Greetings! 👋
Summer’s here, and June gave Ethereum plenty to unpack. The Ethereum Foundation reorganized around a leaner, “multi-node” future, prediction markets went mainstream on World Cup fever, and onchain credit landed one of DeFi’s largest raises ever. Let’s dig in.
On June 23, the Ethereum Foundation confirmed the end of a months-long reorganization: 54 people cut, roughly 20% of staff, with Vitalik noting an ~40% budget reduction. It closes an arc that ran from Tomasz Stańczak’s exit as co-ED in February through Hsiao-Wei Wang stepping down on June 18, with Bastian Aue now the key interim executive lead.
The EF is now organized around five clusters: protocol, access, user, community, and institutional, with operations and management alongside, mapped to the layers of the stack. It’s March’s Mandate made concrete: the EF describing itself as “one of many nodes” and a “technological protocol steward,” narrowing its scope under a stated principle of subtraction.
The growth work moved outward rather than away. Five former senior EF researchers: Ansgar Dietrichs (ED), Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf, and Julian Ma, launched EthLabs, an independent non-profit R&D lab whose anchor funders are BitMine, SharpLink, and Joe Lubin, with SNZ, Octant, Anchorage Digital, and Konstantin Lomashuk as contributors and a broad community of individual backers from across the ecosystem. Its stated mission: make Ethereum “the settlement layer of the global economy.” Alongside EthLabs, a wider set of ETH-aligned orgs has stepped up to carry work the EF pulled back from: the Argot Collective, Etherealize, the Economic Zone, and the Applications Guild.
Why it matters: the EF has limited resources, so a leaner, more focused foundation is a healthy thing. It can concentrate on the protocol’s hardest-to-replicate properties while a growing set of ETH-aligned organizations drives adoption and growth. That points to a more mature, more decentralized ecosystem. The multi-node model asks more of coordination than a single steward did, and for now the tone across these orgs is collaborative.
Further reading:
Ethereum Development’s Multi-Node Future - GSR Weekly Update, June 29th, 2026
The EF’s new structure - ethereum foundation blog
Vitalik’s post on budget cut
Prediction markets had a landmark June. Weekly volume peaked near $15B in late June, roughly thirty times the same week a year ago.
Polymarket’s World Cup winner market has traded roughly $3.8B, its biggest market ever, and one of the largest single contracts any prediction market has run. The scale has turned single bets into spectacle: on-chain, anyone can watch the biggest wallets move in real time. Polymarket started as a crypto product; this looks more like consumer infrastructure.
Reports say Meta is building a standalone prediction-market app, Arena, modeled on Polymarket and Kalshi but launching with points instead of real money to sidestep the regulatory thicket. It can funnel users straight from Facebook and Instagram, a distribution advantage no rival can match. The bigger prize is owning prediction markets as a consumer format, a real-time social feed for hundreds of millions to weigh in on sports, politics, and news.
Why it matters: the World Cup is the clearest proof yet that prediction markets have gone mainstream. The tournament pulled hundreds of millions in real-money interest onto a single event. And because Polymarket settles on-chain, that consumer moment flows through ETH-aligned infrastructure. Transparent settlement, public wallets, and real-time position tracking create an experience that traditional sportsbooks can’t replicate.
Further reading:
Prediction Markets Hit Escape Velocity - GSR Weekly Update, June 29th, 2026
Charts: Prediction markets just posted their third straight record-setting week - a16zcrypto
Ethereum’s next major upgrade, Glamsterdam, is progressing toward public testnet. Its flagship feature, enshrined Proposer-Builder Separation (ePBS), moves proposer-builder separation into the protocol, reducing reliance on external relays and off-protocol trust assumptions while enabling trustless builder payments. The design also paves the way for larger execution payloads and higher L1 throughput over time.
Censorship-resistance: FOCIL (fork-choice enforced inclusion lists) is nearing a final spec, targeted for the Hegotá upgrade (2027). Once live, it strengthens Ethereum’s censorship resistance by forcing blocks to include eligible transactions, so builders and proposers can’t quietly exclude them. We broke down how it works in FOCIL 101.
Morpho raises $175M for onchain credit, one of DeFi's largest raises ever. Its vault architecture turns Morpho from a lending app into an asset-management layer, where exchanges, wallets, and asset managers offer credit products without building the stack themselves.
Coinbase × Ethena: Coinbase is bringing Ethena’s savings products (USDe/sUSDe) to its 100M+ users and made a strategic ENA investment, becoming Ethena’s custodian, wallet, and perps venue. For Ethena it solves distribution; for Coinbase, it brings more liquidity to Base and, if sUSDe can clear USDC rates, a higher-yielding dollar product than USDC.
Zama, Morpho and Steakhouse launch first ‘confidential DeFi yield’ vault on Ethereum, bringing encrypted, private positions to onchain lending.
Open Standard, backed by Visa, Stripe, Mastercard, and 140+ companies, launched Open USD, a new dollar-pegged stablecoin that directly challenges Circle. Circle shares fell ~17% the same day.
Mastercard launches Agent Pay for Machines, enabling always-on, autonomous machine-to-machine payments - infrastructure for the agentic economy.
Berlin Blockchain Week, a decentralized, community-run initiative with no single owner, spanning DappCon, Ethereum Day, the Neocypherpunk Summit, and dozens of other independent events, is becoming builders’ other European Schelling point alongside EthCC.
Edge City announced its next flagship popup village in Mandrem, Goa (Oct 11–Nov 1), a popup village for frontier tech, science, and culture on the coast of Goa, leading up to Devcon Mumbai.
Elliptic breaks down how Hong Kong’s crypto framework is drawing institutional capital under its maturing licensing regime.
a16z unpacks South Korea’s institutional blockchain race, where major banks (KB, Hana, NH) are already piloting stablecoin payments and remittances.
Anthropic took Fable 5 and Mythos 5 offline worldwide on June 12 under a U.S. export-control order, then restored them after the controls were lifted on June 30, a live demo that centralized AI has an “off switch,” and crypto’s clearest decentralized-AI case yet.
The EF’s Global Policy Strategy team published a non-technical primer for governments and institutions, arguing the case for credibly neutral infrastructure, no centralized operator, no off switch, with Ethereum positioned as public digital infrastructure rather than just a financial tool.
Vitalik dives deep into indistinguishability obfuscation (iO): cryptography’s “final boss,” a way to run encrypted programs while hiding their internals. Paired with a blockchain, it could enable near-trustless voting, private protocols, and much more; the catch is that today’s provably-secure constructions are “galactically” slow.
Stablecoin supply on Ethereum: $163.8B (-4.2% MoM) (as of Jun 30, 2026)
Ethereum holds ~52% of the onchain stablecoin market ($313.8B total), more than Tron ($89.4B), BNB Chain ($17.2B), and Solana ($15.9B) combined. Supply cooled with the broader market this month, but Ethereum is still the default settlement layer for onchain dollars.
Tokenized stocks on Ethereum: $748.8M (+2.5% MoM) (as of Jun 30, 2026)
Ethereum leads tokenized stocks with ~46% of the $1.63B market, ahead of Solana ($435.9M) and BNB Chain ($362.6M). ETFs lead by category on Ethereum at $324.3M, indicating early demand skews toward diversified index exposure over single-name tokens.
Alliance ALL18 Investment Program: $1M in funding ($500K on admission + $500K follow-on at seed) for technical founders building in crypto, AI, and beyond, with mentorship and a 700+ founder community. Apply by Jul 22, 2026.
Road to Devcon 8 India University Program: Grants for Indian universities and student groups hosting Ethereum events (May 15-Oct 15). Apply now.
Tether Developer Grants: Rolling program from Tether for open-source and decentralized technology development. Apply now.
Alchemy × Arbitrum Grant: Up to $500K in infrastructure credits per team for builders launching or migrating to Arbitrum Orbit chains, from a $10M fund. Apply now.
ENS DAO Funding Requests: Ongoing funding from the ENS DAO for projects and public goods, via working groups or an executable proposal to the DAO. Apply now.
Systems Distributed ‘26, Boston, USA, Jul 10, 2026. Systems programming conference.
WebX 2026, Tokyo, Japan, Jul 13–14, 2026. One of Asia’s largest Web3 conferences.
Canada Crypto Week, Toronto, Canada, Jul 20–26, 2026. Crypto + AI week.
ETHToronto 2026, Toronto, Canada, Jul 22, 2026. Ethereum conference during Canada Crypto Week.
Pragma Lisbon 2026, Lisbon, Portugal, Jul 23, 2026. One-day conference ahead of ETHGlobal Lisbon.
ETHGlobal Lisbon 2026, Lisbon, Portugal, Jul 24–26, 2026. 36-hour Ethereum hackathon.
SBC 2026, Stanford, USA, Jul 27–29, 2026. The Science of Blockchain Conference, a technical research gathering at Stanford.
For more Ethereum-related events, feel free to visit the Ethereum Event List!
Summer is the best! Thanks for reading. ☀️
Riely and the Geode Labs
Have thoughts on this issue? Reply or DM me - I read everything.
Want to support Local Ethereum? Reach out about sponsorships.
Riely
Riely is the Editor in Chief of Local Ethereum, covering Ethereum and crypto adoption stories from around the world. Based in Berlin, she covers stories from India, Argentina, Poland, Taiwan, Serbia, and beyond, with a focus on how decentralized technology intersects with local culture, economics, and politics.
Published July 4, 2026 · 7 min read
Local Ethereum
In-depth Ethereum ecosystem coverage: regional deep dives, monthly roundups, and global analysis. Twice a month, free.
Subscribe, it's free
