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As for the size advantage: this mattered more when LUTs were precious and when PicoBlaze's competition was either similarly unorthodox (J1 Forth CPU) or several times larger (MicroBlaze). Nowadays, there are very small RISC-V cores like FemtoRV32 Quark or SERV. RISC-V benefits from mainstream open-source tooling and has momentum that's hard to beat.
As for the size advantage: this mattered more when LUTs were precious and when PicoBlaze's competition was either similarly unorthodox (J1 Forth CPU) or several times larger (MicroBlaze). Nowadays, there are very small RISC-V cores like FemtoRV32 Quark or SERV. RISC-V benefits from mainstream open-source tooling and has momentum that's hard to beat.