The growth and scalability of Ethereum L2 will undermine the value proposition of L1 competing chains that adopt similar scalability approaches.

"My reflections will focus more on survival issues, including the health of the L1 ecosystem, capture, cartels, alignment with Ethereum at the second layer, and so on."

It is hard to imagine how closed and dark the environment would be without the open-source contributions of participants from various fields and the openness of researchers from different institutions regarding MEV data.

EIP-7781 may become the "first major" initiative to improve the Ethereum base layer.

Raising the base price of Blobspace has a limited impact on transaction costs; especially for efficient Blob submitters, the increase in fees is negligible.

The "car" is too heavy, and the "village" is too scattered. As the 34th largest asset globally, the price of ETH is stagnant, and Ethereum is facing its own "midlife crisis."

Comprehensive analysis of the changes in Ethereum's transaction fees, Blob fees, changes in Layer 2 demand, and changes in Ethereum's staking and locked amounts.

The current DeFi ecosystem, although具有循环特性, has proven the feasibility of on-chain financial systems.

Overall, I recognize Ethereum as a social experiment, aiming to create a decentralized, authority-free, and even trust-free "cyber immigrant nation," as well as its scaling direction based on Rollup L2. The real challenges Ethereum faces are twofold: first, the competition between Restaking and L2 scaling solutions dilutes resources for ecological development and reduces ETH's value capture ability.

The "King of Chains," Ethereum, is gradually losing the respect of investors and the community.