Tracking Ethereum Like an Insider | Christine Kim (Protocol Watch) at ETHConf

Sun, Aug 2, 2026, 12:00 AM

In this talk, Christine Kim from Protocol Watch shares the framework she has used for 8 years tracking Ethereum development and governance, including years running the ACD Toolkit and covering Ethereum's All Core Devs calls. She was one of the first people to regularly cover ACD calls, now runs an independent Ethereum development newsletter and a Bitcoin development newsletter, hosts a podcast on both, and operates a research and advisory firm helping businesses building on the two chains. She frames her insider approach around three foundational questions: how does Ethereum governance work, who are the key players, and where and when do they meet to make decisions. Christine explains that Ethereum governance is like an onion. The outer formal layer is defined by EIPs like EIP-1 (defining the EIP process) and EIP-7723 (labels for CFI, PFI, SFI, DFI status), which AI can help summarize. The harder and more important part is the informal layer, the unwritten norms driving decisions. She notes that on ACD calls each client team gets an equal vote regardless of whether they have 40% or 1% market share, and that contentious decisions require supermajorities whose thresholds shift with the level of contention. She emphasizes that governance itself evolves rapidly, pointing to the new headliner process introduced only in the Fusaka upgrade. On the "who" question, she pushes past treating stakeholders categorically (validators, developers, users, client teams) to look at who individuals actually work for and how their companies are funded. Most Ethereum client teams were seeded and funded by the Ethereum Foundation, which explains its historical leadership, and as the EF narrows focus the funding sources for client diversity are opening up. On the "where," she highlights the three ACD calls as the most important decision-making forum, noting the cadence has evolved from once every two weeks pre-merge to twice weekly today as developers push toward two upgrades a year. Christine explains she deprecated the ACD and BTC toolkits earlier this year not because the framework was wrong, but because static written posts were suboptimal and her readers mostly wanted actionable insights rather than the underlying research process. She closes by challenging the room to apply her framework to at least one protocol, arguing it reveals whether a protocol is genuinely decentralized or engaging in "decentralization theater" with multisigs and federations, and helps identify the real values (transparency, verifiability, accountability) driving each blockchain's differentiation. 00:00 Introduction 00:11 Christine's Track Record 01:12 Launching the ACD and BTC Toolkits 01:36 The Three Questions Framework 02:15 Ethereum Governance as an Onion 02:41 The Formal Layer: EIPs and Labels 04:07 The Informal Layer: Unwritten Norms 04:29 How Client Team Votes Actually Work 05:26 Supermajorities for Contentious Decisions 06:17 How Governance Itself Evolves 06:43 The Headliner Process in Fusaka 07:38 Beyond Categorical Stakeholders 08:34 Looking Deeper at Who Funds Client Teams 09:19 Why the Ethereum Foundation Seeded Client Diversity 09:47 What Happens as the EF Narrows Focus 10:40 Being in the Room Where Decisions Happen 11:34 The Three ACD Calls 11:54 How the Cadence Has Evolved Over Time 12:48 Twice Weekly Coordination Today 13:11 Breakout Calls for Long Term Roadmap 13:38 Why ACD Calls Are More Accurate Than X 14:22 The People, Places, and Process 14:46 Applying the Framework to Bitcoin 15:16 Why Christine Deprecated the Toolkits 15:39 The Medium Was Suboptimal 16:09 Readers Wanted Actionable Insights 17:34 A Call to Apply the Framework 18:14 Questioning the True Value of Protocols 19:05 Decentralization Theater 19:54 What Are the Real Ends of Decentralization 21:01 Closing and Resources _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ *ETHConf 2026* ETHConf is a 3 day event for founders, industry leaders, and builders who are excited about the possibilities of building on top of Ethereum. Connect with 2,000+ top innovators in crypto, finance, technology, and policy at our inaugural three-day event packed with showcases, demos, partnerships, and conversations shaping the future of the global economy. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ✅ *Follow ETHConf* X: https://x.com/ethconf Website: https://ethconf.com _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 🎟️ Get your early bird tickets for ETHConf 2027: https://ethconf.com/2027#tickets 🎤 View the full ETHConf 2026 Speaker Schedule: https://ethconf.com/schedule _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _