币界网报道：Recently, the cryptocurrency industry has been questioning the foundation governance model. The article "The End of the Cryptocurrency Foundation Era" published by a16z has sparked heated discussions, pointing out that many well-known project foundations have exposed governance problems: the Arbitrum Foundation misappropriated tokens without the approval of the DAO, the Kujira Foundation leveraged operations to lead to liquidation, and the Ethereum Foundation was criticized for selling ETH at a high price. At the same time, early projects such as Tezos and Cardano have also been affected by power struggles within the foundation. Data shows that the tokens of most foundation-led projects have performed weakly in the past three months and one year. Industry insiders revealed that some projects are considering revoking the foundation structure and switching to a corporate governance model. With the changes in the regulatory environment and the rapid development of the industry, the traditional foundation model faces severe challenges.