#以太坊金融基础设施 After reading this article, I am deeply reflective. Regarding the future of Ethereum and Web3, the author has presented some irrefutable points.

After the wealth effect diminishes, we need to face a harsh reality: there is a huge gap between the ideals of decentralization and the realities of finance. Ethereum's shift from PoW to PoS, from DAO models to centralized governance, these choices are gradually eroding the original dream of being the "world computer." More painfully, stablecoins are gradually replacing ETH as the on-chain benchmark asset, while institutions are achieving a smooth exit through ETFs and spot products—completely different from the prosperity envisioned by retail investors.

But what I want to say is, this is not the end, but a necessary stage of growth. Ethereum is building real financial infrastructure, which means it must find a balance between ideals and reality. The migration of traditional financial giants like DTCC to the blockchain is exactly the large-scale application scenario we have been expecting. Privacy, scalability, L2 ecosystems—these are not deviations from the original intention, but efforts to enable more people to use Web3 technology.

The key is that we must acknowledge one point: complete decentralization may never be fully achieved, but that does not mean we should give up on the pursuit of openness, transparency, and anti-censorship. The issue is not the goal itself, but how we uphold core values during this process while embracing pragmatic compromises.

Ethereum's story is still being written, and what we need to do is to remain neither blindly optimistic nor overly pessimistic in this long-term financial revolution.