Joseph Lubin, co-founder of Ethereum and founder of Consensys, emphasized that venture capital (VC) funding is crucial for the continued development of the world's largest smart contract network, despite rising concerns in the industry about the impact of investment funds on Ethereum.
Lubin pointed out in a post on the X platform on Monday that the primary goal of venture capital firms like Paradigm is to capture as much value as possible from Ethereum and the broader ecosystem. Additionally, these firms are also pushing for stricter decentralization of the system. He added that there is no reason to be concerned about this.
Lubin's comments come shortly after the departure of two core Ethereum researchers, which has reignited industry worries about the potential impact of centralized funds on Ethereum's development. Recent personnel changes have further drawn attention from the industry.
On Friday, Dankrad Feist, a long-time researcher and developer at the Ethereum Foundation, announced his departure to join Tempo, a layer-one blockchain focused on payments and stablecoins, created by Stripe and Paradigm.
According to his LinkedIn page, former Consensys researcher Mallesh Pai joined Paradigm as a research advisor in January and transitioned to a full-time member of Tempo in September.
Despite the rising concerns in the industry about the impact of investment funds on Ethereum, Lubin believes that the addition of new employees at Paradigm signifies that the blockchain industry is accelerating towards the mainstream.
Lubin added in his post on the X platform: "The surge of enterprise chains is providing validation for the traditional economy and signifies that blockchain is going mainstream."
Although concerns about the impact of venture capital on the blockchain space are increasing, the industry still relies on traditional investment funds to attract more mainstream capital for sustainable development.
"We currently need venture capital because it represents a comfortable bridge for global capital to flow into our ecosystem," Lubin wrote, adding:
The participation of venture capital is still necessary to achieve "gradual decentralization" in building a "secure global information infrastructure," Lubin explained.
Paradigm's Tempo blockchain is building a network composed of selected validators, which will essentially be controlled by Stripe, marking a significant departure from Ethereum's decentralization and open-source spirit.
Paradigm first announced its plans for a payment-focused blockchain network in September, noting the "growing demand for optimized infrastructure" to accommodate the expansion of global payments.
Related: Bitcoin (BTC) mining company CleanSpark announces entry into the AI field, stock price soars.
Original article: “Joseph Lubin: Despite external concerns about capital extraction, Ethereum (ETH) still relies on Paradigm and VC support”
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