The Ethereum community has recently engaged in extensive discussions regarding the current challenges facing Ethereum. Foobar, the founder of Delegate, stated that Ethereum seems to have lost some of its security and that it will address some of these issues by 2026. However, in order to maintain the leading position of the Ethereum Virtual Machine (EVM), a parallel upgrade focused on externally owned accounts (EOA) must be implemented.
Lido strategic advisor Hasu tweeted on the 24th that currently, Rollups account for 20% of Ethereum’s total revenue and are still growing rapidly. This demonstrates that Ethereum itself cannot easily provide the demand for “opaque modifications.” One of the biggest strategic mistakes Ethereum may make is trying to compete as an execution layer instead of focusing on the security it uniquely offers.
In response to this view, Foobar, the founder of Delegate, stated that relayers are intermediaries between block builders and block proposers, allowing validators to provide their block space to block builders. According to mevwatch.info, currently, 37% of Ethereum blocks are built by MEV-Boost relayers regulated by OFAC, which has raised concerns about being subject to regulatory scrutiny by the U.S. government.
Hasu fully agrees with Foobar’s viewpoint and points out that according to the Ethereum roadmap, a lot of work will be done between 2024 and 2026 to address these issues. For him, this indicates that it is extremely challenging to ensure security, and besides introducing centralization, no other chain performs better in these aspects.
Foobar further responded that he is confident that Ethereum will address some of these issues by 2026. However, it is no longer 2013, and as people delve into PBS execution tickets and L1 becomes unusable, the world cannot expect to sit back and watch within three years. In order to maintain the leading position of the EVM, a parallel upgrade focused on externally owned accounts (EOA) must be implemented.
Foobar added that the difficulty and cost of Rollups are not the main bottleneck, but rather the complexity of the surrounding EVM infrastructure that requires parallel coordination. For example, to implement support for EIP-3074, the main bottleneck is wallets. If MetaMask wants to join, L1 needs to take a leadership role in this regard.
EIP-3074 is an eagerly anticipated improvement proposal in the Ethereum community that allows delegating control of EOA to smart contracts, enabling all EOAs to have the functionality of a smart contract wallet.
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