Ethereum Ten Years: From World Computer to Financial Infrastructure

On July 30, 2015, Ethereum was born. With the birth of the genesis block, an ambitious vision also emerged: "The World Computer". Vitalik and the early developers believed they were building a global computing platform that could run any decentralized application.

On this day, ten years later, reflecting on the development of Ethereum, we find that this "world computer" has not run various decentralized applications as expected; instead, it has evolved into a settlement layer dominated by financial applications. DeFi protocols account for the vast majority of Gas consumption, with trillions of dollars in assets circulating on this network, while those decentralized applications in social networking, gaming, storage, and others that were once highly anticipated have either disappeared or migrated to other chains.

Is this shift in narrative a compromise or an evolution?

World Computer: The Golden Age of Idealism (2015-2017)

The initial vision of Ethereum originated from a bold idea of Vitalik: what if the blockchain could not only transfer value but also run arbitrarily complex programs? This idea expanded the blockchain from a specialized value transfer tool into a general-purpose computing platform.

The early Ethereum community gathered a group of technological idealists who believed in "code is law." They were not just building a new technological platform, but were trying to create a digital utopia that operates entirely under the rules of code.

In 2016, the DAO project was launched, perfectly embodying the idealistic spirit of the early Ethereum community. However, the controversy sparked by the hacking of the DAO tore the entire community apart and revealed the inherent contradictions of technological idealism.

ICO Minting Machine: Lost in the Bubble (2017-2020)

In 2017, the ICO boom swept in. Ethereum became the issuing machine for numerous ICOs. The huge gap between this reality and the initial vision constituted the first major rupture in the Ethereum narrative.

After the ICO bubble burst, Ethereum must answer a fundamental question: if you are not the world computer, then what exactly are you? A new narrative is gradually taking shape: Ethereum is primarily a financial settlement layer and may only become a general computing platform later.

DeFi Victory: When Finance Becomes the Duty of Ethereum (2020-2021)

The DeFi Summer of 2020 made the entire ecosystem realize that finance may not be a compromise choice for Ethereum, but rather its natural mission. From this perspective, becoming the "world's financial computer" is not contradictory to becoming the "world computer"; rather, they are different expressions of the same vision.

However, the explosion of DeFi has also exposed the performance bottlenecks of Ethereum. This urgency has completely changed the technological priorities of Ether, driving the rapid development of Layer 2 solutions.

The Rise of L2: Sovereignty Transfer and Parasites (2021-2023)

Faced with the challenges of scalability, the Ethereum community has undergone a painful cognitive shift. From "one chain to rule them all" to "a multi-layered collaborative ecosystem," Ethereum has begun to accept a reality --- a single blockchain cannot meet all needs, and the future belongs to specialized division of labor.

As Rollup solutions like Arbitrum and Optimism begin to handle more and more transactions, a fundamental question arises: If most activities occur on Layer 2, then what is the Ethereum mainnet? The definition of success has been rewritten: Even if activities take place elsewhere, as long as they ultimately require the security of Ethereum, it is a victory for the Ethereum ecosystem.

Battle of Hundred Chains and "Legitimacy" Narrative Defense (2023-2024)

In 2023, the new generation of public chains is no longer trying to become "a better Ethereum", but is starting to tell a completely different story. In the face of this challenge, the Ethereum community's response is becoming increasingly defensive. Most of the discussions are not about "what we want to build", but rather "why we are better than other chains".

This defensive posture exposes the innovation dilemma faced by Ethereum. When the "world computer" proves to be too grand, the "DeFi settlement layer" too narrow, and the "modular blockchain" too technical, Ethereum lacks a new narrative that can inspire imagination.

Narrative Reconstruction and Future (2024-)

In 2024, RWA( Real World Assets has become a new hotspot. For Ethereum, this is not only a new application scenario but also an opportunity for narrative reconstruction. From "changing finance" to "connecting reality", Ether is attempting to tell a more pragmatic story that is closer to the mainstream world.

At the same time, the community has begun to accept a reality: perhaps there is no single answer at all. People are no longer pursuing a unified, all-encompassing narrative, but rather allowing multiple narratives to coexist. Whether this diversification is a sign of maturity or a symptom of being lost remains to be seen.

From idealism to realism, from revolution to reform, from subversion to integration. The ten-year journey of Ethereum reflects how technological ideals seek a foothold in the real world. The gains and losses, advances and retreats, persistence and compromises during this process will define not only Ethereum but also the future of the entire cryptocurrency industry.

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