Recently, the Ethereum circle has been quite lively: on one side, Vitalik is proposing a "five-year simplification plan" to reduce Ethereum using the RISC-V new architecture and "three-slot finality" model; on the other side, the US just approved the Ethereum spot ETF, and Wall Street is beginning to embrace ETH; meanwhile, various Layer 2 projects are battling fiercely, with the ecosystem bustling. Voices predicting Ethereum's decline have also risen. However, in my view, these seemingly turbulent situations are precisely the necessary stages for Ethereum to become "stronger".
Technical Reform: RISC-V and Three-Slot Finality
Vitalik plans to make Ethereum as simple as Bitcoin. He proposes adopting a "three-slot finality" consensus model, cutting off the cumbersome epoch and committee mechanisms, completing block finality with just 3 slots; meanwhile, replacing the EVM virtual machine with RISC-V architecture to significantly improve execution efficiency and reduce complexity. To ensure smooth transition, old contracts will continue to run in the on-chain EVM interpreter, similar to how Apple uses Rosetta to support legacy applications. This series of "slimming" operations demonstrates Vitalik's determination to simplify, and I applaud this move.
Layer 2 Battle: Chaos with Opportunity
Meanwhile, numerous Layer 2 scaling solutions are blooming, almost to the point of chaos: Arbitrum and Optimism are emerging one after another, zkSync and StarkNet are competing, and even giants like Uniswap and Coinbase are creating their own L2. As a result, funds and users are dispersed, and the mainnet occasionally feels like it's being disrupted by "unruly children". Detractors assert that "Ethereum is finished", but the fact is exactly the opposite: the more projects take root in Ethereum's expansion, the more it proves Ethereum's indispensability as a base layer. After this shuffling battle, the surviving high-quality Layer 2 projects will ultimately benefit the mainnet, bringing lower costs and more users to the Ethereum ecosystem. This temporary chaos is one of the growing pains towards a more mature ecosystem.
ETF Benefits: Sweetness and Cost
Looking at the market-level benefits - the Ethereum spot ETF has finally been approved. This marks traditional capital officially entering the scene, and Ethereum receiving unprecedented recognition. But there's no free lunch: to obtain regulatory approval, the ETF scheme was forced to remove sensitive designs like staking rewards. Investors can buy ETFs more conveniently but cannot enjoy the direct benefits of staking, which is one of the costs. The entry of institutional funds also brings concerns like concentrated holdings and increased regulation. However, as long as the decentralization foundation is not damaged, the mainstream recognition gained from these costs is still beneficial for Ethereum's long-term development.
Conclusion: Ethereum on the Eve of Transformation
Ultimately, whether it's technical self-innovation or the surging market and ecosystem, everything is shaping a stronger Ethereum. Whenever a bear market arrives, there are always people predicting Ethereum's decline, but it has been reborn from the fire time and again, growing stronger. This time, I still firmly stand on Vitalik's side. Let the bullets fly for a while; Ethereum will ultimately prove those predicting its decline wrong through its capabilities.
