Ethereum Foundation cuts ~40% of annual budget to become an endowment-style steward; Vitalik says the move is painful but necessary, praises departing colleagues, and urges focus on the Strawmap, security, and specialization.

54 fewer colleagues is the human number; the protocol risk is the client-diversity trade. Vitalik is pairing a move from redundant clients toward specialization with AI-assisted formal verification, which can accelerate the Strawmap only if spec tests, proof coverage, and independent audits keep pace. PSE winding down turns privacy/ZK from a research sandbox into a shipping mandate for the Protocol and Access layers, while the 15% -> 5% opex glide path forces L2s and apps to stop free-riding on EF as public-goods coordinator.

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