Justin Sun posted a tweet outlining his vision of taking the Ethereum price to $10,000 if he led EF and Ethereum.
An Ambitious Four-Point First-Week Plan for Ethereum
The proposals are due to the EF being scrutinized for its recent sale of 4,666 ETH (approximately $13 million) to fund operations.
Sun highlighted four key initiatives for the first week, focusing on:
- Halting ETH Sales and Revenue Optimization
- Aggressive Taxation of Layer 2 Solutions
- Streamlining Ethereum Foundation Operations
- Adjusting Rewards and Increasing Fee Burns
The plan immediately halts the Ethereum Foundation’s ETH sales for at least three years to preserve the supply. While the ecosystem aligns with deflationary goals and bolsters market confidence.
Sun suggests leveraging DeFi protocols like AAVE for lending during the sales halt, maximizing staking yields, and using stablecoin borrowing to cover operational costs.
Controversially, he suggested implementing substantial taxes on all Layer 2 projects built on Ethereum to raise at least $5 billion annually in tax revenue.
The tax revenue, either in stablecoins or tokens, would be used to repurchase ETH and burn it in a fully decentralized manner.
He called for drastic downsizing of the Ethereum Foundation staff, retaining only the most capable team members. This plan could transform the EF into what Sun describes as a “purely merit-based system that rewards performance and results.“
Finally, he emphasized a greater focus on fee-burning mechanisms while reducing node rewards. Afterward, Ethereum’s deflationary characteristics are strengthened, and its status is solidified as a reliable store of value.
With these bold moves, he projects ETH could break $4,500 within the first week of implementation until it finally reaches $10,000.
Implications of the Proposals
The proposal to tax Layer 2 solutions could negatively affect innovation and drive developers toward competing platforms.
The proposal to restructure EF operations—particularly downsizing staff—could centralize decision-making power.
Finally, reducing node rewards may disincentivize validators from supporting the network when decentralization remains crucial.
While the possibility of Sun taking the helm of ETH, his controversial proposals highlight three key issues:
- Deflationary tokenomics to position ETH as a store-of-value asset
- Striking the balance between efficiency and decentralization to streamline EF operations
- Prioritizing Layer 1 scalability over Layer 2 solutions
While Sun’s proposals may not align with Ethereum’s current ethos or leadership priorities, they underscore critical questions about scalability, governance, and value creation in an increasingly competitive crypto ecosystem.
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