I think this is like probably one of the more underrated, fascinating moments that we've ever had, at least in Ethereum,

that will be looked back upon as like extremely consequential. So I do see Eat Labs is the culmination of that populist revolt.

Nothing said on the breakdown is a recommendation to buy of cell securities or tokens. This podcast is for informational purposes only and any views expressed by anyone on the show are opinions, not financial advice. Host and guests may hold positions in the company's funds or projects discussed. Welcome back to The Breakdown, everybody. I'm your host, David Nellis, as always. With me today is returning guest Paul Dylan Ennis, lecturer at the University of College of Dublin.

Thank you so much for joining us today, Paul.

Yeah, very happy to be back.

Cool. So, I mean, yeah, Ethereum is the topic.

And I mean, anyone who's been following this as well, I mean, there's been kind of a restructuring

of the Ethereum Foundation. I mean, not just recently, but over the past six months as well.

And we've had now a subset of the Ethereum Foundation. I mean, not just recently, but over the past six months as well. And we've

had now a subset of the Ethereum Foundation, quite senior, kind of split off and start another

nonprofit called ETH Labs. I mean, how I started, I'm interested to how you style it in

your own thoughts, but I'm kind of like styling this is like a biz dev nonprofit for Ethereum for want of a better term.

And I have some ideas about what really they're trying to do.

But I'm wondering before, if we could just start with your experience with the Ethereum

Foundation, because like I have this tweet for the Ethereum Foundation.

I think it was about this time last year.

When was it February 2025 that named you part of the EF Silver Culture Society, which is described

as a loose collection of individuals from outside the foundation who provide informal counsel to

the EF intending to the dark or otherwise forests in the infinite

garden of Ethereum to make sure we sustain the core values of open source privacy, security

and censorship resistance. Is that still ongoing? I'm curious, like your experience with

the EF to date. Yeah, I mean, many times in the past I've had to tell people that I don't work for

...