The founder of Glue Finance argues that Ethereum, despite continuous technical progress and surging usage, remains reliant on centralized forces such as the Ethereum Foundation due to its unfinished protocol and unfrozen core, keeping ETH price under long-term pressure. The author proposes 'Streamlined Ethereum' (Manhattan Project) as the only way forward through freezing the consensus layer, quantum-resistant upgrades, native rollups, and other critical reforms, eventually passing the 'Hands-Off Test' to earn a perpetual premium. An inflection point for ETH may be near.
ETH Enters Non-Consensus Phase, Turning Point Ahead
In a recent analysis, the founder of Glue Finance stated that while Ethereum continues to evolve technically and its usage has surged, the protocol is still unfinished and its core has not been frozen. As a result, it remains dependent on centralized guidance from entities such as the Ethereum Foundation, which has kept ETH prices under prolonged pressure. The author argues that ETH has entered a non-consensus phase where market valuations diverge.
To address this challenge, the author proposes 'Streamlined Ethereum' — also called the Manhattan Project — as the sole path forward. Key reforms include freezing the consensus layer, implementing quantum-resistant upgrades, and adopting native rollups to achieve full decentralization and reliable neutrality. The ultimate goal is to pass the 'Hands-Off Test', where the protocol operates autonomously without any human intervention, thereby earning a perpetual premium. If these reforms are implemented, an inflection point for ETH could arrive.
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