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I'm not shocked hearing Tomasz is stepping down from the EF. When he first opened up his calendar to everyone, we had a chat about my thoughts and goals. I told him concretely: "You really only have one KPI, and that's getting fired in the first year." ----- Why? Power struggles. "It's now how we do things at the EF" is a phrase you hear way to fucking often. Nothing changes there. Aya never really left. Vitalik had been mostly absent the prior year, focused on whatever drove his passions (happy for him), but he was absent. The EF was in an absolute shit show. Leeches everywhere, dead products clinging to $1m budgets, and god knows what else. The EF needed reform. It needed to be shaken up - enough to wake up V and rein him back in a bit. I'd argue that's exactly what happened. A bunch of internal change that people didn't like, and now we. see him leave after one year. My litmus test hit. Nothing really changed. ---- Flip Side Tomasz has a deep background with Nethermind, Flashbots, VC, etc. - obvious COIs that were disclosed in advance (from what I've been told). But they're a lot. I know plenty of people didn't like how many COIs existed, and that probably contributed to this too. I'm sure he genuinely wants to get back to building - sitting still at a foundation isn't much fun. But I still don't buy it for a minute. He was pushing reform, and most likely got pushed out. I have immense respect for Tomasz. Sad to see him go since there aren't many grown ups with real business experience in the foundation. I just hope we get some real strong leadership in there. The flowery garden shit is exhausting.

Hyperliquid has basically absorbed the entire PerpDEX market share on Binance. Looks like CZ lost this battle.