Danny Ryan’s Next Move: From Ethereum Core Development to Wall Street Integration

Ryan declined an offer to help lead the Ethereum Foundation and instead joined Etherealize, an organization dedicated to integrating Ethereum with Wall Street.

Key Points:

• Danny Ryan, a former key researcher at the Ethereum Foundation (EF), left the organization in September but later entered discussions to return as its new leader.
• In January, Ryan and the EF "mutually parted ways," and in March, he announced his decision to join Etherealize, an initiative focused on integrating Ethereum with Wall Street.
• Ryan believes Ethereum has reached a technological turning point, stating, "Ethereum is much bigger than the EF. It's not just a couple of changes at the EF that are going to make or break Ethereum at large."

Danny Ryan at Devcon 2019 (Ethereum Foundation Livestream)

As controversy surrounded the Ethereum Foundation (EF) this winter, one of Ethereum’s most respected figures was quietly planning his next steps. Danny Ryan—a key architect behind Ethereum’s landmark upgrade, The Merge—departed the EF in September but later engaged in discussions about returning as its new leader.

"I was in conversation with Vitalik [Buterin] and others to potentially go back to help run the Ethereum Foundation," Ryan shared in a candid interview. However, as the non-profit behind the second-largest blockchain underwent a major leadership shake-up, Ryan’s path took an unexpected turn—toward bridging Ethereum with Wall Street.

The changes at the Ethereum Foundation came amid increasing community concerns. Critics argued that Ethereum was losing ground to rising competitors like Solana. As part of the restructuring, Aya Miyaguchi, who had served as executive director since 2018, transitioned into the role of president.

Instead of Ryan stepping into Miyaguchi’s former role, the Ethereum Foundation’s daily operations shifted to EF researcher Hsiao-Wei Wang and Tomasz Stańczak, the founder of Ethereum’s Nethermind client software.

The Ethereum Foundation, a Swiss non-profit, plays a central role in supporting Ethereum’s development. It manages a treasury of ether (ETH), distributing funds through grants to ecosystem projects while also maintaining a team of developers and researchers who help coordinate upgrades and shape Ethereum’s roadmap.

In January, amid the EF’s leadership transition, Ryan said he “ended up mutually parting ways” with Buterin and the foundation. Shortly after, he was introduced to Vivek Raman, a co-founder of Etherealize—a newly launched firm dedicated to bringing Ethereum-based financial products to Wall Street. By March, Ryan had officially joined Etherealize as a co-founder.

Ryan explained his decision by pointing to Ethereum’s critical moment of technological adoption: "Ethereum is much bigger than the EF. It's not just a couple of changes at the EF that are going to make or break Ethereum at large."

He believes the key challenge now is getting Ethereum’s technology into the hands of real-world users. "The only reason that things feel more existential now than in the past is that the world is actually ready to adopt these systems," Ryan said. "It is existential that Ethereum—a truly open, decentralized, permissionless platform—is the one that's adopted."

Bridging Web3 and Wall Street

At Etherealize, Danny Ryan is focused on connecting Ethereum’s technical ecosystem with institutional finance. The company is developing financial products designed to make Ethereum more accessible to traditional investors while preserving its core principles of decentralization and openness.

During his tenure at the Ethereum Foundation (EF), Ryan played a pivotal role in orchestrating Ethereum’s transition from proof-of-work to proof-of-stake, known as The Merge. He believes his deep understanding of Ethereum’s infrastructure and his network within the ecosystem will be invaluable in his new role.

“By joining Etherealize, I can help make the bridge between Ethereum and traditional finance bi-directional,” Ryan said. “I have deep Ethereum context—I helped build the protocol. I know the challenges ahead and how things might evolve over the next few years. That perspective can help connect Ethereum back to the real world.”

While Ryan’s exact role at Etherealize is still being defined, he envisions the firm contributing to open research and development across Ethereum’s layer-1, layer-2, and application layers.

Industry observers see Ryan’s transition as a timely move. With shifting crypto regulations under U.S. President Donald Trump, traditional financial institutions are becoming more open to blockchain technology. Ryan hopes his expertise will ensure that Ethereum’s integration into Wall Street meets institutional standards without compromising the core ideals of crypto.

“We plan to bring the entire world onto Ethereum to whatever extent that we can, and having a deep technical background and understanding about Ethereum from a very fundamental way is going to help us do that,” he said.

Looking Ahead for the Ethereum Foundation

Reflecting on his departure from the Ethereum Foundation (EF) amid growing criticisms, Ryan downplayed concerns, attributing much of the discontent to market dynamics. "A lot of what we've seen is just market dynamics, regardless of fundamental value, painting people's perspectives on things, and they sometimes look for someone to blame or put a finger at," he said, acknowledging that Ethereum’s price fluctuations often shape public sentiment.

Despite stepping away, Ryan remains optimistic about the foundation’s future. "I'm excited for some new blood," he said, expressing confidence in the EF’s evolving leadership. He praised Aya Miyaguchi’s tenure, calling her decisions instrumental in shaping the foundation, and voiced his support for her successors. “They have very technical backgrounds and a deep understanding of Ethereum, both the positive and the negative in terms of the construction of the protocol.”