#以太坊金融基础设施 When I read this article, I suddenly remembered the debates about Bitcoin from ten years ago—when everyone was asking, "What’s this thing good for?" Today’s Ethereum narrative is quite similar, yet different.

What truly made me pause wasn’t the technical details, but this perspective: Ethereum is transforming financial friction from institutional processes into software functionalities. It’s a way of describing that I’ve never seen before, yet it precisely depicts the evolution I’ve witnessed over the past few years—from the ICO frenzy in 2017, to the explosion of experiments during DeFi summer, and now to the gradual maturity of stablecoins and on-chain financial instruments.

In every cycle, I see the same pattern: first, utopian dreams of extremists, then large-scale speculation, followed by the death of many projects, and finally, those that survive begin to reveal real value. Ethereum itself has come to life—from the 2018 claim of "no applications" to today’s reality as a settlement layer.

But I have to be honest—this article’s discussion of "institutions evolving from infrastructure providers to service designers" resonated with me. Because it means that future competition will no longer be about who has the best exchange or the strongest intermediary, but about who can adapt the fastest to a financial world where verification is accessible and costs are transparent. The moat of traditional financial institutions is being eroded, and this is not a technical issue, but an economic one.

History tells me that such shifts usually take 10-15 years to truly permeate. The internet took that long, electricity took that long too. Watching who is already laying out plans now is more important than listening to promotional speeches.