Chainfeeds Introduction:
Starting from multi-dimensional data, this paper systematically analyzes the current difficulties, potential turning points and future paths faced by Ethereum, and restores the true situation of this giant at the crossroads for you.
Source:
https://mp.weixin.qq.com/s/kqFBA9QwTx0o3hZCVaDpPA
Article author:
Z2H Labs
Viewpoint:
Z2H Labs: 1) As a giant asset with a market value of over $200 billion, Ethereum is unlikely to rise as fast as small and medium-sized market value projects (such as SOL). Compared with BTC, which benefits from the injection of funds from ETFs, Ethereum lacks similar catalysts, and the market capital inflow is weak, forming a price ceiling. 2) Although the enhanced scalability of L2 has brought improved usability to the Ethereum ecosystem, the actual effect is that the mainnet funds, transaction volume, MEV income and fee income continue to flow to L2 such as Arbitrum, Optimism, and Base, forming a typical "value spillover" structural problem. 3) The intercommunication efficiency between Ethereum and L2 and other chains is low, resulting in users frequently relying on bridge tools to transfer assets at high costs, which has led to the continuous migration of users and funds to integrated, high-performance emerging chains such as Solana, and the ecological liquidity has been further dispersed. 4) The current Ethereum ecological TVL is more distributed in the L2 network, forming a serious phenomenon of intra-chain asset fragmentation. The mainnet is no longer the only place to carry value, resulting in a decline in the overall ecological synergy, user retention and network effect. 5) In terms of technology evolution, Pectra is a key step for Ethereum to move towards a lightweight core and service extension model, marking its gradual evolution from a smart contract platform to a modular data sovereignty layer. Faced with structural difficulties and external challenges, whether Ethereum can re-establish its technological leadership through the upcoming Pectra upgrade in 2025 will become a key turning point in determining whether it can reverse the market downturn and revive its reputation as the king of public chains.
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