The founder of Glue Finance argues that Ethereum, despite its continuous technical evolution and surging usage, remains in a non-consensus phase due to an unfinished protocol and unfrozen core, relying heavily on centralized guidance from the Ethereum Foundation, which depresses ETH price. The proposed 'Slim Ethereum' (Manhattan Project) — through consensus-layer ossification, quantum-resistance upgrade, and native Rollup integration — aims to achieve full decentralization and credible neutrality, ultimately passing the 'drop test' to earn a perpetual premium.
The Non-Consensus Dilemma of Ethereum
The founder of Glue Finance recently argued that Ethereum has entered a 'non-consensus phase.' Despite continuous technical progress and surging on-chain activity, the protocol remains unfinished and its core unhardened, leaving it heavily dependent on centralized guidance from the Ethereum Foundation. This structural uncertainty has kept ETH price under prolonged pressure, as the market struggles to form a stable consensus on its value.
Slim Ethereum: The Manhattan Project
The only way out, according to the author, is to 'Slim Ethereum' — a series of critical reforms including ossifying the consensus layer, implementing quantum-resistant upgrades, and natively integrating Rollup technology. This would eliminate the protocol's reliance on centralized governance. The ultimate goal is to pass the 'drop test' (where the fully decentralized protocol operates autonomously) and earn a perpetual premium from the market. If successful, an inflection point for ETH may be imminent.
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