Kasun Hapuarachchi

@Justin_Bons Funny how every “objective” critique just happens to align perfectly with Solana’s marketing deck, while ETH trade-offs are framed as failures and SOL’s are conveniently ignored. That’s not analysis — that’s narrative selection.

Ethereum is in big trouble: The crowning jewel of ETH's roadmap is a poison pill: The ZK-EVM is terrible & will ruin ETH unless it corrects course! Relying on ZK means catastrophically limiting ETH while adding insane hardware requirements! A clear case of over-engineering: 🧵 That is because generating the ZK proof is extremely computationally expensive. Requiring arrays of top-tier GPUs, which alone would cost upwards of $100K! That is at ETH's current speed & capacity... The cost of these builders increases linearly with the demand placed on them. Combining that with the extreme relative computational cost of ZK is what makes this design so fundamentally unscalable: Significantly limiting ETH's capacity & especially speed on its long-term roadmap, while adding insane hardware requirements for builders: Introducing new centralization concerns in the process, opening up the possibility of future liveness failures! That is because ePBS shifts the responsibility & power away from validators to a new enshrined class called "builders", which will be several orders of magnitude more expensive to run: Thereby, centralizing & limiting ETH's L1 permanently. That is also why competing with SOL on speed is not even on ETH's roadmap at all, because it never will! The ZK-EVM is a bad path forward; both because of how long it takes to implement & because the trade-offs in terms of speed & hardware requirements are not worth it at all: Zero Knowledge is too slow: Even today, it takes an array of 24 GPUs (RTX 5090) to create a ZK-EVM proof within 12 seconds for 99.74% of blocks... The cost of the graphics cards alone already amounts to close to $80k! A far higher hardware cost than a validator on SOL (around 9x). However, SOL validators can produce blocks within 400ms of each other! That means, by comparison, that a ZK-EVM solution is both inherently slow & centralizing! That is also not at all factoring in post-quantum cryptography, as most ZK schemes today operate at an entropy level (bits) that is not at all quantum-secure. That means in a post-quantum world (5-10 years), this cost would have to be increased by several orders of magnitude... To make things even worse, the demand on builders has a linear relationship to capacity & speed! For example, to achieve higher speed, ETH would require a 64-card GPU (RTX 5090) array just to reach a 7-second block time under a ZK-EVM. The hardware alone would cost over $200K! Does that sound decentralized to you? Proposer Builder Separation: Taking responsibilities & functionality away from validators does not make the chain more decentralized; it only shifts the power & centralization elsewhere Proposer Builder Separation (PBS) seems to be a natural phenomenon of current incentive designs. As it has occurred organically on ETH & SOL. Both are taking the path of "enshrining" this as a way to mitigate negative externalities (toxic MeV) So, in principle, this is not such a bad thing. The problem with ETH specifically is that the ZK-EVM route incurs a significantly higher hardware cost on builders, which scales linearly with load! That is what makes this concerning, as either performance or decentralization would have to be sacrificed. Far from solving the blockchain trilemma in this case... The counterargument to all of that is that instead of running a traditional consensus mechanism: A 33%/51% trust assumption with an extensive network of validators Builders instead operate on a 1-of-N trust assumption, usually with a much lower number of nodes. The trust assumption is obviously an improvement. However, given the extreme cost of ZK, we can still end up in dangerous territory in terms of liveness failures. When the number of builders drops too low Sure, you can easily run a node/validator/proposer in that scenario, but that node is no longer independently verifying all state changes! It will also not prevent the network from grinding to a halt if the few existing builders go down for any other reason... It is, in another way, a bit of a semantic sleight of hand. You get to run your node & feel empowered, yet much of its power & functionality has been stripped away Over-engineering: Considering we live in a world where several chains have proven capable of achieving 100k TPS, even 1M TPS today, with extremely low latency (sub-second). While in the case of fully sharded designs, doing so without increasing node requirements! We have to ask ourselves why —why create something so complex & novel—even for years, relying on unknown breakthroughs in cryptography to make it feasible. When several other chains have effectively solved the blockchain trilemma, some of them doing so with no trade-offs compared to ETH... It all seems so unnecessary when we have alternative chains that scale sufficiently to meet today's demand. Especially in a world where the majority of L1 revenue comes from high-speed DEXs/Perp exchanges, which do not have any patience for 12 to 8-second block times Massively increasing hardware costs for builders so that you can run a "feel-good"/powerless node on a Raspberry Pi strikes me as a bad trade-off. Needlessly complex, over-engineered & out of touch with reality Sub-second block times are now the norm, a reality that ETH's leadership seems completely unable or unwilling to catch up to: Competition: Increasing capacity by 50% is not much of a flex either when, after that "massive" increase, SOL still has 138x the capacity & 30x the speed of ETH! That is why, meaningfully scaling ETH will take at least another four years! That is according to Vitalik's latest announcement, made only a few days ago now! What is even more concerning is that significantly increasing ETH's speed (distinct from capacity) does not seem to be an option at all! That puts ETH in a losing position, as the world will not stand still for that long. That is why ETH will continue losing market share to competing L1s & L2s Ironically, Vitalik's "long-term holy grail" (past his projected 4-year timeline) will be achieved by SOL by Q4 this year! As a multi-leader architecture effectively accomplishes the goal of distributing block production asynchronously across a single point in time Governance: We, the people, have no say in the matter, as without decentralized governance, we can only vote with our feet We can try to convince the centralized leadership, but that will only go so far, especially when some of them live in ivory towers Ultimately, they still get to decide for everyone else. A form of governance that is totally unsuited for what is supposed to be a decentralized blockchain Keeping this chapter short, as we have discussed token voting/stakeholder governance far more extensively elsewhere The main point here is that the possibility of change is low, due to the centralization of governance, which usually sits at the heart of such problems Conclusion: The path ETH has chosen is a losing one: Objectively unable to compete on capacity within competitive timelines & also unable to compete on speed at all! While at the same time endangering what they claim to hold most dear; decentralization. Bragging rights of the validator count matter little when you move the power & centralization elsewhere The ETH community can choose to continue celebrating their "scaling" achievements or take a hard look in the mirror: The harsh truth is that ETH is now way behind, mainly because the "L2 scaling" roadmap has failed due to fragmentation, centralization & parasitic economics Dysfunctional governance also played a significant role in this story! The recent pivot in the roadmap is too little too late, as they are still pursuing a white whale: The ZK-EVM, an idea that comes with significant trade-offs & therefore falls far short of solving the blockchain trilemma The blockchain trilemma was solved years ago, just not by Ethereum! As a "BTC refugee", I did not want to become an "ETH refugee" as well. Having the two largest cryptocurrencies fail in this way is not good for our burgeoning movement at all. Yet, here we are As someone who supported ETH wholeheartedly from 2015 to 2022 (ETH's pivot to "L2 scaling" is what turned me into a critic), I even mined ETH with my own 20kWh farm within the first week of launch in 2015! ❤️ We should all want ETH to succeed; they are the "good guys". However, to succeed means to compete. That is where ETH has lost its edge Even worse, there are no signs of them regaining that edge except for when it comes to "narrative". Unfortunately for ETH, that is not enough, especially in a world where high on-chain revenue sorts the wheat from the chaff. That is where: The rubber meets the road & actions speak louder than words! 🔥

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@kanchana_wij Minister can you elaborate on what you meant by 'new projects'? does the new rate apply to already installed and submitted projects that are pending agreement?

Cabinet of Ministers approved to revise the tariff rates paid for New Roof Top Solar & Renewable Energy projects through the feeding tariff yesterday. A formula was adopted in 2022 taking into consideration the USD rate, interest rates & other economic factors to revise the tariff rates and increase the rates paid for Roof Top Solar development & the feeding tariff for other Renewable Energy development of less than 10MW. Yesterday the Cabinet of Minister approved the proposal by the Ministry of Power & Energy based on the stakeholder consultations & tariff committee report to revise the rates utilizing the same formula with the current economic indicators & benchmarking on rates received on competitive bidding & negotiated tariff projects for CEB in 2024. Accordingly the revised tariff rates for Roof Top Solar Development & RE Feeding tariff will be applied to all new projects from the 1st of July. Revised Roof Top Tariff - 20 Years flat rate Up to 500kW Rs 27.06 Over 500kW Rs 23.18 Revised Feeding Tariff - 20 years flat rate Solar - Rs 25.48 Mini Hydro - Rs 30.53 Wind - Rs 29.86 Bio Mass - Rs 52.77

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