#以太坊金融基础设施 After reading this in-depth analysis of Ethereum's financial infrastructure, I have to be honest: only after the wealth effect disappears can we truly see the real face of blockchain.

I've experienced so much over the past few years. Do you remember the old ideal that "decentralization equals freedom"? Looking back now, it feels like a dream. The moment Ethereum shifted from PoW to PoS, I sensed something quietly changing—personal nodes are gradually being pushed out, while the costs for large nodes and institutions are becoming increasingly heavy. Don’t listen to those pretty words; the real reality is: institutions can slowly erode retail investors’ hopes over ten years with tiny margins, while we still dream of a thousandfold increase in a year.

The most painful logic is this: ETH’s value capture mechanism is Gas fees, but once demand drops, ETH’s price has no support. And now stablecoins are quietly replacing ETH as the benchmark asset. What does this mean? It means the middleman economy on the chain is strengthening, and true decentralization has already turned into the "official opposition."

I'm not saying Ethereum is bad; quite the opposite, it balances decentralization and the wealth effect better than its peers. But we must face reality: migrating to the chain is not a new wave, but Wall Street’s game of taking over. DTCC holds $100 trillion; they’re not coming to blockchain for faith, but for efficiency.

So what should we be cautious about when evaluating projects? Those that claim to "calculate everything" but require you to keep buying tokens to sustain the ecosystem. History may repeat itself, but retail investors shouldn’t be repeatedly exploited. In this gradually centralized financial computer era, the secret to lasting is: don’t be blinded by the final wealth effect.