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Ethereum Korea One: Genesis · Day 1 · 2026-09-28 · 9:28
What changes if Ethereum's 12-second blocks become a real-time network measured in milliseconds? At Ethereum Korea One: Genesis, ETHGas CEO Kevin Lepsoe explains what real-time execution could bring to Ethereum.
연사
- Kevin Lepsoe, CEO, ETHGas
세션 소개
A keynote focused less on "why Ethereum" and more on "how we get there." Likening blockspace, Ethereum's core asset, to a commodity, it covers what changes for traders, protocols, validators, and institutions when blocks are sequenced in real time, and who will gain access to settlement infrastructure.
핵심 요약
- Lepsoe argued that Ethereum's one real asset is blockspace, sold block by block, and that if global finance runs on Ethereum, blockspace needs a commodities market like those for precious metals, agricultural products, and energy.
- ETHGas has found a way to effectively cut Ethereum's 12-second blocks to 50 to 100 milliseconds. The CEO explained that when the network behaves like a continuous-time network, MEV such as frontrunning and sandwich attacks starts to disappear.
- Lepsoe estimated that once multiple transactions can be processed between blocks, validator revenue could grow 20 to 30 times, from about $300 million a year today to roughly $5 billion to $6 billion.
- Agents cannot wait 12 seconds, or two slots (24 seconds), to settle. "Agents need machine speed," and real-time execution was presented as a precondition for the agent economy.
- For institutions, the company is building a "separate lane of blockspace" with sanctions compliance, no MEV, first-come first-served processing, and identity-verified validators, and is forming consortia in Japan, Korea, and the US.
- Lepsoe expects fragmented liquidity to return to L1 within a few years, and said that through local access, such as Korean validators holding 2 to 3% of staked ETH, ETH could become a strategic reserve asset.
챕터
- Opening: "how," not "why"
- Ethereum's one asset: blockspace
- An analogy of validators and block refining
- From 12-second blocks to 50 to 100 milliseconds
- Who benefits from real-time Ethereum
- Forecast of 20 to 30x validator revenue
- Agents and real-time execution
- A separate blockspace lane for institutions
- Liquidity returning to L1
- Local validators and sovereignty over settlement infrastructure