jakiro
Jessy, Bitchain Vision Realm
Regarding Ethereum’s unanimous sings and decline, a transformation occurred after the Ethereum spot ETF passed.
It is reported that the probability of Ethereum’s spot ETF passed this month was high, and Ethereum rose by 20%within a day.After the spot ETF passed, its price was $ 3,800 in a short time.
In this round of bull market, Ethereum’s performance is not as good as Bitcoin, and some public chains, including Solana, have risen strongly, which also threatened to Ethereum.From this point of view, Ethereum is favored.However, under these appearances, what is not noticed is that Ethereum still accounts for 60%of TVL in the public chain market, and the second and third place only has a proportion.And Ethereum has not stopped technological innovation to improve the problem of being criticized.
Is Ethereum really “Jiang Lang just”?Or is it just dormant?
Under the cyclical market, the exchange rate of Ethereum against Bitcoin fell again and again
In the past year, the exchange rate of Ethereum against Bitcoin has indeed goes low.The root cause behind this is the strength of Bitcoin.After all, not just Ethereum, the adjustment cycle of Bitcoin has entered the adjustment cycle. Most of the cottage coins have low increase, and some are even lower than the price when the bear market.
Shenyu even made a speech in this round of bull markets. There may be no cottage season.
The law of the previous two rounds is generally rising by Bitcoin, and then Ethereum rises. The rise of Ethereum brings the outbreak of the cottage.In the last round of the bull market, most of the cottage coins also increased by ten times.When the funds on the market are sufficient, it will overflow, from mainstream currency to cottage.
Ethereum rising brings the logic of the outbreak of the cottage coins. That is because, before, most projects were built on Ethereum. The skyrocketing price of Ethereum would indeed bring the prosperity of the entire chain.
This round of bull market is indeed different from the past. The cycle has been advanced in advance. The previous bull market was opened after Bitcoin halved, and the bull market was half a year in advance.The reason is very simple. This time the bull market is driven by the pass of the spot ETF, and then the Bitcoin is halved.
However, due to the influence of the economic cycle, there are still fewer money flowing and high -risk investment in the market.From this perspective, the price of Ethereum has not increased much.
And Ethereum’s narrative this year is really not new and strong enough.Looking at the track of the public chain alone, in this round of bull market, the best performance is undoubtedly Solana. The price is constantly rising, and the ecology on the chain is also more prosperous.The main reason is that Wall Street Capital is supported.The same market value ranking into the top ten Ton is a story that reached the traffic conversion of the 900 million Web2 users, which attracted a number of VCs to lift the sedan.
And Ethereum also has a very attractive narrative in the industry -Layer2. In the bear market, everyone has repeatedly noted on this track.However, the increase of a Layer2 token is unsatisfactory, and it was criticized by everyone because of its high market value.And because of the emergence of many Layer2, it has indeed dispersed everyone’s attention to Ethereum, and also made the funds that originally wanted to invest in Ethereum were absorbed by Layer2.
From a technical point of view, Ethereum is indeed constantly innovating, but the most attractive Layer2 concept cannot bring a lot of funds to Ethereum.
Of course, in this round of bull market, Ethereum also has another exciting narrative -the passing of the spot ETF in Ethereum in the United States. The price of the price these days is also because of news that in the United States time on May 23, US time,The possibility of the Ethereum spot ETF passes is greater.
From the perspective of Ming, the biggest driving force of Ethereum is the passing of the spot ETF, but it cannot be ignored that Ethereum’s ecological development is the cornerstone of value -shaped value.
The public chain of the flowing water, the iron beaten Ethereum
Ethereum is still the highest public chain of TVL.
According to DEFILIAMA data, the current proportion of TVL of Taifang is 59.93%, the second is TRON, only 8.61%, and it can become the second because Tether releases USDT on it, and the third is BSC, accounting for the proportion, the proportion of proportion, the proportion5.31%, Solana ranked fourth with a lot of sound volume, accounting for 4.69%.It can be seen that Ethereum is still a unique family. It is actually difficult to surpass other public chains.
Why can Ethereum be unique?
Ethereum was established in 2013 and was officially invested in 2015.It can be said that Ethereum was born for smart contracts. It was the first blockchain to achieve Turing. It was to be able to carry various applications at the beginning of its establishment.It is also the emergence of Ethereum that brings more possibilities to the blockchain.
However, at the last round of the bull market, the DEFI ecological prosperity on Ethereum, the number of users surged, the Ethereum network became crowded, resulting in a longer outlet time, a slow transaction speed, and the transaction costs rose high.
For retail investors, Ethereum has become a high -cost public chain.
In this context, a group of new public chains are generated. They have made improvements on these problems existing in Ethereum, or they directly want to replace Ethereum.Essence
The “Ethereum Killer” rising in the last round of bull markets included Cardano (ADA), Avalanche (Avax), BNB Chain (BNB), Solana (SOL), Polkadot (DOT).
These “killers” have one thing in common, that is, they all say that they have high throughput and low transaction costs.Of course, each has its own advantages. BNB CHAIN is backed by Binance, with a large traffic, and its token BNB has more empowerment.And through the pioneering agreement consensus mechanism and the three sub -nets of each duty, Avalanche has greatly optimized it in terms of transaction speed. Low latency and low costs make it a public chain of Gamefi’s love.The biggest advantage of Polkadot is the multi -chain structure and active developers on the chain.
The public chain hopes to comprehensively improve the technical level from the perspective of development language, code complexity, and operating mechanism. Although some of the shortcomings of Ethereum have their own strengths, don’t talk about surpassing Ethereum. Their TVL amountNone of the tenths of Ethereum.
Not to mention the public chain born in a bear market like APTOS. Although it has a VC support, it is unsatisfactory.
Although the public chain is endless, the public chain that can truly shake the status of Ethereum has not yet appeared.Even these public chains have united to shake Ethereum.The reason is nothing more than two. The first is that Ethereum has deep qualifications and has accumulated a large number of users and projects.The second is that those issues that have been criticized, the problem of congestion, the high GAS, or even the restrictions like the EOA address have been solved.
For example, the extension problem has evolved into a variety of solutions such as Rollup, Plasma, and Validium. The restrictions on the EOA address have also been upgraded by relying on ERC4337 Account ABSTRACTION, and even evolved into an account abstraction trajectory.Even due to the potential limit of the upper limit of the block capacity, heavy -quality solutions such as EIGENLAYER have been launched, and the capacity of DA has been expanded. It can be optimized through the modular combination of three -party DA solutions such as Celestia and optional alternatives of the VM execution layer.
Layer2 is now an important narrative of Ethereum, and has also become an independent track in the industry.It is designed as a key solution to solve the problem of Ethereum scalability. It can build additional network layers on the main chain of Ethereum, allowing more transactions while maintaining the security and decentralization characteristics of the main chain.
In addition, Ethereum’s main network also has a very clear development path. For example, in order to improve performance, Vitalik planned Merge, Surge, Verge, Purge, and Splurge.
It can be seen that Ethereum has not stagnated. In most cases, it is actually driving the technological progress of the entire industry.
In the future, what changes need to be made in Ethereum?
Ethereum also faces challenges.Privacy, consensus, intelligent contract security and scalability are challenges that have always faced from Ethereum.And in different stages of development, these challenges have very detailed problems.
For example, how to protect user assets, the abstraction of the Ethereum account, that is, the ERC-4337 protocol, is proposed, the Ethereum community has been studying for a long time, and the best solution to the issue currently determined.This agreement can achieve the Ethereum standard that can be abstracted on the agreement without changing any consensus layer.
However, Vitalik once stated in his speech that while advancing a broader account abstraction, you also need to consider how to deal with the MEV problem to ensure the fairness, security and healthy development of the system.The overall goal is to make the chain experience consistent with the centralized service experience.
It can be seen that the innovation and promotion of a technology alone actually involves very specific ones, which requires a multi -party coordination and detailed work.
Similarly, Vitalik also pointed out that when the expansion of Layer2 is a valid certificate for L2 to submit a transaction to L1, how to ensure the security and decentralization of this proof of the system is also a very important issue.In L2’s technical components, most of the sorters of transactions are centralized and there may be potential risks. L2 has different technical selection and development directions.Have a better experience.The relevant data of the transaction record requires space for storage and storage. How to solve the problem of data availability. Similar detailed technical problems are also a real problem that the Ethereum ecological future development needs to be solved step by step.
One more easy -to -understand problem is that after Ethereum turns to POS, the industry has always criticized Ethereum’s current pledge, and even questioned that such Ethereum is easily controlled by the government.How to solve this again?
However, some problems facing Ethereum are actually some technical progress that the entire industry needs to achieve.
For users and industries, these issues are raised and widely talked about. Practice is exactly what Ethereum is trustworthy.Because it can be seen, Ethereum has not avoided problems and has been actively solving the problem.
In summary, Ethereum is indeed a public chain of vitality and innovation in the industry. At present, it is difficult to surpass.
