Paradigm wants to accelerate Ethereum’s development

Venture Capital firm Paradigm has released a blog post calling for the acceleration of Ethereum’s development. The post, co-authored by executives at the crypto-focused VC firm, has once again shed light on the current issues surrounding Ethereum’s leadership and future.

The post was co-authored by Paradigm’s CTO Georgios Konstantopoulos, the firm’s co-founder Matt Huang, and its general partners Dan Robinson and Charlie Noyes. In the post, the authors highlighted Ethereum’s prowess as a driving force in the crypto sector, highlighting several aspects including smart contracts, decentralized finance, and decentralized autonomous organizations, among others that have been developed in the ecosystem. The post highlighted the great work that community developers and engineers have done, building a strong foundation for decentralized applications in the future.

Paradigm calls for accelerated development on Ethereum

The paradigm executives highlighted that the first version of the Ethereum protocol was launched about two years ago, the first project that drew the attention of Paradigm and the entire crypto industry. However, the ecosystem’s core protocol should be improving at a faster pace. The post highlights that Ethereum can make some integral improvements that will help it reach this goal without sacrificing its values.

According to the post, the executives are calling on Ethereum to increase its development pace, shipping more than a major update every year. The authors argue against the notion that the best way to protect the decentralization of Ethereum is to slow down the development of the core protocol.

“The core development process is one of the main mechanisms for off-chain governance by Ethereum’s social layer, and reflects input from engineers, researchers, validators, and institutions,” the post states. “Ossifying the core protocol would mean abandoning that governance mechanism and Ethereum’s ability to evolve in response to changes in the market structures of areas like L2s and MEV,” the authors added.

The authors highlight areas of improvement

Paradigm executives highlighted several areas that Ethereum needs to make improvements. According to the authors, there are some improvements that the network can ship quickly instead of holding it off and fitting it in one big annual upgrade. The post mentioned that these improvements are non-controversial but are not done under the perception that only a few changes can be made annually. It mentioned that instead of trying to limit ambitions, Ethereum should do more faster.

According to the post, changes like repricing L1’s opcodes to scale Ethereum without making changes to the gas limit. Other changes the authors suggested include improving the UX of batched transactions through further development of the account abstraction framework and developing rollups to meet the increasing demand.

The post also shed light on Paradigm’s work on the Reth Ethereum client, which it says holds about 2% of Ethereum’s execution clients. According to Client Diversity, the leading client, Geth, currently holds a 43% market share, with Nethermind coming in second place, claiming around 36% of the market.

“We built Reth intentionally as an SDK for building “EVM-core” nodes to enable experimentation and innovation by researchers and engineers,” the post states. “We invite the research community to collaborate with us in prototyping new features towards improving Ethereum’s performance, censorship resistance, and future-proofing, with Reth,” the post reads.

The authors finalized the post by mentioning that shipping faster is the only important thing that Ethereum can do to expand what it can do, noting that it will help the protocol deliver the visions in its roadmap. The post highlighted that if it is achieved, then it will pave the way for a global and trust-minimized financial system.

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