Ethereum's co-founder, Vitalik Buterin, believes that Ethereum should ditch the Ethereum Virtual Machine (EVM) and rebuild the network's smart-contract engine on RISC-V
In a paper dated April 20, the Ethereum co-founder says the network’s execution layer won’t keep pace with next-gen chains like Solana unless it ditches legacy baggage and adopts the RISC-V approach.
It’s no surprise that this proposal comes at a time when the Ethereum community is concerned about sluggish activity and a token price lagging behind rivals like Solana, ADA, and XRP. On top of that, migrating live contracts, retraining developers, and getting every EVM-centric chain to follow suit won’t happen overnight.
As per data from TokenTerminal, transaction fees on the mainnet have collapsed, averaging just US$0.16 (AU$0.25) in April, a low not seen since 2020. Blob fees from layer-2s barely scraped 3.18 ETH (AU$7.8K) in late March.
Moreover, you have users moving from the base layer to cheaper rollups, which is eroding Ethereum’s revenue.
Even the core developers are tired. Earlier this year, the Ethereum Foundation shuffled its leadership to sharpen its roadmap, proof that even the main team recognises the edge is dulling.
Ether’s price has fallen to two-year lows, according to CoinGecko data.
So far, RISC-V has only flirted with crypto via side projects on Polkadot and a few niche chains. However, if Ethereum jumps, it would be the first time this system has been implemented on a major blockchain.
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