Vitalik compares the importance of the next Ethereum upgrade to The Merge, estimating a timeline of three to four years. This is the third structural reshaping of the protocol layer, with the goal of "simplification." Quantum security has been elevated to a priority, and existing cryptographic assumptions may be re-evaluated within the next decade. The Hegota hard fork is likely the last "pre-simplification" version, after which Ethereum will move toward a lighter, more modular architecture. For developers, this means fewer core changes and a more stable base layer, but the application layer and capital markets will accelerate in expansion. For holders, simplification does not mean weakening—the more stable the protocol, the more institutions will enter. However, the three-to-four-year delivery cycle also implies a short-term narrative vacuum, and market attention may shift to other public chains. The risk lies in the possibility of sacrificing some flexibility during the simplification process, and the actual timeline for quantum safety remains uncertain. If other L1s capture DeFi and RWA market share during this period, Ethereum's "simplification" could become "concession."