Ethlabs Launches With Ethereum Talent Competition; Foundation Cuts 2026 Budget by 40%

According to ChainCatcher, Ethlabs launched this week backed by Ethereum co-founder Joe Lubin, Bitmine Immersion Technologies (holding approximately 5.7 million ETH), and Sharplink (holding approximately 876,000 ETH). Sharplink CEO Joseph Chalom stated the lab will complement the Ethereum Foundation but acknowledged the two will "overlap in certain areas," with "most concentrated talent" flowing to Ethlabs.

The timing coincides with the Foundation's restructuring this week, which includes a 40% budget cut for 2026 and layoffs of 54 positions. Vitalik Buterin described the move as a shift toward a donations-based model. Former core developer coordinator Trent Van Epps warned last week of potential funding gaps within three to nine months.