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Ethereum traps developers in a compliance cage
Most grants in the Ethereum ecosystem demand KYC, signaling that sponsors prioritize compliance over developer safety in today's hostile environment. When regulators crack down, VC-backed web3 companies and the Ethereum Foundation rush to fund legal defenses, yet the same entities require full KYC for trivial public goods grants. Besides, many of these "public goods" projects stay within Ethereum's borders, primarily benefiting ETH bag holders.
Don't be fooled, Ethereum operates as a closed ecosystem competing with other networks like any VC-backed L2 or traditional blockchain, focused on user capture and revenue extraction. Its design mandates one private key and relies on a single settlement chain, lacking native interoperability.
When developers face consequences next time and companies rush to "rescue" them for good PR, we should remind people that these exact companies cultivated the very environment that leaves developers exposed. It's like western corporations going woke when it's fashionable, then pivoting conservative under new government pressure - principles bend to convenience, not conviction.
To learn more about the grim state of web3 and how VC-backed compliant companies are leeching on the Ethereum ecosystem, you can listen to the full episode of Dark Vegas Tales #1: Ethereum runs on slave tech.
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