jakiro
author：@Web3Mario
summary：这周末社交网络很是热闹，又开始了新的一轮对ETH的辩论，我想起因应该是两个，首先Vitalik与ETHPanda的访谈引起了中文社区的广泛讨论，另一方面相比于SOL, ETH’s continued decline in BTC exchange rate has also caused widespread dissatisfaction.Regarding this issue, I also have some opinions and hope to share them with you.In general, I think there is no problem with the long-term trend of ETH, because there is actually no direct product in the market, because in the narrative of Ethereum, the more important thing in the positioning of “decentralized execution environment” is “decentralizedThe basic market has not changed, and there are two core reasons for the current bottleneck of ETH development. One is that the Restaking track has caused vampire attacks on Layer2, which is the development path of mainstream technology, and diverted a large number of them.Resources of the ETH ecosystem.The core mechanisms subject to Restaking will not create incremental demand for ETH, which directly leads to the inability to obtain sufficient development resources and user attention on the application side, and promotion and user education are stagnant.其二则是Ethereum生态的关键意见领袖正在贵族化，形成一个利益阶级，这就让阶级流动出现固化的现象，开发者生态缺乏足够的激励，创新自然显得乏力，
Restaking vampire attacks on Ethereum ecological resources, resulting in the application side being unable to obtain sufficient development resources
There have actually been some discussions on this in a previous article, and today I hope I can take this opportunity to re-examine it.
We know that Ethereum’s official development path has always been to form a completely decentralized execution environment through Sharding. In layman’s terms, it is a completely distributed cloud that is not controlled by either party.Applications can obtain computing and storage resources through bidding on the individual cloud, and all resources are completely controlled by the supply and demand relationship in the market.Taking into account the complexity of the technology.The reason you choose Sharding is because you cannot tolerate 100% redundancy on the entire data, which will cause significant waste.Therefore, the data can only be processed separately in different areas, and then finally a certain relay can summarize the processing results.
Considering the complexity of technical iteration, Sharding’s technical selection has actually changed, and the community finally decided to use the Rollup-Layer2 solution as the mainstream direction.In this solution, all applications can be optionally built in a separate Layer2, while the Ethereum main network is submerged into the infrastructure for all application chains. In addition to bringing data finality to the application chain, it can also serve as information.The role of succession.Such a master-slave architecture is a good solution in terms of efficiency and cost, which not only reduces the cost of application operation, but also establishes a good guarantee on the degree of “security” of decentralization.
At the same time, Ethereum also designed a relatively self-consistent business model and designed a good economic model for ETH.On the one hand, the POW consensus mechanism of the main chain is switched to an asset voting POS mechanism. In exchange, each participant can obtain dividend rights for the main chain handling fee income.另一方面各个应用链需要通过主链交易进行数据最终性的确认，而交易则需要以ETH作为Gas，因此只要作为应用链的各个Layer2保持活跃，就会间接推动Ethereum主链的活跃。This also allows ETH to have the ability to capture value from the entire Ethereum ecosystem.
However, when things really went wrong, it started to be hot at the end of last year, with the ETH ReStaking track represented by EigenLayer.The native creativity of this track is actually not complicated. Friends who have participated in DeFi may know that a considerable number of projects are innovating around idle assets, which is the so-called “mastiff dolls”.However, Restaking is more bold, choosing to directly reuse ETH participating in PoS Staking and directly provide execution functions, which is the so-called AVS.Although I highly recognize this direction in terms of entrepreneurship and creativity.But in fact, this is the most direct cause of Ethereum’s current dilemma.Because at that time, the technical selection of Layer2 had basically been completed, and a relatively mature technical solution had already been achieved.It is time to make efforts on the application side, such as faster iteration of related applications, more sufficient marketing budget, etc.
However, the emergence of the ReStaking track was actually a vampire attack on Layer2, which directly led to ETH losing its value capture ability.Because ReStaking provides an “second consensus solution” for applications that does not need to pay the cost of the main chain ETH, the most intuitive understanding is to take the most implemented AVS and DA layer as an example. The so-called DA refers to data availability, that is, throughA technical solution makes data untamperable, and it can also be equivalent to data finality.In the previous narrative, we knew that the application chain brought finality to its data by calling contracts on the main chain, which created the demand for ETH. However, Restaking provides a new option, i.e.Buying consensus through AVS, you don’t even need to pay ETH in this process, and you can use any assets to pay for consensus purchase fees.This has turned the entire DA market from the previous monopoly market that was exclusively occupied by Ethereum to an oligopolistic competitive market dominated by ReStaking and Ethereum, which will naturally make Ethereum lose its market pricing power and directly affect its profits.
Not only that, but what was more fatal was that it occupied the precious resources in the bear market at that time.These resources should have been diverted to various applications for promotion and market education.But it was attracted to the “repeat wheel” of infrastructure projects, and today’s Ethereum’s dilemma has officially caused a downturn in a more value-capture system due to the lack of enough active applications.Friends who have done projects may understand that the pace of project operation is very important. Only by launching appropriate products in the appropriate market will the project usher in long-term development, and any wrong decision may cause development to stagnate.So it’s a pity.
Of course, the essence of this problem is understandable. This is actually a problem of the democratic system, which is the efficiency problem caused by the inconsistency of power.In an organization that pursues distributed decentralization, naturally, voices from all parties can develop and compete with resources based on their own wishes, which is more conducive to value capture in a bull market because the potential for innovation is very great.However, in the bear market, there is a lack of unified resource scheduling, which leads to deviations in the route and causes stagnation of development.反观Solana，这种公司架构运作的组织，自然会凭借着集权带来的效率优势而受到欢迎，对热点的捕获并针对性推出相关举措的效率也更高，这也是为什么Memecoin summer会出现在SolanaThe reason on.
The key opinion leaders and vested interests of the Ethereum ecosystem are becoming aristocratic, forming an exclusive interest class. The developer ecosystem lacks sufficient incentives, and innovation naturally seems weak.
In the Ethereum ecosystem, there is a phenomenon: the lack of positive opinion leaders like Solana, AVAX, and even the former Luna ecosystem.While these leaders are sometimes considered as the force to promote FOMO (fear of missing out on opportunities), it is undeniable that they play a major role in the cohesion of the community and the confidence of the entrepreneurial team.
However, in the Ethereum ecosystem, it is hard to think of other influential leaders besides Vitalik.This phenomenon stems in part from the split of the initial founding team, but it is also related to the solidification of the internal ecology.Many of the benefits of ecological growth are monopolized by early participants.Just imagine, if you have participated in fundraising worth 31,000 BTC (current market capitalization is about $2 billion), you are already very rich even if you do nothing, not to mention that the wealth in the Ethereum ecosystem has long surpassed this.number.
As a result, many early participants began to turn to conservative strategies, which became more attractive than expansion.To avoid risks, they become more cautious, which also explains why they tend to adopt conservative strategies when promoting ecological development.A simple example is that early participants simply need to ensure the status of existing projects such as AAVE and lend the large amount of ETH they hold to leverage demanders to earn steady gains, so why do they need to push for new projects vigorouslyWhat about development?
But in the end, I think there is no problem with the long-term trend of ETH, because there is actually no direct product in the market, because in the narrative of Ethereum, the more important thing in the positioning of “decentralized execution environment” is “decentralized”The basic platform has not changed.Therefore, as long as the resource integration can be completed and the application construction can be promoted, the future of Ethereum will still be bright.
