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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, currently valued at $220 billion with a price of $1,824, is the benchmark many blockchains aspire to. But it’s far from perfect. In a recent post titled “Simplifying the L1,” Ethereum co-founder Vitalik Buterin shared a vision for the platform’s future. Over the next five years, Buterin believes Ethereum should make a conscious effort to simplify its core Layer 1 protocol. His goal: make Ethereum leaner, easier to understand, and more resilient, qualities that have helped Bitcoin stand the test of time. Vitalik draws inspiration from Bitcoin’s (BTC) design, calling it “beautifully simple.” He breaks it down, “There is a chain, which is made up of a series of blocks. Each block is connected to the previous block by a hash. Each block’s validity is verified by proof of work. Each block contains transactions. Transactions spend coins that were either created through the mining process, or outputted by previous transactions. And that’s pretty much it.” Ethereum, by contrast, has historically taken a more feature-rich, experimental route, often adding complexity for marginal gains. One radical idea Vitalik proposes is to set a maximum line-of-code limit for Ethereum’s protocol. This would help keep the system lean and easier to understand, audit, and maintain. Ethereum’s current consensus system, the Beacon Chain, is powerful, but complicated. Buterin suggests replacing it with a streamlined alternative that he says could be much simpler. He outlines a new approach built on years of research and experience. The 3-Slot Finality Redesign is a method that eliminates the need for epochs, complex committee shuffling, and sync committees. This design is not only simpler, with about 200 lines of code for a basic implementation, but also has near-optimal security. He also explains that with fewer active validators, Ethereum could adopt simpler fork choice rules, which determine which chain is “correct” in the event of a split. Another key innovation is the STARK-based aggregation. While the underlying cryptography is complex, Vitalik says: “It is at least highly encapsulated complexity, which has much lower systemic risk toward the protocol.” Ethereum’s execution layer, specifically the Ethereum Virtual Machine (EVM), has become bloated over time, and Vitalik admits some of it is his own doing, “The EVM is increasingly growing in complexity, and much of that complexity has proven unnecessary… a 256-bit virtual machine that over-optimized for highly specific forms of cryptography… precompiles that over-optimized for single use cases that are barely being used.” Instead of focusing on small improvements, Vitalik Buterin suggests completely transitioning Ethereum to a simpler, more efficient virtual machine, possibly something like RISC-V or another VM already used in Ethereum’s zero-knowledge (ZK) prover systems. This overhaul could bring significant benefits, including performance boosts, potentially more than 100 times faster. For developers, this change could enhance the experience by allowing languages like Solidity and Vyper to compile to the new VM. Vitalik’s message is clear: Ethereum doesn’t need to grow more complicated to grow stronger. By simplifying its consensus and execution layers and by keeping its codebase intentionally lean, Ethereum could become more secure and more efficient for the long haul.

What if markets followed a tempo that escapes economic logic? While the US GDP is declining, the S&P 500 is bouncing back after a sharp drop of nearly 20 %. This unexpected turnaround, fueled by contradictory signals, intrigues even in trading rooms. Indeed, at BNP Paribas, strategists wonder: does this rapid correction fit into a global tradition ? To understand it, they dive back into a century of stock market crash history. Between February 19 and April 8, 2024, the S&P 500 index lost nearly 20 %, falling from 6,144.15 to 4,982.77 points. This downward sequence, which BNP Paribas analysts called the “Tariff Crash”, attracted their attention because of its size, but also its context. Greg Boutle, Bénédicte Lowe, and Aurélie Dubost write in a note published this Friday : Recent stock behavior is consistent with previous crashes not related to a recession. They add: “Crashes that occur without a marked economic slowdown can be significant and volatile, but tend to be relatively short-lived.” By tracing market movements back to the 1920s using Dow Jones data, the authors show that significant drops can occur even without a major macroeconomic shock. Several conjunctural elements have confirmed this interpretation and supported the rebound observed at the end of the studied period : While BNP Paribas’s historical analysis tends to mitigate the severity of the “Tariff Crash”, strategists do not overlook the structural vulnerabilities that could plunge markets back into turmoil. In the same note, they warn of an alternative scenario: “stocks could retest their annual lows if a combination of downward earnings revisions and multiple compression materializes.” Multiple compression, which means a decline in stock valuations tied to earnings outlooks, could indeed challenge the current rebound, especially if growth deteriorates further. A resurgence of the market thus rests on an unstable balance between hopes for a de-escalation in trade tensions, conjunctural resilience, and corporate earnings momentum. Moreover, the authors remind us that economic forecasts, even those supported by long-term analyses, can prove to be out of sync with reality. “In 2022, our model projected an S&P 500 around 3,000 and VIX reaching 40 by mid-2023,” they note, before emphasizing that these levels were ultimately never reached. This observation calls for caution regarding current predictions. Especially since other signals, such as the sharp rise in bond yields observed late last week, indicate the market continues to oscillate between fear of a sudden slowdown and hope for a soft landing. Thus, any macroeconomic surprise or a resurgence of trade tensions could abruptly reverse the current trend. Ultimately, while the S&P 500’s rebound seems to validate the hypothesis of a crash without recession, the balance remains precarious. The precedent of 2022 reminds us that even the best-constructed scenarios can be contradicted by facts. For investors, the lesson is clear: market resilience should not be interpreted as a free pass. Between encouraging signs and lingering uncertainties , the coming weeks will be decisive in deciding between a simple technical correction and a deeper economic turnaround.

Viewpoint: Bitcoin's recent rise is in sync with gold, but market caution remains Bitcoin broke through the $90,000 mark for the first time since early March, sparking optimistic expectations that it has finally broken away from its long-term correlation with the rise and fall of U.S. technology stocks. On Tuesday, Bitcoin rose 6.77% in total, and continued its rise in early Asian trading on Wednesday to hit $93,883 per coin. The U.S. dollar index rebounded slightly after falling to a three-year low on Monday. Although the Nasdaq 100 index rebounded sharply after the plunge on Monday, it is still far below the highs from late February to early March. It is worth noting that this wave of Bitcoin's rise happened to be in sync with gold. The price of gold hit $3,500 per ounce for the first time on Tuesday, and then fell back. Richard Galvin, co-founder of Sydney crypto hedge fund DACM, said that if Bitcoin continues to trade like gold rather than like a technology stock, the logic of "decoupling" will be more convincing. (Bloomberg)

Spot Ethereum ETFs in the U.S. just saw their biggest daily inflows since early February, signaling a potential turnaround after weeks of bearish sentiment. According to SoSoValue data , the nine U.S.-listed Ethereum ETFs brought in $38.74 million in net inflows on April 22, breaking a 10-day streak of zero or negative flows. That’s their highest daily intake since Feb. 4, when they saw a huge $307.77 million pour in. This comes after eight straight weeks of outflows that totaled nearly $910 million . Most of the fresh capital went into Fidelity’s FETH, which pulled in $32.65 million. Bitwise’s ETHW also got a decent $6.09 million. The other funds didn’t move much, recording no inflows for the day. Overall, since launch, these Ethereum ETFs have attracted a total of around $2.26 billion. The surge in ETF inflows came right as Ethereum itself started recovering. On Tuesday, ETH spiked over 10%, climbing past the $1,700 mark for the first time since April 6. The rally seems to be driven by renewed optimism following comments from U.S. Treasury Secretary Scott Bessent, who hinted that tensions with China over tariffs could cool down soon. Some investors are also starting to hedge against the U.S. dollar, as Trump continues to criticize Fed chair Jerome Powell and pushes to replace him. That uncertainty, paired with Paul Atkins’ confirmation as SEC chair , seems to be giving crypto a boost. By Wednesday, Ethereum ( ETH ) had briefly touched $1,800, up around 14.2% in just two days. Meanwhile, Bitcoin ( BTC ) broke through the $90,000 resistance, rallying all the way to $93,385 and helping push the overall crypto market back above a $3 trillion valuation. Bitcoin, which had been moving in sync with stocks earlier this month, now seems to be decoupling from traditional risk assets. As of now, BTC is up 13.6% in April, beating gold’s 6.7% rise. On the flip side, both the S&P 500 and the U.S. dollar index are down about 5% for the month. Based on these conditions, analysts now think Ethereum could be gearing up for more gains. On April 23, market analyst Ash Crypto posted on X, saying ETH looks “ready to explode,” pointing out similarities with Bitcoin’s setup from late 2024. Still, some analysts warn it’s not all clear skies yet. According to analysts at crypto.news, ETH needs to break above the $2,000 mark and form a higher high to confirm a full trend reversal. Without that, this bounce could just be another short-term rally in a broader downtrend.

Ethereum is making a strategic pivot as subtle as it is radical in the crypto universe. As the network prepares to face colossal technical challenges, its Foundation is reshuffling the power dynamics. The goal: to free Vitalik Buterin from operational burdens to propel him toward unexplored horizons. A move that could redefine the very DNA of blockchain, balancing between ambitious excess and calculated pragmatism. Tomasz K. Stańczak, the new co-executive director of the Ethereum Foundation, unveiled this restructuring in a striking post. “The ambition is there. The crypto community shares it. But now, everything will depend on the focus of the technical teams,” he sums up. Behind these words lies an observation: Buterin, though an untouchable visionary figure, must escape day-to-day crises to devote himself to fundamental research. Stańczak insists : Buterin’s proposals are neither decrees nor dogmas. “Every Vitalik intervention opens doors, even if these ideas must then be scrutinized by the community,” he clarifies. Recently, the co-founder of ETH’s experiments with RISC-V virtual machines and zero-knowledge environments have reignited stagnant technical debates. Bold avenues, sometimes considered utopian, but forcing the ecosystem to step out of its comfort zone. The Foundation now channels its resources towards three burning projects: Layer 1 scaling, support for Layer 2 solutions, and enhancing user experience. The Pectra updates , Fusaka, and Glamsterdam embody this race against time. “We are even accelerating projects initially planned for 3 to 5 years from now,” Stańczak confides, referring to a compression of deadlines for next-generation execution layers. A frantic pace, but necessary in the face of competition. Among Buterin’s ideas, one proposal shakes purists: replacing the EVM (Ethereum Virtual Machine) with a RISC-V architecture. A titanic undertaking, promising efficiency gains up to 100%. For Ryan Lee, chief analyst at Bitget Research: This vision highlights Ethereum’s desire to push hardware limits. The modular, open-source RISC-V could revolutionize smart contract execution. But the price to pay would be high. Because the EVM is not just a technical tool: it is the historical foundation of the crypto ecosystem. “Developers, Layer 2 solutions, wallets… Everything is based on this virtual machine. A transition would require near-miraculous coordination,” Lee nuances. The risk? Network fragmentation if the players do not follow in sync. Nevertheless, the analyst sees a strong signal: “Ethereum positions itself as a laboratory for radical innovation, even at the cost of temporary disruptions.” Buterin himself admits the project is in its infancy. Yet, its mere mention acts as an electroshock. “It attracts low-level developers and lays the groundwork for high-performance applications,” Lee believes. The Foundation bets on a delicate balance: encouraging risky research while stabilizing the network core. Justin Drake and Dankrad Feist, two other key researchers, now enjoy similar freedom as Buterin to publish bold concepts—even if these are rejected after debate. As ETH crypto flirts with $1,577, Ethereum bets its future on two fronts: optimizing the existing while sowing the seeds of a technical revolution. By freeing its thinkers from operational constraints, the Foundation bets on cross-fertilization between pragmatism and utopia. A risky gamble, but necessary to stay ahead in the frantic crypto race. Meanwhile, some altcoins follow Bitcoin’s bullish trend .