Lido founder says there's 'no actual' Second Foundation amid Ethereum Foundation backlash

Konstantin Lomashuk, co-founder of the liquid staking protocol Lido, addressed speculation regarding the Ethereum Foundation's rumored "Second Foundation" — after a post on X suggested one was being built.

"The tweet was just a tweet - no actual second foundation has been created yet," Lomashuk wrote in a Wednesday post on the social media platform X. Lomashuk's statement comes after his initial engagement with the Second Foundation's first and only post, which led to rumors he was behind the new organization's launch.

"Ethereum is the ultimate world computer, and every Etherean can help it grow, evolve and succeed," he continued. "If a second foundation ever does form, it must have a clear purpose that complements the enormous work of current contributors. I appreciate everyone’s support and believe we need more organizations contributing to Ethereum."

The Second Foundation account was created amid a community backlash against the Ethereum Foundation, a non-profit overseeing the eponymous network over its lack of Ethereum ecosystem participation. In the wake of this reaction, Ethereum creator Vitalik Buterin said that "large changes" would occur within the Ethereum Foundation leadership structure, communication and support for the network's developer community, among other areas.

Lomashuk had previously floated the idea of creating a research-focused auxiliary organization funded by the community.

Lido is one of the largest Ethereum liquid staking protocols by value locked, amassing $31.89 billion as of Jan. 22.