The decline in ETH prices has sparked new trends in the community, leading to the emergence of the ECF organization.

The cryptocurrency industry had widely anticipated that ETH would reach $10,000. However, the reality is that Bitcoin has performed outstandingly in this market cycle, while the price of ETH has been hovering around $2,000, even briefly dropping below $1,500.

In the face of the continued decline in token prices, community members have concentrated their dissatisfaction on a certain foundation. Criticism encompasses multiple aspects, including a lack of action, overly centralized governance, insufficient transparency, poor brand maintenance, an overly bloated organizational structure, and a lack of strategic vision. In response to these controversies, the foundation announced a strategic reorganization in June of this year, but it has still failed to quell the doubts.

Against the backdrop of ETH's poor performance and widespread dissatisfaction within the community, core developer Zak Cole launched a new organization at the 8th Ethereum Community Conference held in Cannes, France, in July this year. This organization is positioned as an independent entity, with the core mission to "support Ethereum in the form of assets" and is committed to pushing the ETH price to $10,000.

Zak Cole, as the founder of a new organization, has a rich and diverse background. He received training as a network engineer in the United States Marine Corps and participated in significant military operations. After retiring, he ventured into the Bitcoin space and continued to develop in network development, engineering, and applied cryptography. He also founded multiple companies in areas such as advertising technology, web hosting, and cybersecurity, eventually entering the Ethereum ecosystem and the broader blockchain world.

In 2017, Zak founded Whiteblock, initially providing testing services, and later transformed it into a SaaS platform. In addition, he is actively involved in several influential Web3 projects and organizations, including a smart contract security competition platform and decentralized trading experience projects. He has also served as a mentor for an accelerator and provided technical consulting for multiple projects.

The official website of the new organization states: "The price of ETH has long been overlooked, and our mission is to enhance its value through education, funding support, outreach activities, and ecosystem support." To achieve this goal, the organization plans to fund projects that can enhance the underlying infrastructure of Ethereum, while also working to increase the destruction of ETH, expand contributions to public goods, and promote network scalability.

The organization received community and financial support early in its establishment, raising millions of dollars worth of ETH. These funds mainly came from anonymous Ethereum holders and community donors. The organization has set strict funding criteria: only projects that are "non-token, immutable" are supported, and all selected projects must directly promote the destruction of ETH, thereby enhancing the economic value of ETH.

On the technical and ecological level, the organization has initiated multiple collaborative initiatives. One important project aims to provide a voice channel for network validators, allowing them to vote on protocol upgrade paths and prioritize options through staked ETH. The organization is also actively promoting cooperation and communication with governments, regulatory agencies, and traditional financial institutions, hoping to facilitate the institutional adoption of Ethereum.

Regarding the organization's plans, some industry insiders believe that this funding model, which focuses on non-token public chain infrastructure, helps to return to the original values of Ethereum, enhancing network security and reliability. However, there are also concerns about the completely non-token incentive model, with worries about the ongoing motivation for project maintenance and developer rewards.

Despite the widespread attention triggered by the establishment of the new organization, it will take time to verify whether it can truly achieve the goal of "ETH returning to 10,000 dollars." Whether it's driving token value or restructuring the governance and funding logic of the Ethereum ecosystem, this path is full of challenges. Whether the organization can continuously attract developers and funding support while maintaining credible neutrality will be the key to determining its fate.

However, regardless of the final outcome, the emergence of the new organization itself sends a positive signal: the Ethereum ecosystem still has the ability to self-update, and there are still developers who are unwilling to remain silent and are willing to step forward. This diverse voice and the emergence of new forces may represent a new hope for Ethereum, which is at a critical turning point.