Ethereum Enters Non-Consensus Phase, Price Under Pressure
In a recent article, the founder of Glue Finance argues that Ethereum has entered a non-consensus phase and a turning point is approaching. Despite ongoing technological upgrades and surging on-chain activity, the protocol remains incomplete and its core not frozen, making it still heavily reliant on centralized entities like the Ethereum Foundation for guidance. This structural dependency has led to market divergence over ETH's long-term value, keeping its price under persistent downward pressure.
Manhattan Project for a Lean Ethereum: The Only Way Out
The author proposes the 'Lean Ethereum' initiative, dubbed the Manhattan Project, as the sole path forward. Key reforms include freezing the consensus layer, implementing quantum-resistant upgrades, and deploying native rollups. Freezing the consensus layer stabilizes the protocol foundation, quantum resistance ensures future security against evolving threats, and native rollups dramatically improve scalability. These changes aim to achieve true decentralization and reliable neutrality. The ultimate validation would be the 'Hands-Off Test'—the Ethereum Foundation stepping down completely while the network continues to operate autonomously. Passing this test would earn a permanent trust premium from the market, restoring ETH's pricing power and sustainable value.
This viewpoint has ignited renewed discussions within the crypto community about Ethereum's governance and development direction. Market participants' attention is shifting from short-term price action back to the long-term sustainability of the underlying protocol.