Exploring Orchestration Without an Orchestrator: How Ethereum Resists the Platform Trap

Digital platforms follow a predictable trajectory: as they mature and accumulate network effects, they progressively centralize control, extract value from ecosystem participants, and constrain complementor autonomy, a pattern this study terms the "platform trap." Yet Ethereum, a blockchain-based platform now in its second decade of operation, has deliberately resisted this trajectory while fostering thousands of decentralized applications and a global developer community. This study investigates how a platform ecosystem can sustain innovation and architectural evolution in the absence of a central orchestrator. Drawing on a longitudinal qualitative case study of Ethereum (2013 to 2025), based on 67 archival sources and 227 first-order codes organized through the Gioia methodology, three governance mechanisms are identified that collectively constitute non-degenerative platform governance: (1) deliberate value capture restraint, through which the platform's steward organization forgoes extractive revenue models; (2) protocol-level rule codification, whereby governance rules are embedded in verifiable code and consensus mechanisms rather than managerial discretion; and (3) continuous stakeholder realignment, achieved through institutionalized multi-venue deliberation and adaptive crisis response. The study challenges the assumption that centralized orchestration is a prerequisite for ecosystem coherence and introduces decentralized platform stewardship as an alternative governance archetype.