1/9) Ethereum has doubled down on remaining slow forever! That is what the ZkEVM roadmap means! As it makes ETH uncompetitive for stablecoins & DeFi As ZK proofs take so long to compute, even on powerful machines... Thereby slowing ETH way down in favour of centralized L2s: 🧵

2/9) So while SOL is targeting 150ms block times ETH is doubling down on 10-second block times! The future of finance will not wait 10 seconds before each hop when better alternatives exist... ETH's dominant position is not enough to fake utility; app devs are not that stupid!

3/9) ETH is also adding insane hardware requirements for provers, way beyond that of even SOL validators... Increasing liveness failure risk, as the number of provers will be much lower! Creating a future where ETH competitors are faster, cheaper, more secure & decentralized 🔥

4/9) Max node requirements for a prover is $100k, with a power draw aproaching 10KW! These are being sold to people as "home proving" I used to run a 15KW mining operation out of my home back in 2015 & it is not normal! Server racks of loud equipment with loud fans & ducting!

5/9) The reality is that this design lends itself to a smaller set of provers Effectively taking that role away from validators, separating them into provers & verifiers This does come with numerous benefits & trade-offs Sacrificing the speed of the L1 is what I find untenable

6/9) All on the altar of "L2 scaling" This does bring us several steps closer to a system of "enshrined roll-ups," a decent design However, there is no evidence that ETH will launch its own native roll-ups As this would put current L2s out of business, incentives are perverse!

7/9) The recent pivot towards L1 scaling was a dud Despite market sentiment on the matter Dankrad's gas limit increase proposal was rejected, only to be replaced by this EF announcement Signed by ETH's leadership & Dankrad, putting the matter to rest for the foreseeable future

8/9) The above screenshot from EF's blog proves everything I have said here As there is no decentralized governance in ETH A small centralized leadership ultimately makes all of the decisions & this is what they have decided for all of us The only way to vote is with your feet

9/9) In crypto, narrative & reality differ wildly Everyone saying ETH is great for stablecoins & DeFi does not make it true The technical reality must match the narrative, or it is ultimately a dead end... ETH will remain slow, catering to centralized L2s instead of winning!