The founder of Glue Finance argues that Ethereum, despite continuous technological evolution and surging usage, remains unfinished with an unfrozen core, relying on centralized entities like the Ethereum Foundation for guidance, which has capped ETH price performance. He proposes a 'Streamline Ethereum' (Manhattan Project) approach, including freezing the consensus layer, quantum-resistant upgrades, and native Rollup integration, aiming to pass the 'handoff test' for full decentralization and reliable neutrality, thereby earning a perpetual premium.
Core Thesis: ETH Enters Non-Consensus Phase, Inflection Point Ahead
The founder of Glue Finance has published an analysis stating that Ethereum (ETH) has entered a non-consensus phase, with an inflection point imminent. The article notes that while Ethereum’s technology continues to evolve and usage surges, the protocol remains unfinished—its core is not frozen—and it still depends heavily on centralized entities like the Ethereum Foundation for guidance, leading to sustained price pressure on ETH.
The author proposes ‘Streamline Ethereum’ (analogous to the Manhattan Project) as the only viable path. Key reforms include: freezing the consensus layer (locking core protocol parameters), quantum-resistant upgrades (to counter future quantum threats), and native Rollup integration (embedding layer-2 capabilities into layer-1). The ultimate goal is to achieve full decentralization and reliable neutrality, passing the ‘handoff test’—operating stably without centralized intervention—thus earning a perpetual premium for the asset.
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