Source: Cointelegraph Original: "{title}"
Ethereum co-founder Vitalik Buterin has proposed replacing the current Ethereum Virtual Machine (EVM) contract language with the RISC-V instruction set architecture to enhance the speed and efficiency of the Ethereum network's execution layer.
In a proposal on April 20, Buterin outlined several long-term bottlenecks facing Ethereum's network scalability, including stable data availability sampling, ensuring competitive block production, and zero-knowledge EVM proofs.
The Ethereum co-founder believes that implementing the RISC-V architecture in smart contracts will maintain competitiveness in the block production market and improve the efficiency of zero-knowledge capabilities in the execution layer. Buterin wrote:
The proposal highlights the Ethereum network's efforts to increase throughput and the challenges of remaining competitive with new-generation monolithic blockchains like Solana and Sui, especially as investor confidence in this original smart contract blockchain wanes.
According to Etherscan data, the blob fees for Ethereum (from transactions on Ethereum's layer two scaling network) dropped to a weekly low of 3.18 ETH in the week of March 30.
At current prices, the 3.18 ETH blob fee charged during this period is approximately $5,000.
In April 2025, Ethereum network fees fell to their lowest level since 2020, with an average transaction cost of just $0.16.
Santiment's marketing director Brian Quinlivan stated that the significant drop in fees is due to fewer users sending transactions on the Ethereum base layer, opting instead to use smart contracts or one of Ethereum's many layer two scaling solutions.
Ethereum's layer two networks are described as a double-edged sword; they significantly reduce transaction costs on the base layer but simultaneously erode revenue for the Ethereum base layer.
Concerns over revenue generation from the base layer and the erosion of Ethereum's market share by layer two scaling solutions have pushed ETH prices to historic lows. If investor confidence continues to weaken, ETH prices could further drop to around $1,100.
Related: Ethereum transaction fees drop to a five-year low due to sluggish trading volume.
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