イーサリアム財団の新しい支出計画は良さそう…でも本当に実現できるのか?
The Ethereum Foundation just released a new fiscal policy aiming to gradually reduce its annual operating expenses to 5% of treasury over the next five years. Right now, that figure sits at 15%, with a 2.5-year operating buffer. They’ve also committed to routinely evaluating their fiat reserves versus spending needs, and may sell ETH to stay aligned with their goals. The policy sounds great on paper—supporting long-term sustainability, DeFi, privacy, and open-source principles under what they call the "Defipunk" mindset. They even promise better transparency with quarterly and annual financial reports, and they’re pushing internal privacy tools for better security and accountability. But honestly, as hopeful as this sounds, it feels really hard to actually execute, especially for the Ethereum Foundation. Managing crypto treasury assets, forecasting five years out, adjusting spending, and selling ETH at the right times—all without destabilizing the community—requires precision. And historically, the Foundation hasn’t been known for its operational agility. Also, trying to reduce spending while still supporting a massive, fast-growing ecosystem isn’t easy. If anything, most crypto orgs end up spending more as things scale, not less. So while the intention is solid, the path forward will definitely be rough.