Joe Lubin, co-founder of Ethereum and CEO of Consensys, recently revealed that he is in talks with a sovereign wealth fund and bank of a "very large country" to explore building financial and technical infrastructure on the Ethereum ecosystem. This potential cooperation may bring an unprecedented wave of national adoption to ETH, and also symbolizes that on-chain finance is moving towards the international sovereign level.
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ToggleSovereign wealth funds and national banks are considering entering the market to build Ethereum L2 ?
In a recent Rug Radio episode of Fomo Hour, Lubin mentioned that he and Consensys are in deep conversations with a sovereign fund and a large bank from a “very large country” about how to build infrastructure on Ethereum L1 and possibly extend to a customized architecture for L2 :
These traditional financial giants are actively evaluating the feasibility of Ethereum as the backbone platform of the future global financial system.
Although Lubin did not disclose the specific country name, the news was enough to spark heated discussions in the community. If sovereign countries officially enter the Ethereum market, they may not only adopt ETH as a strategic reserve asset, but will also bring positive structural changes to the entire crypto industry.
Can ETH become the next "national reserve asset"?
In the past few years, Bitcoin has been included in the treasury assets of some countries such as El Salvador , while ETH has not yet been recognized by countries of similar size. However, as Ethereum turns to POS and has the characteristics of high programmability and the ability to participate in ecological operations, Lubin believes that ETH's positioning is gradually becoming clear, that is, "the most valuable trust commodity in the world":
ETH's functions and positioning span roles such as the world's computer and digital energy similar to oil. It may eventually be regarded as the world's most valuable digital trust medium.
He even boldly predicted that in the long run, the value of ETH may surpass that of Bitcoin.
SharpLink Investment Case: Building an Active Ethereum Financial Strategy
In addition to national-level cooperation, Lubin is also accelerating the application of ETH through enterprise examples. He recently led Consensys to invest in the listed company SharpLink Gaming, injecting $425 million to establish a new Ethereum financial reserve:
Unlike MicroStrategy's strategy of simply holding Bitcoin, SharpLink will adopt an "active finance" model, seeking a stable source of income through staking, re-staking and participating in DeFi.
Lubin is now chairman of SharpLink's board, and the company's stock has seen wild swings in response to the deal. Despite the wild swings, SharpLink (SBET) is still up 922% in the past month.
Lubin looks at the price of coins: Ethereum's value lies in its application potential
Compared to the clear positioning of Bitcoin as "digital gold" and Solana as "high-speed chain", Lubin admitted that Ethereum has always been like an "intermediate product" between the two, with a vague narrative and prices that have not kept up. But he emphasized that this is a symbol of Ethereum's focus on long-term development:
We are building infrastructure for the broadband era of the future. Although prices have fallen in the short term and the narrative is weak, the Ethereum ecosystem is actually progressing very steadily.
Lubin said, “The value of ETH should not be judged solely by its price, but by its capabilities and application potential as a system asset.”
Will ETH be the new standard of trust?
As the global financial system faces a "structural void in the middle class" and a "cyclical end", Lubin believes that the answer will come from " decentralized protocols " rather than the old system. He firmly believes that Ethereum has the potential to lay the foundation for the next generation of the global financial system and has already attracted the attention of sovereign funds.
If ETH can transform from a technical infrastructure to a global trust standard or a national reserve asset, then Ethereum's narrative may no longer be vague and the price of the currency will no longer be so depressed.
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
U.S. data shows that despite concerns about the risks caused by President Trump's tariff war, the U.S. labor market remains strong. Nvidia closed up 2.8% on Tuesday, with a market value of $3.45 trillion, surpassing Microsoft to become the world's most valuable listed company. Bitcoin once surged to $106,794 last night, and fell back to above 105K before writing. The recent rise lacks momentum, and the Bitcoin ETF has shown net outflows for three consecutive days. The Ethereum ETF has shown net inflows for 11 consecutive days since May 16.
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ToggleUS job openings unexpectedly rise, Fed to keep interest rates unchanged in June
The U.S. Department of Labor reported that the number of JOLTS job openings in the United States increased by 191,000 in April to 7.391 million, higher than expected, boosting market sentiment. The increase in the number of job openings reinforces the Fed's judgment that the labor market is in good condition. Although some economists are worried that the labor market will show more obvious weakness under the pressure of tariffs in the coming months, this situation has not yet been reflected in the data, which supports the Fed officials' position of keeping interest rates stable.
The Federal Reserve's interest rate decision meeting will begin on June 18. The market generally expects the Fed to continue to wait and see and keep interest rates unchanged. CME FedWatch shows that investors expect the Fed to cut interest rates again as early as September, with only two basis points left for this year's rate cut.
Trump and Xi to talk this week? Will the US and India reach an agreement soon?
The United States reiterated that Trump and Chinese President Xi Jinping will hold talks "soon," according to Bloomberg . White House press secretary Karoline Leavitt said the U.S. government is actively monitoring China's compliance with the Geneva Trade Agreement.
The White House said the U.S. Trade Representative's office had written to trading partners to remind them of the upcoming negotiation deadline, and Commerce Secretary Howard Lutnick said he was "very optimistic" about the prospects of a deal between the United States and India.
Meanwhile, U.S. metals prices surged on Monday after Trump signed an order to raise tariffs on steel and aluminum to 50% from 25% effective Wednesday, fulfilling his promise to raise import taxes to support domestic manufacturers.
BTC fell back to 105K, Ethereum ETF had net inflows for 11 consecutive days
Bitcoin once surged to $106,794 last night, but fell back to above $105K before writing. Bitcoin's recent rise lacks momentum, and Bitcoin ETF has seen net outflows for three consecutive days.
The Ethereum ETF has seen net inflows for 11 consecutive days since May 16. As of June 2, the total assets of the U.S. Ethereum spot ETF have reached US$9.37 billion, accounting for 3.06% of Ethereum's market value.
The Ethereum Foundation (EF) announced an organizational reorganization on June 2, not only laying off some staff, but also reshaping the core development team structure to focus on three major strategies: expanding the scale of the mainnet(L1), strengthening the Blobspace of Rollup, and optimizing the user experience (UX).
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
The Ethereum Foundation (EF) announced an organizational reorganization on June 2, not only laying off some staff, but also reshaping the core development team structure and renaming the original "Protocol R&D Team" to "Protocol". At the same time, it focused on three major strategies: expanding the scale of the mainnet(L1), strengthening the Blobspace of Rollup, and optimizing the user experience (UX).
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ToggleKey Summary
The original "Protocol R&D Team" was officially renamed "Protocol", focusing on mainnet expansion, Rollup resource allocation, and UX optimization.
Core developers were reassigned to different technical fields. There were personnel changes but the number of layoffs was not disclosed.
Since the beginning of 2025 , there have been several personnel and governance reorganizations within EF, and criticisms have continued
EF core technology team Protocol debuts, focusing on three major goals
This EF reorganization not only reorganized the original Protocol Research & Development (PR&D) team and renamed it "Protocol", but also focused on three major goals:
Improving the scalability of Ethereum mainnet (L1)
Improve the resource allocation and efficiency of Rollup-specific Blobspace
Improve overall user experience (UX)
(Note: The purpose of Blobspace is to allow Rollup to have "dedicated space" to store data, which will not squeeze the original space of the Ethereum mainnet.)
EF Personnel and Future Development
In terms of personnel changes, senior Ethereum developers including Tim Beiko, Alex Stokes, and Barnabé Monnot will each focus on the above three strategic areas and be responsible for promoting the implementation of related projects and technologies.
EF also confirmed that "some members" of the original PR&D team would leave, but did not disclose the exact number. It only said that the new team "Protocol" would be more streamlined and focus on key technical directions.
EF has been adjusted frequently in the past six months, and has been criticized
Ethereum co-founder Vitalik Buterin announced on Twitter (X) on January 18 that he would adjust EF's governance model, focusing on "strengthening technical expertise" and "improving ecosystem communication efficiency."
EF then announced an organizational restructuring on April 28, establishing a "dual executive director system" and appointing Ethereum senior researcher Hsiao-Wei Wang and Ethereum ecosystem developer Nethermind CEO Tomasz K. Stańczak as co-executive directors.
Although Vitalik, one of the co-founders, does not hold an executive position, he remains in office as a technical leader and forms a board of directors with Aya Miyaguchi and others to plan EF's long-term vision. Daily operations will be handled by an executive team led by the two newly appointed directors.
However, this statement has caused concerns that Vitalik is too authoritarian. Because the price of ETH has not improved, some netizens believe that letting Aya Miyaguchi, the former executive director of EF and current president of the Ethereum Foundation, step down will allow ETH to reach a historical high in a short period of time.
But Vitalik immediately rebuked netizens and said:
"The decision is mine. If you keep the pressure on, you're creating an environment that's toxic for top talent."
These events also paved the way for subsequent internal reforms.
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
