On July 30, 2015, Ethereum launched with an ambitious vision: to become a decentralized world computer. Eleven years later, the blockchain has evolved into the base layer for billions of dollars in tokenized assets and the settlement layer underpinning much of decentralized finance. Yet as Ethereum enters its second decade, the story is no longer just about the network itself. It is also about the institution that has helped steward it since the beginning, and how that institution has been fundamentally reshaped over the last year. Few periods in Ethereum's history have brought as much change to the Ethereum Foundation as the past year has.