A decade ago, crypto foundations like Ethereum's were hailed as the gold standard for decentralized governance. But today, as projects mature, these once-idealized structures are showing cracks—internal conflicts, mismanagement, and fading community trust. From Arbitrum's unauthorized fund transfers to Kujira's liquidation fiasco, the model's flaws are undeniable. As a16z declares the 'end of the crypto foundation era,' I dissect whether these entities are still fit for purpose in our fast-evolving ecosystem—or if corporate-led models will dominate the next chapter.