From ETHPanda’s interview with Hsiao-Wei, co-executive director of the Ethereum Foundation, we can extract several key highlights of Ethereum’s current development:

1) On the technical level, The Merge successfully achieved the transition from PoW to PoS, which was described as "changing the engine of an airplane in flight", demonstrating Ethereum's ability to complete core architecture upgrades without downtime. It is worth noting that she emphasized that the biggest challenge of The Merge is not the technology itself, but the "integrator" - coordinating developers, clients and stakeholders from all parties;

2) In terms of organizational structure, EF is experiencing a clear functional differentiation and specialization. EF is reorganized internally into three business groups, while separating specific functions to external organizations such as Etherealize, which focuses on handling the connection with traditional finance and Wall Street. This division of labor reflects the Ethereum ecosystem's gradual move toward a decentralized governance model;

3) In terms of funding strategy, EF is no longer limited to simple ETH sales, but actively explores diversified management methods such as DeFi lending, staking and asset tokenization, showing a more mature financial thinking. It is worth noting that Hsiao-Wei pointed out that EF had to sell coins - the foundation has two to three hundred people, and about 75% of the expenditures need to be paid in fiat currency. This practical need explains why it is necessary to "sell coins" even in periods when the market is not ideal.

I think the most thought-provoking thing is Hsiao-Wei's frank attitude towards the responsibilities of the Ethereum Foundation. She said bluntly: "If an organization that can replace the role of EF emerges in the community, the foundation may shrink in size" - this actually means that EF does not seek a permanent central position, but is willing to cede power at the right time. This idea of actively thinking about self-boundaries and gradually fading out is in sharp contrast to the practice of other blockchain project founding teams constantly expanding the boundaries of rights. In addition, in terms of future application trends, Hsiao-Wei specifically mentioned several directions worthy of attention. It is pointed out that Identity, Social design and mini-program ecology are potential innovation directions, which are in line with the current trend of Web3 penetrating daily applications.