Will Ethereum Replace the EVM?

Charles Schwab Crypto Trading | Hyperliquid Hits 70% Market Share

Marco Manoppo & Karon Pangestu
April 21, 2025

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Good Morning.

Uncertainty is still in the markets as China warns countries against striking trade deals with the US — gold is hitting its all-time high while Bitcoin seems to be slowly following up.

In Today's Email:

What Matters: Vitalik Proposes RISC-V to Replace EVM 🔁
Product: Charles Schwab Eyes Spot Crypto Trading 👀
Charts: Hyperliquid Hits 70% Share, Spot Trading Slumps 🔍️

Narratives: Tariff is easing a bit?

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TOGETHER WITH

Converge Tech Specification & Roadmap: Built for Institutions, Powered by sENA

Converge is a new blockchain network designed from the ground up for serious scale with support from Ethena and Securitize, and built on top of Arbitrum, Celestia, and a custom G2 sequencer.

Converge delivers fast 100ms blocktimes, low fees, and a clear path toward gigagas-level throughput.

At the centre of it all is the Converge Validator Network, powered by staked sENA. This validator network isn’t just keeping the chain running, it actively protects the protocol, ensures fast finality, resists MEV, and steps in during high-risk events.

Validators are stakers of sENA, making the token essential to the security and governance of the network.
As Converge grows and adoption picks up, sENA becomes more useful and more valuable.
It’s the foundation for keeping the network safe and aligned, with rewards flowing back to the people who secure it.

There’s no new token. Just a powerful chain, real utility, and a chance to be part of something that’s built to last.

WHAT MATTERS

Vitalik Proposes RISC-V to Replace EVM

State of play: Vitalik Buterin has proposed replacing Ethereum's EVM bytecode with the open-source RISC-V architecture to improve execution layer scalability significantly.

Vitalik described the idea as “radical” but potentially necessary for achieving major performance gains, including up to 100x reduction in execution costs.
He suggests maintaining compatibility between the old EVM and new RISC-V contracts.
The proposal follows similar initiatives like Polkadot's PolkaVM and arrives ahead of Ethereum’s upcoming "Pectra" upgrade set for May 7.

What’s next: If there’s broad support, the next steps would include formal Ethereum Improvement Proposals (EIPs), research into RISC-V interpreters or compilers for EVM, and potential testnet trials.

For builders and investors: Having a high throughput is no longer a differentiator for blockchains, but a standard that ETH needs to catch up to.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Charles Schwab Eyes Spot Crypto Trading

IMG: Fox Business

Charles Schwab is preparing to launch spot crypto trading within the next 12 months, according to CEO Rick Wurster.

On the company’s recent earnings call, Wurster said the firm is “hopeful and likely” to introduce the product as US crypto regulations evolve.
Schwab’s crypto site recently saw a 400% increase in traffic, with 70% of visitors being new prospects.
This product push reflects Schwab’s broader digital asset strategy, following its investment in EDX Markets (alongside Citadel and Fidelity).
Schwab’s recent studies show that Millennials have the strongest appetite for crypto ETFs.
Industry experts say spot crypto trading is becoming a standard offering among top brokerages.

Other cool products:

Sweat Economy, a move to earn dApp.
Lingo, a gamified RWA-powered rewards token.
Ostium, a trading platform to bet on any asset and any strategy.
Yei Finance, a non-custodial money market protocol on the Sei network.
Kanvas, a platform that helps brands connect with audiences through crypto.

CHARTS OF THE WEEK

The Block

State of play: Hyperliquid now holds nearly 70% of the onchain perpetuals market, signaling a major shift from centralized derivatives platforms.

The protocol processed $175B in trading volume in March and hit $83B halfway through April, reaching nearly 10% of Binance’s perp volume.
Its rapid growth reflects rising demand for decentralized, non-custodial trading that offers leverage, transparency, and protection from exchange insolvency.
Competitors like GMX and Jupiter trail far behind, as network effects and liquidity concentrate in Hyperliquid’s favor.

Our take: Onchain perps growth is one obvious area that will become larger by a few orders of magnitude in the next 5 years.

Spot Trading Slumps as Futures Take Lead

The Block

State of play: Crypto exchange volume has fallen to a six-month low, with spot trading activity dropping sharply across both centralized and decentralized platforms.

The seven-day average volume across major exchanges is down over 75% from December highs, sitting at just $32B.
Traders are shifting toward futures, with spot-to-futures ratios for BTC and ETH hitting their lowest levels since August 2024 and December 2023, respectively.
Meanwhile, Solana is showing a modest rise in trading volume compared to Ethereum, breaking a months-long downtrend.

The Block

QUICK BITES

Strategy bought $555M of BTC.
Metaplanet buys an additional 330 BTC.
Bitget will roll back trades and compensate users.
Circle unveils a new payments and remittance network.
Bybit CEO says ~28% of the $1.4B hacked has gone dark.
Kraken launches forex perpetual futures with 20x leverage.
Hyperliquid now holds ~70% of the onchain perpetuals market.
Blocksquare, Vera Capital ink deal to tokenize $1B in US real estate.
Charles Schwab says spot crypto trading will likely launch in 12 months.
South Korea’s central bank vows to participate in stablecoin legislation.
BIS calls for the containment of crypto risks as TradFi connections deepen.
Synthetix founder threatens SNX stakers with ‘the stick’ to fix SUSD depeg.
Crypto exchange volume falls to 6-month low as traders flee spot for futures.
Vitalik Buterin floats swapping Ethereum's EVM for RISC-V to boost scalability.

NOTEWORTHY READS & MEME

Shiv Shankar’s read on boundless apps.
Shaan Puri’s read on the big lie of competition.
Decentralised’s read on networks in crypto VC.

$ZORA is going to be a content coin
lol lmao
— laurence (@functi0nZer0)
11:06 PM • Apr 20, 2025

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