Essence of the Non-Consensus Phase: Unfrozen Protocol and Centralized Dependence
According to the founder of Glue Finance, Ethereum has entered a non-consensus phase. Although Ethereum's technology continues to evolve and network usage has surged, its protocol has not yet been fully frozen. Core components remain in flux, leading to divergent market valuations. More critically, the ecosystem still heavily relies on centralized guidance from the Ethereum Foundation and other entities. This structural centralization has become a long-term drag on ETH's price, causing its relative performance to remain under pressure.
'Streamline Ethereum' Manhattan Project: Freezing the Consensus Layer and Native Rollups
To address these challenges, the Glue Finance founder proposes a set of reforms called 'Streamline Ethereum' and dubs it the 'Manhattan Project.' Key measures include: first, completely freezing the consensus layer to lock in core rules and reduce future uncertainty; second, implementing quantum-resistance upgrades to ensure Ethereum's long-term security; third, fully rolling out native Rollups to integrate second-layer protocols into Ethereum's core. Through these reforms, Ethereum can achieve true full decentralization and reliable neutrality. Ultimately, passing the 'Let-Go Test'—where the development team fully steps away and the protocol continues to operate securely—would allow Ethereum to earn a permanent premium, triggering a inflection point in value.