ETH's Non-Consensus Phase: Roots of Price Suppression
Glue Finance founder published an analysis stating that Ethereum has entered a non-consensus phase with an inflection point approaching. Despite continuous technological evolution and surging usage, ETH's price remains under long-term pressure. The root cause lies in the protocol being unfinished and the core not yet frozen, still heavily relying on centralized entities like the Ethereum Foundation for guidance. Such centralization dependency undermines market confidence in ETH's store-of-value narrative, preventing it from enjoying the premium typically associated with fully decentralized assets.
The Manhattan Project: Slim Ethereum as the Only Way Out
The author proposes the 'Slim Ethereum' initiative (Manhattan Project) as the critical turnaround. Key reforms include: frozen consensus layer to lock protocol rules, quantum resistance upgrades to address future security challenges, and native rollups for scalability. Through these measures, Ethereum aims to achieve full decentralization and reliable neutrality, ultimately passing the 'Let-Go Test'—stable operation without centralized intervention—thereby earning perpetual premium from the market.