Ethereum Bulls Look to $3K as Vitalik Reimagines Layer 1; South Korea’s Crypto Rise Continues Under Lee
Ethereum’s price is holding firm near $2,600 as the Asian trading session opens, but the story gaining traction isn’t just price—it’s potential.
That potential, according to OKX’s Lennix Lai, lies in a bold new direction from Ethereum co-founder Vitalik Buterin, who recently proposed supercharging Ethereum’s core blockchain by a factor of 10. The move, shared at ETHGlobal Prague, could reduce the network’s reliance on complex Layer 2 solutions and signal a major evolution in blockchain design.
“Scaling Layer 1 directly is a paradigm shift,” Lai told CoinDesk. “It’s a vision that could bring Ethereum closer to mass usability and make the $3,000 mark not just possible—but probable.”
Traders seem to agree. On OKX, ETH perpetuals made up over 44% of trading volume last week, suggesting sophisticated players are positioning for volatility—and possibly upside.
Layer 1 refers to Ethereum’s main network. Until now, Layer 2s—like rollups and sharding—have been the go-to method for boosting transaction speed and reducing costs. But Vitalik’s plan could streamline that architecture, making Ethereum more scalable without fragmentation.
Outside the Ethereum ecosystem, Lai also flagged macro events—including the ECB’s rate decision and U.S. employment data—as risk triggers that could ignite a broader rally across crypto markets.
CoinDesk Research’s model highlights ETH’s resilience above $2,600, supported by $1.2 billion in recent institutional inflows and heavy whale accumulation, both of which signal growing confidence from deep-pocketed investors.
Hashed’s Simon Kim: Korea’s Crypto Boom Isn’t Slowing Under Lee
In Seoul, the political winds have shifted—but the crypto current is holding strong.
Simon Kim, CEO of South Korean venture powerhouse Hashed, says the recent election of left-leaning President Lee Jae-myung won’t derail the nation’s growing embrace of crypto. If anything, it cements its role in the country’s financial and political future.
“Crypto is now more popular than stocks in Korea,” Kim told CoinDesk, citing 16.29 million daily crypto traders, versus 14.24 million stock traders. “Politicians now realize that supporting digital assets is essential to winning votes.”
Kim doesn’t expect any change to the previously announced crypto capital gains tax, which is set to begin in 2027. And he believes U.S. regulatory developments remain the north star for Korean lawmakers as they shape policy domestically.
He’s especially focused on stablecoins, which already make up 10% of the country’s trading activity. However, issuing a won-backed stablecoin remains complex due to Korea’s capital control laws. “There’s no real economic incentive to create a stablecoin linked to the won,” Kim noted. “But stablecoins themselves aren’t going away—they’re foundational.”
To Kim, stablecoins are more than digital cash. They represent a programmable layer for smart contracts, capable of unlocking new forms of economic autonomy.
Kim also expects the Lee administration to deepen investments in AI, though he’s skeptical of efforts to build a Korean equivalent of OpenAI. Instead, he sees strength in what he calls “physical AI”—real-world applications of machine learning in Korea’s manufacturing, semiconductor, and robotics sectors.
“We have an edge in applying AI to physical systems,” he said. “And that’s where Korea can lead, globally.”
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Markets Overview
- Bitcoin (BTC): Fell 1.67%, struggling above $105K amid institutional withdrawals
- Ethereum (ETH): Up 4%, buoyed by strong support at $2,590 and major whale activity
- Gold: Rose 0.8% to $3,382 on weak U.S. data and global risk concerns
- Nikkei 225: Down 0.39% in early trading as U.S. job data sparked caution
- S&P 500: Closed higher at 5,970.81, lifted by tech despite weak macro sentiment
In Brief
- Brian Quintenz, Trump’s CFTC nominee, heads to a Senate hearing on June 10
- Ethereum Foundation signals that 2025–26 will be a “pivotal” period for ecosystem strategy
- Vitalik Buterin continues to use privacy tool Railgun, reinforcing his stance on on-chain anonymity
