Switzerland Redefines The Foundation Era In Crypto

I. Introduction

In his thought-provoking piece, "The End of the Foundation Era in Crypto," Miles Jennings (a16z crypto) presents a critical view of the traditional foundation model that has long underpinned Web3 ecosystems. He argues that this model - once innovative - is now outdated, inefficient, and no longer fit for purpose.

Among the core issues he identifies are flawed incentive structures, legal rigidity, operational fragmentation, centralized control, and high legal costs. Many projects have indeed encountered these challenges, particularly when working with offshore structures.

However, Jennings' critique, while well-founded, ignores a crucial point: not all foundations are the same.