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Article explains Vitalik’s ETH plan to cut proving costs via binary state tree and RISC-V VM.

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why BTC can’t maximize both privacy, decentralization

ETH tackles 80% proving bottleneck as Vitalik proposes binary state tree and long-term RISC-V VM swap.

Summary

  • EIP-7864 replaces the hexary keccak Merkle Patricia Tree with a unified binary state tree using BLAKE3 (or a future Poseidon2), cutting Merkle proof size by about 75% and branches by 3–4x.
  • Page-based storage groups 64–256 adjacent slots so early-slot dapps can save over 10k gas per transaction, while simpler, more uniform depth improves auditing and sets up future state expiry.
  • Long-term, Vitalik proposes replacing the EVM with a RISC-V VM, arguing state tree plus VM drive over 80% of proving cost and that a RISC-V stack would align with existing ZK provers, reduce precompiles, and keep old contracts via staged migration.

Ethereum (ETH) co-founder Vitalik Buterin has proposed two technical changes aimed at addressing proof-efficiency challenges in the blockchain network, according to a proposal outlined in EIP-7864 and related documentation.

The near-term proposal, designated as EIP-7864, would replace Ethereum’s current hexary keccak Merkle Patricia Tree with a binary tree structure utilizing a more efficient hash function. The existing hexary structure was designed for priorities that differ from the proving-heavy architecture Ethereum developers are currently pursuing, according to the proposal.

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The binary tree structure would produce Merkle branches that are four times shorter than the current system, as binary operations require 32 times log(n) compared to hexary’s 512 times log(n) divided by 4, according to technical specifications in the proposal.

The reduction would decrease costs for client-side branch verification and reduce data bandwidth requirements for tools including Helios and private information retrieval systems by the same factor, the proposal states.

Proving efficiency gains would extend beyond branch length improvements. The proposal indicates that shorter branches would deliver a three to four times improvement, separate from hash function optimization. Implementing blake3 instead of keccak could provide an additional three times improvement, while a Poseidon variant could potentially deliver 100 times improvement, though additional security analysis is required before Poseidon deployment, according to the document.

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The binary tree design includes a page-based storage system that groups adjacent storage slots into pages of 64 to 256 slots, approximately 2 to 8 kilobytes. The block header and the first 1 to 4 kilobytes of code and storage would share the same page, allowing contracts that read from initial storage slots to benefit from batch efficiency rather than individual access costs. The proposal estimates this could save more than 10,000 gas per transaction for decentralized applications that load data from initial storage slots, which represents a substantial portion of active deployed contracts.

Binary trees offer simpler implementation and auditing processes, according to the proposal. The structure provides more predictable access depth across contracts of varying sizes, reducing variance in execution costs, and creates space for embedding metadata required for future state expiry development.

The longer-term proposal involves replacing the Ethereum Virtual Machine with a more efficient virtual machine such as RISC-V. The proposal argues that the EVM’s architecture is not optimized for a proving-heavy blockchain and that replacing it would address fundamental inefficiencies rather than managing them through accumulated precompiles and workarounds.

Buterin’s proposal cites four advantages of RISC-V over the EVM. First, raw execution efficiency: RISC-V outperforms the EVM to a degree that would eliminate the need for many precompiles, as underlying computations could run efficiently within the VM itself. Second, prover efficiency: zero-knowledge provers are currently written in RISC-V, creating natural alignment with existing proving infrastructure. Third, client-side proving: a RISC-V VM would enable users to generate zero-knowledge proofs locally about account interactions with specific data, enabling privacy and verification applications not currently supported by the EVM without external tools. Fourth, simplicity: a RISC-V interpreter can be implemented in several hundred lines of code, according to the proposal.

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The deployment roadmap outlined in the proposal includes three stages. In the first stage, a new virtual machine, potentially RISC-V, would handle precompiles only, with current and new precompiles becoming code blobs in the new VM. In the second stage, users could deploy contracts directly in the new VM. In the third stage, the EVM would be retired and reimplemented as a smart contract written in the new VM, preserving backwards compatibility for existing contracts with the primary change being gas cost adjustments, which are expected to be overshadowed by concurrent scaling developments.

Buterin characterizes both changes as addressing the same fundamental challenge from different angles. The state tree and the VM together account for more than 80 percent of the bottleneck in efficient proving, according to the proposal. Addressing either component without the other leaves the larger problem partially unresolved, while addressing both would produce a protocol structurally aligned with the zero-knowledge-proof-heavy architecture Ethereum has been developing, rather than retrofitting that architecture onto infrastructure designed for different requirements.

The proposal acknowledges that the VM replacement does not currently represent consensus within the Ethereum development community, describing it as a change that will become more apparent once state tree modifications are completed. The proposal presents the changes as sequential: binary trees first, followed by VM replacement once proving infrastructure matures around the new state structure. The EVM has accumulated complexity through years of incremental additions, and the proposal states that meeting Ethereum’s functionality requirements necessitates addressing the VM rather than continuously implementing workarounds.

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Melbet APK Maroc scurit et protection des utilisateurs.94

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Bridging for Yield: Hidden Risk and Hidden Alpha

Si vous cherchez un site de pari sportif fiable et sécurisé, vous êtes au bon endroit. Dans cet article, nous allons vous présenter les avantages de l’application Melbet APK Maroc et les mesures de sécurité mises en place pour protéger vos informations personnelles.

Télécharger Melbet est un choix populaire parmi les fans de sport et les passionnés de jeu. Cependant, il est important de choisir une version APK fiable et sécurisée pour éviter les problèmes de sécurité. Dans ce contexte, l’application Melbet APK Maroc est une excellente option.

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Melbet APK Maroc : Sécurité et protection des utilisateurs

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La nécessité d’une application sécurisé

Il est essentiel de disposer d’une application sécurisée pour protéger vos informations personnelles et vos transactions en ligne. La mélbet app est une application sécurisée qui garantit la confidentialité de vos informations et la protection de vos transactions.

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En résumé, la mélbet app est une application sécurisée qui garantit la confidentialité de vos informations et la protection de vos transactions. Il est essentiel de disposer d’une application sécurisée pour protéger vos informations personnelles et vos transactions en ligne.

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AST falls after Bezos’ Blue Origin places satellite in wrong orbit

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A Blue Origin New Glenn rocket carrying an AST SpaceMobile Bluebird 7 satellite launches from pad 36 at Cape Canaveral Space Force Station on April 19, 2026 in Cape Canaveral, Florida.

Paul Hennesy | Anadolu | Getty Images

A failed satellite launch sent of AST SpaceMobile down sharply on Monday.

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The stock fell nearly 12% in premarket trading after a rocket designed by Jeff Bezos’ space technology company Blue Origin placed the satellite in a lower-than-planned orbit on Sunday. 

AST SpaceMobile’s BlueBird 7 satellite would have been the company’s eighth launched into low-earth orbit, the company said in a Sunday press release. It was launched on Blue Origin’s third New Glenn rocket.

Blue Origin acknowledged in a post on X that the satellite was placed into the wrong orbit, but only added it was assessing the situation and would provide further updates. The company hasn’t made a statement since the satellite was officially deemed lost. 

The cost of the satellite loss is expected to be covered by an insurance policy, AST said in the release. It also still expects to launch a satellite on average once every one to two months in 2026, and said BlueBird satellites 8, 9 and 10 should be ready to ship in 30 days. 

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ASTS year-to-date chart.

William Blair analyst Louie DiPalma thinks that AST’s goal of 45 satellites in orbit by year-end will likely be hard to hit now. However, he didn’t see Sunday’s events as a total loss for the company.

“AST gained experience integrating its satellite with New Glenn and working with the Blue Origin team,” DiPalma wrote in a Monday note. “This experience will be integral for future missions. The silver lining is that there was only one satellite on board, whereas future New Glenn launches may have as many as eight of AST’s BlueBirds.”

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While Clear Street analyst Greg Pendy was still bullish on the stock, reiterating a buy rating after the news, he cut his price target to $115 from $137. That’s still a 34% gain from Friday’s close, but much less than his previously forecasted 60% jump in shares. 

UBS analyst Christopher Schoell said in a note the financial impact on AST will be limited, but added that AST and its share price performance are now linked with Bezos’ Blue Origin. 

“We believe the success of Blue Origin’s New Glenn vehicle … is key to meeting year-end deployment targets/ management’s 2027 revenue goal, and expect the uncertainty to weigh on investor sentiment initially pending greater clarity,” Schoell wrote.

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Fermi (FRMI) Stock Plunges 20% as Top Executives Depart Amid Major Restructuring

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FRMI Stock Card

Key Takeaways

  • Fermi (FRMI) shares plummeted 20% to $5.27 during premarket hours Monday following executive departures
  • CEO Toby Neugebauer resigned; CFO Miles Everson simultaneously exited his role
  • Board members had been evaluating potential CEO replacement for a minimum of three months
  • Company unveiled “Fermi 2.0” initiative, representing a comprehensive overhaul of governance and strategy
  • Evercore analysts reaffirmed Outperform rating with $20 price target for FRMI

Shares of Fermi (FRMI) tumbled 20% on Monday following the data-center company’s announcement that both its chief executive and chief financial officer would be exiting, prompting a comprehensive leadership transformation the firm has branded “Fermi 2.0.”


FRMI Stock Card
Fermi Inc. Common Stock, FRMI

Co-founder and CEO Toby Neugebauer, who established the company with former Texas Governor and U.S. Energy Secretary Rick Perry, resigned with immediate effect. Neugebauer will continue serving as a board member.

According to reports, the board had been deliberating a potential CEO replacement for no less than three months. Several sell-side analysts verified this timeline after participating in a management conference call that followed the public disclosure.

CFO Miles Everson similarly departed from his executive position. Following his resignation, Everson was appointed to the board after a trust controlled by the Neugebauer family executed its board nomination privileges.

The board has initiated an active search for Neugebauer’s successor. Leadership recruitment firm Heidrick & Struggles has been retained, with a committee composed of independent board members overseeing the selection process.

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Fermi has additionally established an Office of the CEO to maintain business continuity throughout the transition period. Jacobo Ortiz Blanes, the former COO, and Anna Bofa, previously serving as a Board Advisor, have been promoted to Co-Presidents and will answer to newly designated Chairman Marius Haas.

Haas, who formerly held the position of Lead Independent Board Director, assumed the role of Executive Chairman immediately.

Jeffrey S. Stein, co-founder of Breakpoint Advisory Partners, joined the board as a new member, increasing the board size from five to seven seats.

Executive Transition Linked to Tenant Acquisition Struggles

The management upheaval arrives as Fermi has encountered difficulties securing a major anchor tenant for its Project Matador development in Amarillo, Texas. The massive 7,570-acre property is designed to become the world’s largest data center facility.

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Company officials emphasized that the transition would not impair its capacity to deliver electrical infrastructure or execute tenant agreements. Management noted that prospective lease negotiations had actually intensified, with potential clients resuming engagement within 48 hours following the announcement.

Evercore analyst Nicholas Amicucci characterized the transformation as a shift in leadership philosophy while maintaining operational momentum. Evercore maintained its Outperform rating and $20 price target on the stock.

FRMI shares had already declined 18% year-to-date before Monday’s trading session, with the premarket selloff driving the price down to $5.27.

Corporate Headquarters Relocation and Expansion Strategy

As a component of the Fermi 2.0 initiative, company leadership revealed plans to relocate corporate headquarters to Dallas. Additionally, Fermi intends to develop a dedicated corporate office facility at the Project Matador location in Amarillo.

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Management stated these strategic moves represent the company’s evolution from startup phase to large-scale enterprise operations.

Texas Tech University System Chancellor Brandon Creighton reaffirmed the university’s ongoing commitment to its collaboration with Fermi America. Negotiations continue regarding potential extensions to certain milestone deadlines contained in the lease agreement as Project Matador progresses.

The company indicated it would name an Interim CFO within the current week.

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Crypto Funds Post $1.4B Inflows as BTC Almost Touches $78K

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Crypto Funds Post $1.4B Inflows as BTC Almost Touches $78K

Cryptocurrency investment products logged another week of strong inflows on ceasefire optimism and a Bitcoin price breakout driving investor sentiment.

Crypto exchange-traded products (ETPs) posted $1.4 billion in inflows last week, beating the prior week’s $1.1 billion and marking the second-largest weekly inflows since January, CoinShares reported on Monday.

Following the three-week inflow streak totaling $2.7 billion, crypto ETPs now have net year-to-date inflows of around $3.8 billion, with assets under management (AUM) at $154.8 billion — the highest level since early February after dipping to as low as $128 billion in March.

The uptick in crypto funds has likely been driven by a recovery in risk appetite on US-Iran ceasefire extension talks, CoinShares head of research James Butterfill said.

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The sentiment was further reinforced by Bitcoin (BTC) nearly touching $78,000 on Friday, according to CoinGecko.

Ether funds turn positive year to date

Bitcoin led last week’s ETP gains by a significant margin, with inflows totaling $1.12 billion. The gains brought year-to-date inflows to $3 billion, with AUM at $123 billion.

The majority of gains were contributed by US spot Bitcoin exchange-traded funds (ETFs), which posted $1 billion in inflows last week.

Ether (ETH) investment products also picked up with $328 million inflows in its strongest week since January, finally lifting the ETPs into green year-to-date with $197 million inflows.

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Crypto ETP flows by asset (in millions of US dollars). Source: CoinShares

Still, altcoin ETPs, including XRP (XRP) and Solana (SOL), recorded negative flows, with XRP leading the outflows at $56 million. Solana recorded minor outflows of $2.3 million.

Short-Bitcoin products saw a modest $1.4 million of inflows, suggesting residual but limited hedging demand.

Regionally, the US dominated the surge with $1.5 billion of inflows, while Germany ranked second with just $28 million of inflows. Switzerland saw the largest redemptions last week, with outflows totaling $138 million.

Addressing the implications of recent economic data, CoinShares’ Butterfill suggested that March’s Consumer Price Index (CPI) increase of 3.3% appears to have been largely looked through by markets, with core CPI at 2.6% seen as relatively contained, pointing to inflation pressures that remain more supply-driven than broad-based.

Related: Bitcoin erases weekend gains as US-Iran ceasefire faces pressure

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Nomura’s Laser Digital echoed that view, telling Cointelegraph that backward-looking macro indicators currently offer only limited insight while conflicts continue to affect supply chains and spending patterns.

“Delayed indicators like CPI and PMIs mostly reflect past conditions rather than the current situation,” Laser Digital said, adding that the outlook remains “cautiously optimistic.”

Bitcoin Price, Iran, CoinShares, Ethereum ETF, Bitcoin ETF, ETF
The Crypto Fear & Greed Index. Source: Alternative.me

Sentiment improvement was also reflected in the Crypto Fear & Greed Index, which moved from “extreme fear” to “fear,” with the score rising above 29 on Monday for the first time since Jan. 29.

Magazine: Bitcoin ‘on track’ for $90K, ETFs pull in nearly $1B: Hodler’s Digest, April 12 – 18