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Australia Tightens Crypto Oversight With 45 Registration Actions

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All news, reviews, and analyses are produced with full journalistic independence and integrity. For more details on our standards and processes, please read our Editorial Policy.

Bit2Me sets up specialized unit to help law enforcement track down crypto assets

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The unit formalizes past operations, building on 1.5 million euros in seized crypto the exchange processed in 2025 for agencies including Interpol and Europol.

Metaplanet CEO breaks silence but shareholders say the hard questions remain unanswered

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Simon Gerovich said Metaplanet had not adequately explained the structure, and denied involvement in MMXX Ventures’ trading decisions.

UK Financial Watchdog Weighs Lifting Prediction Markets Ban: Report

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The UK’s Financial Conduct Authority (FCA) reportedly has reached out to prediction market companies as part of discussions over whether the regulator would loosen a ban for retail investors, in place since 2019.

According to a Friday report from The Times, the FCA is weighing lifting a ban on prediction market platforms like Polymarket and Kalshi for UK-based retail investors. Because prediction markets offer binary options on event contracts, such as for sports, politics and the weather, they fall under an April 2019 ban imposed by the FCA, in which companies were “prohibited from selling, marketing or distributing binary options to retail consumers.”

“Binary options are gambling products dressed up as financial instruments,” said the FCA’s executive director of strategy and competition, Christopher Woolard, at the time of the ban.

According to The Times report, many retail investors based in the UK have been using virtual private networks (VPNs) to bypass the country’s restrictions on prediction markets and execute trades on Kalshi and Polymarket, both with operations in the US. Bernstein Research speculated in April that the total prediction market industry could rise to about $240 billion in trading volume in 2026 and $1 trillion in 2030.

Should the FCA overturn the 2019 ban, prediction market platforms like Kalshi and Polymarket could face similar challenges as they are dealing with in the US, where individual state gaming authorities are filing lawsuits against the companies over sporting event contracts. Last week, New Jersey officials petitioned the Supreme Court to hear its case against Kalshi, potentially leading to clarification between state and federal authorities over prediction markets.

Related: Kalshi issues first lifetime ban for Republican politician over insider bets

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

EF Protocol: The Hegotá EIP Opinion Post and Tier List

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This is the EF Protocol cluster’s tier list for Hegotá. We evaluated the 62 EIPs proposed for inclusion, each with a tier and a short note on the grade.

It is the first time the cluster has published one unified view rather than per-team opinions. Geth, of course, being an EL client will still ship their own standalone tier list. However, they and the rest of the Protocol cluster (about 60 people in total) across research and engineering worked together to include their feedback in this post as a datapoint along with that of every other team and individual contributor that decided to participate.

The priorities that produced these grades are in the companion post, EF Protocol: Current and Emerging Priorities.

I. How we tiered

All nine teams plus several individual domain experts across the cluster filled out contribution templates, 16 in total. Twelve provided tier grades, and several of those graded only EIPs where they had deep expertise. The result is 397 tier grades across 62 EIPs, an average of 6.4 grades per EIP with the most-discussed proposals drawing 9 grades.

Two retrospectives on Glamsterdam supplied several lessons (size an EIP by its integration depth; complexity compounds; testing surface is the scarce resource; champions often underestimate complexity). Half a dozen group calls and a 90-minute working session covered the contested items. The August 28 process post provides a bit more detail.

The scoring

Each contributor tiered each EIP independently: S = 4, A = 3, B = 2, C = 1, D/DFI = 0. Averages count cast grades only; an abstention never counts against a proposal. The published tier is a steelman. It started from the grades and was argued EIP-by-EIP in the working session, with movements in both directions. Per-team grades are not published.

Each level of the tiered scoring ladder commits the cluster to delivery expectations:

  • S – Must ship. Defines the fork. If an S item is at risk, the schedule adjusts before the scope does.

  • A – High priority, expected to ship. Committed alongside S-tier unless delivery reality forces a cut, and only cut before any S item is touched. Everything below S and A-tier must be evaluated once devnets with all S and A-tier EIPs are functional and stable.

  • B – On the bubble, included individually. Never admitted in bulk. Each EIP to be considered for inclusion one at a time once devnets with all S and A-tier EIPs are functional and stable and time remains before moving to I*. Important to note, most B-tiered EIPs carry 3 explicit requirements: a prototype, a sign-off, and a settled specification.

  • C – Below the line, not disqualified. First candidates for reconsideration if devnets containing S-, A-, and B-tier EIPs ship cleanly and time remains before moving to I*.

  • DFI – Declined for inclusion. Every DFI carries a structural rationale, like that the EIP is antithetical to CROPS, a security risk, too prescriptive, introduces an intermediary or chokepoint, breaks backward compatibility, or endangers the path to J*.

  • TBD – Deliberately unranked. Held back until mainnet data provides answers to questions we cannot answer today.

The note in the notes column of the table for each EIP below should adhere to the following pattern: For anything we expect to ship, the note provides the merits. For anything on the bubble, it names the specific requirements that would move it up a tier. For anything below the line or declined, it gives the concerns and nothing else.

II. The tier list

The full list as a single visual is on Forkcast. The tables below are sorted by tier, then by average within each tier. Read the grade count beside every average.

Consensus layer

EIP Name Tier Avg (total) Category Notes
7805 FOCIL S 4 (7) Headliner Locked-in CL headliner. FOCIL gives any user a path to include an eligible transaction without relying on centralised builders. Unanimous S at full participation. Should ship with EIP-8369.
8369 VOPS Profiles for FOCIL Eligibility A 3.5 (4) Frames core Defines which transactions are eligible for FOCIL and what validators must verify, extending its inclusion guarantees to Frames.
8015 Remove Deposit and eth1data Fields A 3.14 (7) Cleanup & deprecations Removes dead deposit and eth1data fields with no downstream dependency. Near-unanimous.
8365 BLS Withdrawal Credential Retirement A 3 (8) Staking features Starts retiring withdrawal credentials tied to vulnerable cryptography now; nothing downstream depends on waiting. The one PQ item that belongs in Hegotá.
8383 Reduce CL Block Retention Window A 3 (2) History and logs A constant change, and the current safety-decay constant was the wrong choice. Two grades cast, both A. One of two write-ins evaluated alongside the Forkcast list.
8334 Bundled Attestation Propagation A 2.43 (7) Attestations Bundling attestation propagation cuts gossip load with a small surface. No grade below B; bundling mechanics are settled in specification.
8025 Optional Execution Proofs A 2.38 (8) DA & proofs Upstreams stateless-execution changes into the canonical execution specs so zkVM work stops living on divergent branches.
8146 Block Access List Sidecars B 2.13 (8) Block propagation & validation The payload stays independent of the BAL for execution, the deadline is observation-only and tunable across forks, and both objects must be available for validity, as with blobs. What remains is settling the observation deadline in specification; with that settled, the case for A-tier is strong.
8237 Independent CL/EL Sync B 2 (6) Sync & history retention The bandwidth saving is worth exploring: post-ePBS, payload bodies download on both layers, and skipping one roughly halves sync bandwidth. A simpler non-EIP alternative may capture the same win. A comparison between both options should determine which ships.
8198 Quick Slots B 2 (6) Consensus & fork choice S/A support came from R&D; the Engineering teams that focus on delivery rated it D, citing the retuning cascade behind any slot-time change. After debate, it was determined four things would be required before an A-tier could be considered:
1) specifications covering all expected changes to the core protocol
2) a prototype implementing that full specification
3) an in-depth assessment of downstream effects across the ecosystem
4) sign-off that it does not complicate decoupled consensus, which cannot be determined until that specification exists.
8321 Hash-Chain RANDAO B 1.57 (7) Consensus & fork choice Sound direction, wrong sequencing: hardening one consensus component ahead of the complete PQ consensus design risks rework. It moves when the complete design exists and either adopts or extends it.
8371 RowDAS: Distributed Blob Reconstruction C 2.11 (9) DA & proofs Priority, not principle: whether operators feel reconstruction pain today versus investing in headroom.
8379 Top-up Sync DFI 1 (2) Sync & history retention
7716 Anti-Correlation Attestation Penalties DFI 0.83 (6) Rewards & penalties Adds slashing-logic surface for validator correlation with no CROPS or PQ contribution. Not a priority in a fork, we are trying to keep the CL scope light.
8367 Balance Sunset for Retired BLS Validators DFI 0.71 (7) Staking features Reads as validator convenience to some and PQ hygiene to others; either way it waits for the complete PQ consensus design.
8243 Batching Attestations at Source DFI 0.67 (9) Attestations No S or A grade. Attestation batching belongs with the slot-structure work decoupled consensus will redo.
8333 Align Checkpoint with Epoch Boundary Block DFI 0.5 (6) Consensus & fork choice Early support collapsed once its interaction with decoupled consensus was examined; unclear if behavior under the consensus redesign it would have to survive.
8142 Block-in-Blobs (BiB) DFI 0 (7) DA & proofs Deepens dependence on KZG structures against the path to J*. Unanimous.
8148 Custom Sweep Threshold for Validators DFI 0 (6) Staking features Operational convenience primarily serving large staking operations; fails the necessity bar. Unanimous.
8205 Withdrawal Credentials Preregistration DFI 0 (6) Staking features Same rationale as EIP-8148. Unanimous.
8359 Beacon Block Reporting Field DFI 0 (6) Beacon block data Graffiti watermarking and node scraping is sufficient for right now; fails the necessity bar. Unanimous.
8375 ePBS Mandatory Burn of Execution Rewards DFI 0 (6) Rewards & penalties Reward policy belongs to a broader ecosystem process than a fork scoping exercise. Unanimous. See EIP-8363 and the closing note.
8341 Partial Execution Payload Commitments DFI 0 (4) Beacon block data A payload-commitment change with no delivery owner and unclear interaction with the consensus redesign. Unanimous.
8363 Tapered Issuance Burn DFI 0 (4) Rewards & penalties Issuance policy belongs to a broader ecosystem process than a fork scoping exercise. Unanimous, and not a judgment on the merits; see the closing note.

Execution layer

EIP Name Tier Avg (total) Category Notes
8141 Frame Transactions S 3.89 (9) Headliner Locked-in EL headliner. Native account abstraction on security grounds: a path to PQ signature schemes without a fork per scheme, aggregation so PQ verification can be priced, and a route to retiring k1 keys. Ships with EIP-8250 and EIP-8272.
3298 Removal of Refunds A 3.17 (6) Repricing Deletes an entire class of metering edge cases that the last fork paid for dearly.
8250 Keyed Nonces for Frame Transactions A 3.12 (8) Frames core Frames core. Keyed nonces let many users share one sender for better anonymity while using separate nonces, so their transactions do not block one another.
5920 PAY Opcode A 3 (6) EVM feature A small new feature that closes a long-standing issue: value transfer without invoking recipient code. Low surface, high leverage.
8272 Recent Roots for Frame Transactions A 2.86 (7) Frames core Frames core. Recent roots let private transactions use recent onchain state in a form attesters can verify, allowing them to benefit from FOCIL’s inclusion guarantees.
8279 Block Access List Byte Floor A 2.71 (7) Repricing Bounds worst-case block construction: floors adversarial BAL pricing so the worst case becomes gas_limit divided by the floor cost. Security work, graded with EIP-8131. Spending any headroom is a separate, later decision.
8131 Unified Transaction Content Floor A 2.67 (6) Repricing The other half of the bounding pair with EIP-8279, applied to calldata content. Graded as security work. Whether it counts as bounding or repricing is a live definitional question; the grade does not depend on the answer.
7906 Transaction Assertions via State Diff Opcode A 2.43 (7) Frames extensions Lets a transaction verify what happened before it commits, preventing wallet drains and classes of MEV extraction; currently running with Frames on a public devnet. Proposed narrowing pending further research: arbitrary storage reads removed, assertions over emitted events and BAL-touched slots deliver the value. Graded as part of the Frames extension package, alongside EIP-8298 and EIP-8151.
8298 SETCODEFROM Code Reuse Instruction A 2.17 (6) AA & delegation Half of the k1-retirement package with EIP-8151: a 7702-delegated account becomes a true smart-contract account and drops k1 as its master key. Also cuts deployment cost after Glamsterdam’s CREATE repricing.
8151 Account Code Restricted ecRecover A 2 (6) AA & delegation The other half of the k1 exit with EIP-8298: once real code lives at an address, ecRecover-based authentication is rejected and a retired key stops being dangerous. One package, one grade.
4758 Deactivate SELFDESTRUCT A 1.5 (6) Cleanup & deprecations Removes the last SELFDESTRUCT path, a testing hazard every future EIP must otherwise define its interaction with; Frames is simpler without it. The 1.5 average sits well below A. The override rests on the Engineering seats that maintain the EVM and would carry the opcode’s cost indefinitely.
8253 Bump Nonce of Zero-Nonce Storage Accounts B 2.29 (7) State transition The trie migration can technically proceed without it, and it simplifies every migration step significantly. Whether that simplification earns A-tier now or B-tier until devnet sequencing proves there is room is the one question left on it.
8077 eth/XX: Announce Transactions with Nonce B 2 (5) Mempool & tx propagation Many want richer announcements for the Frames-era mempool; nothing forces the shape into Hegotá before the wire format is written into the EIP. A settled format could move this EIP to A-tier.
8374 Persist Warm Access Sets Across Reverts B 1.67 (6) Repricing Coupled with EIP-8358: the two net-metering repricings make little sense apart and belong at one grade.
7709 Read BLOCKHASH from Storage and Update Cost B 1.67 (6) Repricing Real value for the history-expiry direction; grades span three tiers. This EIP could move up to A-tier if devnet sequencing moves smoothly and allows for it to be added without delaying schedules.
7668 Remove Bloom Filters C 1.5 (6) Cleanup & deprecations Internally rated w/ a three-tier spread; a receipt and filter change best sequenced with the broader history and logs work.
8200 EVMification C 1.43 (7) Precompiled & cryptography Every replacement bytecode must be audited to match precompile behavior exactly, and the bytecodes are not yet in the EIP. There is no hybrid: all clients run the bytecode or gas cannot be computed consistently. Graded with EIP-7666.
8358 Net Gas Metering for Account Changes C 1 (6) Repricing Coupled with EIP-8374 and currently a tier apart.
7666 EVM-ify the Identity Precompile C 1 (7) Precompiled & cryptography Exists to support EIP-8200 and was not defended independently.
8116 Replace Cumulative Receipt Fields C 1 (6) Block & state data Same family as EIP-7668: a receipt-format change best sequenced with history and logs.
8355 ML-DSA Verification Precompiles C 1 (9) Precompiled & cryptography Enshrines a specific PQ verification scheme ahead of a dedicated cryptographic adjudication: premature standardization.
8163 Reserve EXTENSION (0xae) Opcode DFI 2.33 (6) EVM cleanup No committed consumer of the reserved opcode ships this fork, and a reservation can ride any future fork at the moment an object-format design commits.
7979 Call and Return Opcodes for the EVM DFI 1.33 (6) EVM cleanup Adds control-flow surface to a fork already carrying two headliners and their interaction testing.
7851 Code-Controlled EOA Delegation DFI 1 (5) AA & delegation An alternative account-abstraction mechanic; loses to the Frames approach on the permissionless-innovation test.
7923 Linear, Page-Based Memory Costing DFI 0.83 (6) Repricing Repricing family: no further metering churn before Glamsterdam’s repricing produces mainnet evidence.
7973 Warm Account Write Metering DFI 0.83 (6) Repricing See EIP-7923 note
8304 Trustless Log and Transaction Index DFI 0.83 (6) Block & state data An index-format change with a large testing surface; belongs with the history and logs work.
8094 eth/vhash: Blob-Aware Mempool DFI 0.8 (5) Mempool & tx propagation A mempool change with unclear interaction with the blob-scaling path.
8115 Batch Priority Fees at End of Block DFI 0.5 (6) Block & state data See EIP-7923 note
8219 Checked Arithmetic Opcodes DFI 0.5 (6) Gas repricing See EIP-7923 note
7819 SETDELEGATE Instruction DFI 0.29 (7) AA & delegation An alternative account-abstraction mechanic; loses to the Frames approach on the permissionless-innovation test.
8188 Last-Written Block for Accounts and Slots DFI 0.29 (7) Block & state data State-repricing family; waits for the I* trie-migration design.
2488 Deprecate the CALLCODE Opcode DFI 0.17 (6) Cleanup & deprecations A deprecation with no Hegotá urgency and app-layer breakage risk. Near-unanimous.
7862 Delayed State Root DFI 0.17 (6) State transition Proving-preparation set; deferred, not disliked.
8182 Private ETH and ERC-20 Transfers DFI 0.17 (6) Privacy Enshrines a specific privacy mechanism; the Frames-based path delivers the same goal with less protocol surface and keeps schemes competing.
7645 Alias ORIGIN to SENDER DFI 0 (6) AA & delegation Breaks assumptions in deployed contracts for no security gain. Unanimous.
7807 SSZ Execution Blocks DFI 0 (6) Block & state data A formatting migration with a wide blast radius and no Hegotá dependency. Unanimous.
8368 CPSB Recalibration for New Gas Limit TBD 2.29 (7) Repricing Waiting on post-Glamsterdam mainnet data. One decision with EIP-8372 (recalibrate, normalize, or neither), unknowable until Glamsterdam’s repricing produces evidence. This proposal drew majority S/A support;
8372 Normalized State Gas Limit TBD 1.14 (7) Repricing Waiting on the same post-Glamsterdam mainnet data as EIP-8368.

A few notes on the A tier

  • Headliner packages: EIP-7805 (FOCIL) ships with EIP-8369 (VOPS Profiles for FOCIL Eligibility). EIP-8141 (Frame Transactions) ships with EIP-8250 (Keyed Nonces for Frame Transactions) and EIP-8272 (Recent Roots for Frame Transactions) as the Frames core. Delivering both headliners safely, and testing the interaction between them, is the fork’s core engineering commitment.

  • Extension package: EIP-7906 (Transaction Assertions via State Diff Opcode), EIP-8298 (SETCODEFROM Code Reuse Instruction), and EIP-8151 (Account Code Restricted ecRecover). The first hardens transactions directly; the other two give an account a complete route away from k1 keys.

A few notes on the B and C tiers

  • Consensus layer EIPs blocked by additional requirements: EIP-8198 (Quick Slots) has the most demanding requirements on the list, including specifications covering all expected changes to the core protocol, a prototype implementing the full specification, an in-depth assessment of downstream effects across the ecosystem, and sign-off that it does not complicate decoupled consensus, which cannot be determined until that specification exists. The bar is set where it is because while the diff is small, the change is not; slot time is load-bearing for timing assumptions across the protocol and the ecosystem, and discovering breakage late is how forks get delayed. EIP-8321 (Hash-Chain RANDAO) needs the complete PQ consensus design. EIP-8146 (Block Access List Sidecars) needs its observation deadline settled in specification. EIP-8237 (Independent CL/EL Sync) needs a cost comparison against simpler alternatives and a delivery owner.

  • Execution layer EIPs blocked by additional requirements: EIP-8253 (Bump Nonce of Zero-Nonce Storage Accounts) is under consideration to move to A-tier. It is not strictly required for the trie migration, and it simplifies the migration significantly, and the review will decide how much that simplification is worth. EIP-8077 needs a settled wire format. EIP-8374 (Persist Warm Access Sets Across Reverts) and EIP-8358 (Net Gas Metering for Account Changes) are one net-metering package and cannot carry different grades; resolving that is an open review item.

  • TBD EIPs: EIP-8368 (CPSB Recalibration for New Gas Limit) and EIP-8372 (Normalized State Gas Limit) shall be evaluated together once Glamsterdam hits mainnet and the impact of related state repricings can be evaluated.

A few notes on the DFI block

  • The unanimous CL DFI block: EIP-8363 (Tapered Issuance Burn) and EIP-8375 (ePBS Mandatory Burn of Execution Rewards) belong to a broader issuance process. EIP-8148, EIP-8205, and EIP-8359 are operational conveniences that primarily serve large staking operations and fail the necessity bar. EIP-8142 (Block-in-Blobs) deepens KZG dependence against the path to J*.

  • One proposal deserves a direct note: EIP-8363 (Tapered Issuance Burn). The unanimous DFI is not a judgement on the merits of the proposal. Issuance policy touches every staker, every holder, and the network’s long-run security budget; at this stage, EF Protocol does not consider itself the right and sole body to give direction on it, and a fork scoping exercise is not the right venue to settle it. We would expect this to be carried forward via a multi-node ecosystem process with the technical rigour and breadth of engagement the question deserves, and we intend to participate in such a process.

III. In closing

Of the 62 proposals evaluated, 2 are must-ship, 15 are expected to ship, and 28 are declined with stated reasons. Of the 15 remaining, 8 are B-tier proposals with noted requirements for inclusion, 7 are C-tier proposals below the line, and 2 TBD proposals waiting on mainnet evidence. Success here is determined as much by what we decline as by what we ship.

If you read one thing beyond this post, please read the companion: EF Protocol: Current and Emerging Priorities, which includes the Protocol cluster’s north star, plan, and the commitments that produced every grade above.

And if a grade above deserves a challenge, we’d love to hear the pushback. We’re hosting a Reddit AMA on r/ethereum on September 16 at 2pm UTC, and the tier list is exactly what we expect to be asked about. Submit questions ahead of time using the form here. Champions and supporters of non-A-tier EIPs and declined EIPs are especially welcome.

Ethereum Maps Priorities for Upcoming Hegotá Upgrade

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The Ethereum Foundation has identified two “must ship” proposals for the Hegotá upgrade, prioritizing censorship resistance and more flexible account authentication as it narrows the fork’s scope.

The ranking evaluated 62 proposed Ethereum Improvement Proposals (EIPs), drawing on input from roughly 60 researchers and engineers across the Foundation’s Protocol cluster. It marks the first time the Foundation’s Protocol cluster has published a unified view of proposed EIPs rather than separate opinions from individual teams.

The two must-ship proposals are EIP-7805, known as FOCIL, and EIP-8141, or Frame Transactions, which the Foundation designated as the consensus and execution-layer headliners for Hegotá.

FOCIL is designed to give users a path to have eligible transactions included without relying on centralized block builders, strengthening Ethereum’s resistance to transaction censorship.

Frame Transactions would introduce native account abstraction and create a path toward post-quantum authentication. Together with two companion proposals, the change could also provide protocol-level building blocks for privacy applications.

The “must ship” designation means the two proposals effectively define the upgrade. If either is at risk, the Foundation said Hegotá’s schedule should adjust before the proposal is dropped.

FOCIL tops Hegotá consensus-layer rankings. Source: Ethereum Foundation

Related: Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH

Hegotá scope still being finalized

Beyond the two headliners, the Foundation placed 15 proposals in its A-tier, meaning they are expected to ship unless development or testing constraints force cuts. Another eight remain candidates for inclusion, seven were placed below the line but not ruled out, and 28 were declined.

Two proposals remain unranked pending mainnet data from Glamsterdam, the Ethereum upgrade preceding Hegotá that is focused on improving scalability and strengthening the network’s base layer. According to the Foundation, client teams could begin implementing Hegotá in late 2026 following Glamsterdam.

Ethereum’s last major upgrade, Fusaka, went live on Dec. 3, 2025, bringing a series of scaling and usability improvements to the network. Its headline feature, PeerDAS, changed how nodes handle rollup data, reducing the amount each node needs to download and upload while increasing data capacity for Ethereum layer-2 networks.

Magazine: BTC will hit $1M by 2030… but Arthur Hayes is buying ETH instead 

Hunter Biden debuts 'LAPTOP' memecoin targeting TRUMP holders

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LAPTOP debuts Wednesday on Base, with nearly a third of the supply set to be burned if a slate of political and market outcomes — including a Democratic win in 2028 — comes good.

EF Protocol: Current and Emerging Priorities

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In May, the Protocol cluster welcomed a trio of new cluster coordinators and promised updates to follow.

After months of settling in and aligning with contributors cluster-wide, across the EF and across the Ethereum ecosystem, we are now happy to share Protocol’s priorities: what Protocol is for, the commitments that govern its work through 2029, and what those commitments require of the forks now entering scope.

With Glamsterdam approaching mainnet, Protocol has entered the Hegotá scoping season. We used the process described in an August 28 post: 62 EIPs proposed for inclusion, multiple Glamsterdam retrospectives, 16 contribution templates, and several cluster-wide working sessions. That process helped roughly 60 researchers and engineers to determine a shared set of priorities. Those priorities cover the longer-term roadmap and are focused through a critical path. That path starts with how we scope Hegotá.

This post communicates that shared set of cluster-wide priorities. For our grade on every Hegotá candidate, read the companion: EF Protocol: The Hegotá EIP Opinion Post and Tier List.

I. The north star

The EF Protocol cluster is aiming for Ethereum L1 to be quantum-resistant across all three layers (execution, consensus, and data) by December 2029. That date lines up with the 2029 migration targets independently set by Google, Cloudflare, and Microsoft. Estimates for Q-day will sharpen as time progresses. Its timing is outside anyone’s control, which is exactly why we have fixed a target rather than waiting for certainty. For now, Ethereum L1 should plan for Q-day happening as early as 2030. Planning for Q-day in 2030 is a deliberately aggressive assumption. Most credible estimates place Q-day later, some much later, and we may never see it at all.

Shipping post-quantum readiness early is the secure thing to do. It is the strategically responsible thing to do. It is the clearest signal we can send that Ethereum intends to exist 50, 100, and 1,000 years from now. Ethereum’s instinct, rightly, is to distrust all-in bets, and so do we. Here, though, we are making that bet deliberately. Q-day cannot be scheduled, so we have assigned ourselves a self-imposed deadline.

The EF Protocol cluster will treat this self-imposed deadline as non-negotiable at least until January 2027, when quantum progress will be reassessed with the guidance of outside experts.

II. The plan

Two cadences to December 2029
Client teams can realistically begin Hegotá implementation in late Q4 2026. Under the July Strawmap, full post-quantum readiness sits in L*, five hardforks after Glamsterdam. Shipping Glamsterdam in December 2026 and L* in December 2029 requires an average cadence of 7.2 months per fork. That schedule is quite aggressive, and leaves little room for error should a fork take longer to ship than anticipated year in advance.

The August 19 Strawmap update added a minimum viable post-quantum (MV-PQ) L1 milestone at J*. The post-quantum public-key registry sits in I*. The post-quantum heartbeat on the consensus layer, leanDA sampling on the data layer, and leanSPHINCS transactions on the execution layer sit in J*. A 12-month cadence from Glamsterdam can reach that contingency milestone by December 2029.

MV-PQ is a temporary safeguard
MV-PQ is designed to keep Ethereum operating through Q-day with reduced guarantees. Researchers are still defining exactly what that reduction in guarantees would look like. Full resistance across execution, consensus, and data remains the December 2029 target. The remaining work includes post-quantum attestations, required for full economic finality to complete consensus design.

Flexible fork order after J*
The Strawmap may swap K* and L*, moving lean consensus forward by one fork and mandatory execution proofs back by a fork. Reaching full post-quantum readiness in K* by December 2029 implies a 9-month cadence. We are planning Hegotá, I*, and J* as one delivery sequence while that ordering will only be finalized once research matures and client capacity is better understood.

Parallel delivery across the ecosystem
The cadence these milestones demand will require an incredible amount of teamwork, within Protocol and beyond. Forks will overlap, shipping Hegotá simultaneously while I* specifications mature and J* through L* research produces testable components. Simply shipping the forks in a linear sequence cannot meet the December 2029 schedule. Doing so will require tighter communication inside the cluster, and engaging client teams, grant recipients, academia, and the wider community so the pipeline from research to mainnet accelerates with every fork.

Delivering PQ-readiness will also take more hands than any prior fork sequence, including cryptographers, client devs, researchers, security reviewers, and testing capacity, inside the EF and well beyond it. This will be an ecosystem-wide effort.

III. The five multi-fork research arcs

Simultaneously working on several forks is how the Protocol cluster carries all of its interconnected work, near-horizon and long-horizon alike, beyond the immediate push to reach minimum viable post-quantum. These efforts are organized around five multi-fork research arcs: fast finality, post-quantum, privacy, state, and zkEVM.

Fast finality

Fast finality reduces Ethereum’s time to finality from minutes to seconds. The current design direction decouples finality from block production and rebuilds the consensus layer around an available chain and a finality gadget. Specifications and prototypes are underway, aimed at I*, where decoupled consensus is the leading headliner candidate.

Post-quantum

The post-quantum arc (as described in “II. The Plan” above) delivers the December 2029 commitment and it spans all three layers: consensus, data, and execution. Cryptographic agility is critical to the execution layer, where native account abstraction lets signature schemes be swapped without a hard fork per scheme. Frames provides that property with its approach to native account abstraction. The consensus layer, however, cannot rely on cryptographic agility; its cryptography and aggregation schemes can only change through a hard fork. Consensus cryptography gets the opposite treatment as a result. It gets battle-tested and hardened before rollout, and consensus components wait for the complete PQ design instead of shipping one at a time.

Privacy

The privacy arc is working toward privacy as a protocol guarantee, so that users can transact, hold balances, and interact with applications without exposing their financial history or trusting third parties. We believe this work should start in Hegota to deliver native, trustless, censorship resistant private transactions on Ethereum L1. Later work focuses on post-quantum privacy at scale, and encrypted mempools that conceal transaction contents until inclusion.

State

The state arc keeps state growth and access from becoming Ethereum’s binding constraint. Its work includes migrating to a new trie, sustainable state growth, and decentralized access to current and historical state. The largest design and migration work is expected to begin in I* and continues beyond it.

zkEVM

The zkEVM arc moves execution proofs from available and optional, to expected, to mandatory. Validators eventually verify a succinct proof and stop re-executing every block. Under the current Strawmap ordering, mandatory proofs arrive in K*. One reordering is in review: swap the PQ attestation and mandatory proofs milestones. PQ attestations would move forward from L* to K*, and mandatory proofs would move back from K* to L*, while the rest of each fork stays where it is. If that happens, mandatory proofs arrive one fork later so the largest remaining piece of consensus PQ arrives one fork sooner. Either way, the push to ship an L1 zkEVM also drives forward formal verification tooling, workflows, and verified cryptographic components that other arcs benefit from, post-quantum in particular.

IV. How we set priorities & ship them

Our imperative, first published in the July all-Protocol update, remains:

“Concentrate Protocol on what only Protocol can do and will do, and complete the Strawmap items that allow Ethereum to uphold the Mandate.”

Glamsterdam’s completion and the December 2029 commitment move post-quantum work from a long-horizon research concern into near-fork delivery. The post-Glamsterdam priority ladder records that change and places formal verification across the remaining research arcs as shared tooling.

As of Q2 2026 Post-Glamsterdam
P0 Keep mainnet safe Keep mainnet safe (unchanged)
P1 Ship Glamsterdam and Hegotá without security or stability issues and in a timely manner Ship the critical components of Hegotá, I*, and J*: the path to MV-PQ
P2 Hold research and engineering capacity for the fork after next (I*) Hold research and engineering capacity for K* and L*, focused on accelerating the remaining PQ items
P3 Hold research capability for the five multi-year arcs (fast finality, post-quantum, privacy, state, and zkEVM) Hold research capability for the four remaining arcs (fast finality, privacy, state, and zkEVM), with formal verification as cross-cutting tooling that advances all of them

The ladder sets priority; the maturity pipeline sets how work earns inclusion:

Research → EIP → Prototype → Devnet → PFI → CFI → SFI → Mainnet

Each step should add evidence, reduce uncertainty, and make ownership visible before the next commitment is made. A devnet can send work back to research. PFI, CFI, and SFI signal rising confidence among AllCoreDevs; they do not substitute for implementation evidence. Much of what Protocol is uniquely positioned to do is moving ideas across this whole pipeline.

V. The next fork, as the first test

This section is about Hegotá specifically. Protocol’s view of the fork now being scoped. The companion post, EF Protocol: The Hegotá EIP Opinion Post and Tier List, details how the Protocol cluster grades every EIP, with a specific explanation for each EIP. In this section, we cover the priorities, commitments, and scope boundaries that produced those views.

Hegotá is not the PQ fork; it is the fork that decides whether the PQ forks happen on time. Its SFI’d headliners are EIP-7805 Fork-choice enforced Inclusion Lists (FOCIL) on the consensus layer and EIP-8141 Frame Transaction on the execution layer. They must ship together safely, with the interaction between inclusion and the new transaction model tested as part of the fork’s main engineering lift.

There is little appetite for additional consensus-layer scope. FOCIL is Hegotá’s consensus-layer centerpiece. Our appetite beyond it is close to zero unless an addition directly supports post-quantum readiness. Each additional consensus-layer item draws from the same researchers and client devs needed to specify and prototype decoupled consensus and prepare I* and J* when their Hegotá implementations are completed.

Preserving CROPS as a whole

The Mandate defines Protocol’s job through CROPS: Censorship Resistance (CR), Open Source and Free, as in Freedom (O), Privacy (P), and Security (S). These properties are one set of protocol guarantees. Open-source development and open participation are the baseline for every fork. Hegotá makes specific commitments across the other 3.

Censorship resistance (CR)

FOCIL’s goal is to improve Ethereum’s transaction inclusion guarantees by enabling multiple validators to impose constraints on builders’ blocks. They do so by specifying a set of transactions that must be included via ILs for the block to be considered valid by attesters. EIP-8369 VOPS Profiles for FOCIL Eligibility defines which transactions are eligible and what validators must verify, so FOCIL’s guarantees can extend to future transaction types. Together, they are Hegota’s direct commitment to censorship and capture resistance.

Privacy (P)

Ethereum is still missing some basic protocol support that privacy applications need. EIP-8250 Keyed Nonces lets many users share the same sender for better anonymity, while giving their transactions separate nonces so they do not block one another. EIP-8272 Recent Roots lets private transactions use recent onchain state in a form FOCIL can check, so they can benefit from its inclusion guarantees. Together, they remove two major barriers to trustless, censorship resistant private activity on L1 and should ship with Frames.

Security (S)

Frame transactions makes transaction validation, execution, and gas payment programmable at the protocol level. It gives accounts a native route away from vulnerable secp256k1 keys, supports signature aggregation, and lets new signature schemes be introduced without a hard fork for each scheme. It also keeps account validation and fee payment permissionless. Keyed nonces and recent roots complete the Frames core needed for Hegotá.

EIP-8365 BLS Withdrawal Credential Retirement starts the retirement process for withdrawal credentials that remain tied to vulnerable cryptography. The work can begin now without waiting for the full post-quantum consensus design.

The Frames-extension package hardens accounts directly. EIP-7906 Transaction Assertions via State Diff Opcode lets transactions verify specified effects before committing, protecting against attacks such as drainers, EIP-8298 SETCODEFROM Code Reuse Instruction lets delegated accounts become full smart-contract accounts, and EIP-8151 Account Code Restricted ecRecover blocks legacy key authentication once an account has real code. The last 2 form the account path for retiring secp256k1 as a master key.

The bounding pair treats worst-case block construction as security work: EIP-8279 Block Access List Byte Floor and EIP-8131 Unified Transaction Content Floor put a predictable gas floor under adversarial block content. Any later use of resulting headroom is a separate scope decision.

Delivering FOCIL and Frames safely, and testing the interaction between them, is Hegotá’s core engineering commitment. Every addition competes with that testing surface and must clear the necessity bar.

VI. What to expect

The companion post publishes the Protocol cluster’s Hegotá tier list and explanation of every grade. If you read one thing beyond this post, read the companion.

Lastly, we want your questions. We’re hosting a Reddit AMA on r/ethereum on September 16 at 2pm UTC to talk through these priorities, the Hegotá tier list, and anything else on your mind. Submit questions ahead of time using the form here. The sharper the question, the better the thread.

Bitcoin struggles at $83,000 sell wall as whales distribution flip into net selling

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All wallet cohorts have shifted into net distribution for the first time since early June, but a potential golden cross offers bulls some hope.

Philippines Eyes Payment Operator Freeze, Tighter VASP Checks

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The Philippines’ central bank has proposed freezing new payment-system operator registrations for 12 months while imposing tighter controls on payment arrangements involving virtual asset service providers (VASPs). 

Under a draft circular, the Bangko Sentral ng Pilipinas (BSP) said it would suspend acceptance and processing of applications for operators of payment systems (OPS) to conduct a “holistic review” of its taxonomy and licensing framework. 

Applications submitted before the suspension could continue to be evaluated, but the BSP would not approve or deny any until the pause ends. Entities would be barred from starting activities that require OPS registration unless the regulator authorizes them otherwise. 

The proposal would require BSP-supervised institutions offering merchant acquisition services to handle regulated VASPs through direct merchant arrangements. Those relationships would be subject to enhanced due diligence and monitoring, transaction and settlement limits and other risk-based controls. 

The requirement covers virtual asset firms that must be licensed, registered or authorized by the BSP, the Philippine Securities and Exchange Commission, or another authority. VASPs are listed alongside gambling businesses, gaming providers, adult-oriented businesses and money service businesses.

The draft would take effect 15 days after publication if finalized, and the BSP is currently accepting feedback.

Cointelegraph reached out to the BSP for more information but did not receive a response before publication. 

Related: Philippines SEC flags dYdX, six crypto platforms as unauthorized

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