of its social, political, and economic contracts with stakeholders. Not everyone is pessimistic. Marc Zeller said Ethereum will be fine even if the EF hits a wall — others will pick up the work. Haseeb Qureshi sees the exodus as EF builders spinning out while the Foundation narrows its mandate. Joe Lubin described the emerging structure as a network of 'steward nodes,' a multi-node future.
Where the money could come from
BitMine disclosed annualized ETH staking revenue of roughly $258 million in a June 2026 SEC filing. That’s more than eight times the estimated $30 million needed for core development. If firms like BitMine directed even a fraction of that staking revenue toward public-goods research, the funding gap would vanish. Yuga Cohler said he's sad to see dysfunction at the Foundation, which he says is losing leaders faster than it can replace them. Dankrad Feist noted the people leaving still believe in the EF’s stated strategy — the failure, he says, is in management execution.
Ethlabs’ first quarterly report is expected later this year. Whether its backers follow through with sustained funding — and whether other validators follow BitMine’s lead — will be the real test.
