Ethereum in Non-Consensus Phase, Price Under Pressure
Glue Finance founder has published an analysis stating that Ethereum has entered a non-consensus phase. While the network's technology continues to evolve and usage surges, the protocol remains unfinished—no core functions have been frozen. As a result, Ethereum still relies on centralized guidance from entities such as the Ethereum Foundation, causing long-term price suppression on ETH. Market divergence on Ethereum's valuation is intensifying, suggesting an inflection point is near.
Ethereum Slimming (Manhattan Project): The Only Path Forward
The article proposes 'Ethereum Slimming'—analogous to the Manhattan Project—as the sole solution to rebuild Ethereum's consensus. Key reforms include: freezing the consensus layer to reduce protocol uncertainty; implementing quantum-resistant upgrades to future-proof against quantum computing threats; and advancing native Rollups to enhance scalability and security. These steps aim to achieve complete decentralization and reliable neutrality.
Ultimately, Ethereum must pass the so-called 'Laissez-faire Test'—continuous stable operation without intervention from any centralized entity—to earn market trust and a permanence premium. This framework is seen as critical for ETH to break free from its current price predicament.