Key Takeaways
- Sun’s plan proposes stopping ETH sales to reduce selling pressure on the market.
- The plan also calls for downsizing the EF staff and increasing salaries for remaining employees.
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Founder of the Tron blockchain Justin Sun on Wednesday released a plan outlining how he would manage the Ethereum Foundation (EF) and the Ethereum network if he were in charge. Sun said that his plan could drive the price of Ether to $10,000.
Sun’s plan calls for an immediate three-year halt on all ETH sales by the foundation. Tron’s founder suggests covering operational costs through DeFi activities like lending ETH on platforms like AAVE, staking ETH, and borrowing stablecoins.
The EF has recently faced criticism from many Ethereum advocates after selling ETH to fund operations. According to Lookonchain, the foundation has offloaded 4,666 ETH worth around $13 million since January 2, 2024.
“EF will immediately cease selling ETH for at least three years,” Sun stated. “This ensures ETH supply remains intact, aligning with our deflationary goals and reinforcing market confidence.”
The proposal includes implementing taxes on all layer 2 projects, targeting $5 billion in annual revenue to be used for ETH buybacks and burns. Sun also advocates for substantial staff reductions at the foundation, while increasing salaries for the remaining employees. The goal is to create a more efficient and performance-driven organization.
Reducing node rewards and enhancing fee-burning mechanisms are also part of the plan, which Sun believes would maintain deflationary pressure on ETH supply.
The plan focuses on redirecting resources to focus exclusively on Ethereum development, prioritizing scalability, security, and adoption, according to Sun. He projects the changes could push ETH prices above $4,500 within the first week of implementation and ultimately reach $10,000.
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