Five former Ethereum Foundation (EF) researchers have launched Ethlabs, a new independent non-profit R&D lab focused on Ethereum core protocol research. The founders, Ansgar Dietrichs, Barnabé Monnot, Caspar Schwarz-Schilling, Josh Rudolf, and Julian Ma, aim to advance Ethereum as a global economic settlement layer. Initial supporters include Ethereum treasury companies BitMine and Sharplink, alongside prominent figures like Joseph Lubin and Hayden Adams. The establishment of Ethlabs marks a significant shift from EF's centralized leadership to a decentralized, multi-node governance model. This transition comes amid EF's internal restructuring and funding challenges, with key personnel departures and the expiration of the client incentive program. Ethlabs' funding is structured to ensure independence, with an external grant manager overseeing fund allocation, reflecting a strategic move towards specialized division of labor within Ethereum's ecosystem. BitMine and Sharplink, major ETH treasury companies, are backing Ethlabs as part of their strategy to support Ethereum's role as a financial settlement layer. This support aligns with their interests in maintaining Ethereum's protocol health, which directly impacts their asset values. Ethlabs' focus on the ETH monetary economic framework and institutional-grade infrastructure aims to address ongoing challenges in Ethereum's value capture narrative and governance structure.