Ethereum Enters a Non-Consensus Phase: Tech Advances, Prices Under Pressure
In a recent public commentary, the founder of Glue Finance highlighted that Ethereum has entered a 'non-consensus' phase. While the network continues to see technical improvements and a surge in usage, market consensus around its value is weakening. The core issue lies in the fact that the Ethereum protocol is not yet finalized—its core components remain unfrozen—and it still depends on centralized entities like the Ethereum Foundation to guide development. This structural contradiction has kept ETH prices under prolonged pressure, failing to reflect its growing network effects.
Slim Ethereum (Manhattan Project): The Only Path to Decentralization
To break this deadlock, the founder proposes a 'Slim Ethereum' approach, calling it the 'Manhattan Project.' Key reforms include: freezing the consensus layer to ensure core rules remain immutable; implementing quantum-resistant upgrades to address future computational threats; and introducing native rollups for enhanced scalability. Through these critical changes, Ethereum can achieve full decentralization and reliable neutrality. Ultimately, the network must pass the 'Drop Test'—operating autonomously without any centralized coordination—to earn a permanent value premium and restore market confidence.