Understanding Ethereum’s ‘walkaway test’ – Who really keeps the network alive?

ambcryptoPublished on 2026-01-13Last updated on 2026-01-13

Abstract

Ethereum co-founder Vitalik Buterin advocates for a "walkaway test," emphasizing the need for Ethereum to function as a robust, self-sustaining tool rather than a service dependent on continuous development. He argues the network should rely on its existing protocol for long-term durability, prioritizing security, scalability, and decentralization. Currently, a small group of large application builders—including stablecoin issuers, DeFi platforms, staking providers, and traditional finance entities like PayPal and Coinbase—supports over 90% of the value locked on Ethereum. Their sustained activity aligns with Buterin’s vision, as these applications operate independently of base-layer changes. In a show of confidence, Tom Lee’s Bitmine increased its Ethereum exposure by $75.6 million last week, bringing total holdings beyond $13 billion. The firm also staked around $340 million in ETH within a single day, contributing to a total staked amount of roughly $3.69 billion—nearly 1% of Ethereum’s supply. This significant investment reflects strong institutional belief in the network’s long-term viability.

Ethereum Co-Founder Vitalik Buterin is making the case for a “walkaway test,” while activity across the network rests with a small group of large application builders.

On the other hand, Tom Lee’s Bitmine pushed its Ethereum exposure past $13 billion this week.

Confidence in the network is coming from its existing ecosystem.

A test for survival

Buterin wants Ethereum to reach a point where it can survive even if active development slows or stops.

In a recent post on X, he argued that Ethereum should work “more like tools,” rather than services; something users can rely on without relying on constant updates or a central group of maintainers.

“Do the right thing once, based on knowledge of what is truly the right thing… and maximize Ethereum’s technological and social robustness for the long term.”

That idea, which he calls the “walkaway test,” means the network’s value should come from what is already built into the protocol today. To get there, Buterin set out long-term goals such as stronger security and scalability, and a design that can last for decades.

Adding to this…

A relatively small group of builders now supports more than 90% of the value locked on the network. Stablecoin issuers, DeFi platforms, staking providers, and even TradFi players like PayPal and Coinbase are at the core of Ethereum’s [ETH] activity.

Source: Token Terminal

Real usage of the network is being sustained by applications that continue to function regardless of changes at the base layer. This matches Buterin’s view.

Is big money betting on Ethereum’s staying power?

Tom Lee’s Bitmine added $75.6 million worth of Ethereum last week, bringing total ETH holdings beyond $13 billion. More importantly, they’re actively putting that capital to work.

Source: Arkham

Over the past day alone, they staked around $340 million worth of ETH. Total staked amount pushed up to roughly $3.69 billion.

That’s close to 1% of Ethereum’s total supply.


Final Thoughts

  • Buterin calls for a “walkaway test,” saying the network needs to be able to run itself.
  • Bitmine stakes $3.69B in ETH, showing long-term belief in network durability.
Next: From Times Square to zero bids – Inside NYC token’s 30-minute collapse
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Related Questions

QWhat is the 'walkaway test' proposed by Ethereum Co-Founder Vitalik Buterin?

AThe 'walkaway test' is a concept proposed by Vitalik Buterin where Ethereum should reach a point where it can survive and function reliably even if active development slows or stops. It means the network's value should come from what is already built into the protocol, making it more like a tool that doesn't rely on constant updates or a central group of maintainers.

QAccording to the article, which group is responsible for supporting more than 90% of the value locked on the Ethereum network?

AA relatively small group of large application builders, including stablecoin issuers, DeFi platforms, staking providers, and TradFi players like PayPal and Coinbase, supports more than 90% of the value locked on the Ethereum network.

QHow much Ethereum did Tom Lee's Bitmine add to its holdings last week, and what is its total ETH exposure?

ATom Lee's Bitmine added $75.6 million worth of Ethereum last week, bringing its total ETH holdings beyond $13 billion.

QWhat are some of the long-term goals Buterin set out for Ethereum to pass the 'walkaway test'?

AButerin set out long-term goals such as stronger security and scalability, and a design that can last for decades, to make Ethereum technologically and socially robust for the long term.

QHow much Ethereum has Bitmine staked, and what does this indicate about their belief in the network?

ABitmine has staked approximately $3.69 billion worth of Ethereum, which is close to 1% of Ethereum's total supply. This significant investment shows their long-term belief in the network's durability and staying power.

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