Vitalik Buterin, the co-founder of Ethereum, has proposed replacing the Ethereum Virtual Machine (EVM) with RISC-V instruction set architecture. The aim is to enhance the speed and efficiency of the Ethereum network’s execution layer. Buterin points out several long-term bottlenecks for Ethereum network scalability in his proposal. He argues that implementing RISC-V architecture in smart contracts maintains competitiveness in block production markets and enhances the performance of zero-knowledge functions for the execution layer. This proposal comes at a time when Ethereum faces challenges in improving operational capabilities and competing with next-generation blockchains. Ethereum network fees have reached their lowest level since 2020, indicating reduced usage of the Ethereum base layer. Concerns exist about revenue generation at the base layer and the negative impact of layer 2 scalability solutions on Ethereum market share, which could further decrease the price of Ether.
