Feasibility Study of Instruction-Level Pipelining within the Ethereum Virtual Machine Architecture

The Ethereum Virtual Machine (EVM) is a stack-based virtual processor that executes smart contract bytecode sequentially. While this design ensures determinism and correctness, it inherently limits instruction throughput. This paper presents a feasibility study of instruction-level pipelining within the EVM interpreter architecture. By analyzing the internal execution flow of the EVM as implemented in the Go-Ethereum (geth) client, the study identifies the program counter dependency, particularly under jump instructions, as the principal control hazard preventing naïve pipelining. A two-stage pipelined execution model is proposed, separating opcode fetch and decode from execution and program counter update, with a feedback mechanism to preserve EVM semantics. The work focuses on architectural feasibility rather than performance evaluation and optimization, demonstrating that pipelining inside the EVM interpreter is conceptually possible under controlled synchronization. Limitations, design challenges, and future research directions are discussed.