EVM to Upgrade to RSIV, Can Efficiency Improvements Surpass?

Written by: Alertforalpha

Translated by: Blockchain in Plain Language

Ethereum holders are no strangers to severe market fluctuations. But this cycle? It feels like a roller coaster that keeps going down.

While Bitcoin hits new highs, Ethereum has almost stagnated, even bleeding continuously. There are no new captivating stories. No explosive growth. Just a slow erosion of market dominance, as faster and cheaper competitors like Solana steal the spotlight. Now, Vitalik Buterin has proposed a radical new plan that could forever change the way Ethereum operates. But is it too late?

Vitalik's New Bet: Replacing EVM

At the core of Ethereum is the Ethereum Virtual Machine (EVM)—the decentralized engine that powers smart contracts on the network. It has been a cornerstone since Ethereum's inception. But now, Vitalik suggests a complete overhaul.

In a post on the Ethereum Magicians forum (a gathering place for Ethereum developers), Vitalik proposed the idea of replacing the EVM with a new architecture called RSIV.

In simple terms:

• Existing contracts will retain full functionality.
• New contracts can be written in Rust (a modern, highly popular programming language) as well as Solidity.
• Interoperability between the old and new systems will be maintained.

The goal? To significantly improve Ethereum's execution efficiency and address one of its biggest scalability bottlenecks.

Vitalik even hinted that this might be the only viable path to simplify Ethereum's bloated execution layer—especially after abandoning earlier commitments to sharding.

In theory, this sounds transformative.

In reality? RSIV may take years to come to fruition.

That's the real issue.

ETH Stagnates, SOL Rises

While Ethereum discusses its next major upgrade, competitors are not standing still.

In particular, SOL has taken a significant lead:

• It processed 4.9 billion transactions in the past three months, far surpassing Ethereum.
• Weekly network revenue reached $21 billion, capturing nearly 48% of the market share.
• SOL's decentralized exchange (DEX) trading volume now leads all chains.

Meanwhile, Ethereum's data is not optimistic:

• The ETH/BTC ratio has hit an all-time low.
• ETH ETFs continue to lose assets, while Bitcoin ETFs attract billions of dollars.
• Ethereum's market dominance has dropped to 7%, about 66% lower than historical levels.
• Price performance? Over the past year, Bitcoin has risen nearly 50%, while Ethereum has fallen by 50%.

Wall Street's choice is clear. The hottest funds in the crypto market are no longer flowing to Ethereum but are shifting to Bitcoin and faster Layer 1 chains like SOL.

Even major players like Galaxy Digital are repositioning: on-chain data shows they have swapped $100 million worth of ETH for SOL.

The Harsh Truth: ETH is Losing Its Momentum

The current state of Ethereum sounds strikingly similar to that of the once-dominant tech giant Nokia.

Just like Nokia in the smartphone wars, Ethereum built an exceptional platform that changed the world… but when newer, faster competitors emerged, it struggled to adapt quickly.

The harsh reality is that Ethereum has lost its narrative in this cycle.

In 2017, Ethereum was synonymous with ICOs.

In 2020, it was the king of NFTs and DeFi.

In 2024, the biggest trend in the crypto market is memecoins—and this is almost entirely happening on SOL.

Ethereum lacks a compelling use case to drive mass new user adoption. Instead, it has fragmented into expensive Layer 2 solutions, cumbersome cross-chain bridges, and user experience friction.

Is RSIV a Game Changer, or Is It Too Late?

Vitalik's RSIV proposal is ambitious. Bold and fearless. It's the major rethink that Ethereum needs.

But the crypto world changes at lightning speed. The reality is that even if RSIV is flawless, building, testing, and deploying it could take years.

By then, Solana, Sui, Aptos, and others may have pulled even further ahead.

Ethereum is not beyond saving—at least not yet. It still holds about $50 billion in total value locked (TVL), continues to attract loyal whale capital, and still commands respect from institutions.

But it stands at a crossroads:

• Continue with slow, cautious upgrades—potentially fading into historical obscurity.
• Or act quickly, innovate boldly, and strive to reclaim leadership in a rapidly changing market.

RSIV could be the beginning of a revival.

Or it could become the first nail in Ethereum's coffin if it acts too late.

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