Core protocol chat, ETHval website and more - The Daily Gwei Refuel #851 - Ethereum Updates

Danny Zassano discusses Ethereum's 2026 themes, focusing on network scaling and the upcoming Glamster upgrade, expected mid-year. He highlights the Fusaka upgrade, which introduces the PIA DAS, a significant EIP enabling data sharding on Ethereum. Despite a bug in the Prism client affecting 23% of the network, the incident emphasizes the importance of client diversity, as usage has shifted from Prism to Lighthouse, enhancing network resilience.

Upcoming upgrades include GlamsterDAM, projected for late Q3 2026, with no additional forks anticipated this year. Discussions around Hegotar are in early stages, with complex proposals potentially delaying implementation until 2027. Recent BPO forks have successfully scaled Blob targets, with the next increase scheduled for January 7, indicating a need for adjustments in Blob usage. However, core developers have shifted focus away from future upgrades to Blobs.

Flashbots released a research post analyzing validators and node operators using the Flashbots relay, revealing significant changes in client diversity over the past year. Lighthouse's share increased to 39%, while Prism dropped to 15%, raising concerns about a single client dominating the network. Vouch and Vero software allow node operators to run multiple clients as automatic failovers, enhancing uptime and chain accuracy.

The topic of stateless Ethereum aims to alleviate the burden of state growth, complicating node operation and increasing infrastructure costs. The Protocol Guild is launching the "Sponsor a Core Dev" program to connect sponsors with core contributors, ensuring fair compensation for developers.

The discussion on encrypted mempools highlights limitations of current solutions like private mempools. The Shadow Network proposes an encrypted public mempool, although concerns about adoption among novice users persist. Ethereum has also launched a new resource for enterprises transitioning on-chain, aiding in understanding blockchain technology.

Simon Kim, CEO of Hash, created Ethval.com to provide a valuation for ETH based on various metrics. His model suggests a fair value for ETH at $5,100, derived from metrics like total value locked (TVL) and staking scarcity. The conversation touches on the complexity of valuing assets in fiat terms and the challenges of determining "story value" in relation to network effects, drawing parallels with the Pokémon trading card market.

Debate continues around Ethereum's valuation, with some arguing it lacks story value due to its unlimited supply. Historical context is provided regarding gold's status as a symbol of wealth. Ethval.com is recognized as a valuable resource for tracking Ethereum-related information and ongoing discussions about valuation.

Vitalik Buterin announced advancements in the Zero-Knowledge Ethereum Virtual Machine (ZKEVM) and PIA DAS, aiming to solve the blockchain scaling trilemma. The development of ZKEVM began in 2020, with full realization expected by 2030. The speaker reflects on the rapid passage of time since 2020 and highlights ongoing work by various teams in preparation for ZKEVM.

In terms of the current market situation, the speaker believes the worst of the downturn is over, referencing significant losses affecting investors. Recent positive price action has been observed, but caution remains about predicting a bull market. Optimism for 2026 is expressed, suggesting it may be a more favorable year for crypto prices, despite potential stabilization rather than significant growth. The speaker raises concerns about macro factors influencing the market and speculates about investors potentially rotating from AI or gold into crypto. Monitoring market developments in the coming months is essential.