由momir @iosg

2021年Web3願景的熱情已經消失，以太坊正面臨著嚴重的挑戰。市場對Web3.0的看法不僅發生了變化

By Momir @IOSG

由momir @iosg

TL;DR

tl;博士

The enthusiasm for the Web3 vision in 2021 has faded, and Ethereum is facing severe challenges. Not only has the market's perception of Web3.0 changed, but Ethereum is also facing fierce competition from emerging platforms such as Solana for the remaining market share. Key issues such as Layer 2 fragmentation, erosion of value ownership, dilution of ecological control, and lack of leadership have further weakened Ethereum's user experience and economic value, and as the second-layer network's voice has increased, Ethereum's influence has been shaken. These factors ultimately led to one of the most dramatic price corrections in ETH's history.

2021年Web3願景的熱情已經消失，以太坊正面臨著嚴重的挑戰。市場對Web3.0的看法不僅發生了變化，而且以太坊還面臨著新興平台（例如Solana）的激烈競爭。關鍵問題，例如第2層的分裂，價值所有權的侵蝕，生態控制稀釋以及缺乏領導力等關鍵問題，進一步削弱了以太坊的用戶經驗和經濟價值，並且隨著第二層網絡的聲音的增加，以太坊的影響力也被動搖了。這些因素最終導致了ETH歷史上最引人注目的價格校正之一。

However, there is hope: Ethereum still has a chance to regain its glory days by promoting L2 interoperability, prioritizing the improvement of ETH-core infrastructure, and taking a decisive, performance-oriented leadership approach. Ethereum's solid underlying architecture and vibrant developer ecosystem remain its enduring advantages, but strategic action must be taken quickly to restore ETH's pre-eminence.

但是，人們有希望：以太坊仍然有機會通過促進L2互操作性，優先考慮ELAN-CORE基礎設施的改善，並採取果斷性，面向性能的領導力方法來重新獲得榮耀的日子。以太坊的堅實基礎建築和充滿活力的開發人員生態系統仍然具有持久的優勢，但是必須迅速採取戰略行動來恢復ETH的前界。

The cognitive shift from Web3.0 utopia to harsh reality has forced the market to re-examine Ethereum's core value proposition. The once highly anticipated ideal of "user-autonomous decentralized Internet" has now been replaced by a more ironic narrative: the cryptocurrency field is either a Bitcoin store of value game or a digital casino. This reversal of sentiment has had a particularly significant impact on Ethereum: it claims to be the cornerstone of the new Internet paradigm, but has to face growing doubts.

從Web3.0烏托邦到嚴酷的現實的認知轉變迫使市場重新檢查以太坊的核心價值主張。曾經備受期待的“用戶自主分散互聯網”的理想現在已被更具諷刺意味的敘述所取代：加密貨幣字段是價值遊戲的比特幣存儲，或者是數字賭場。這種情緒的逆轉對以太坊產生了特別重大的影響：它聲稱是新的互聯網範式的基石，但必鬚麵對日益增長的疑問。

What’s more serious is that Ethereum is no longer the only representative of the Web 3.0 vision. Whether optimistic or pessimistic about the future of the industry, it is not difficult to see that platforms such as Solana are becoming the new center of crypto consumer activity. Against this background, this article aims to analyze Ethereum’s most pressing strategic challenges and propose practical solutions to help it regain its advantage in the evolving landscape.

更嚴重的是，以太坊不再是Web 3.0 Vision的唯一代表。無論是對行業未來的樂觀還是悲觀，不難看到諸如Solana之類的平台正在成為加密消費者活動的新中心。在這種背景下，本文旨在分析以太坊最緊迫的戰略挑戰，並提出實用解決方案，以幫助其在不斷發展的景觀中恢復其優勢。

Core Challenges

核心挑戰

Ethereum faces many challenges, but this analysis focuses on the four most pressing issues: L2 network fragmentation, declining value capture capabilities, dilution of ecosystem control, and lack of strategic leadership.

以太坊面臨許多挑戰，但是這種分析重點是四個最緊迫的問題：L2網絡分散，價值捕獲能力的下降，生態系統控制稀釋以及缺乏戰略領導力。

L2 network fragmentation and fragmented user experience

L2網絡碎片和用戶經驗分散

The most significant crisis is the fragmentation of the Layer 2 network. The introduction of multiple competing execution layers has severed the user experience and on-chain liquidity, eroding the composability advantage that the Ethereum mainnet once boasted of, which is still clearly visible in monolithic blockchains such as Solana.

最重要的危機是第2層網絡的分裂。引入多個競爭性執行層已切斷了用戶體驗和鍊鍊流動性，從而削弱了以太坊主網曾經吹噓的合成性優勢，在諸如Solana之類的整體區塊鏈中仍然可以清晰可見。

For users, they have to deal with inconsistencies in various protocols, standards, and cross-chain bridges, making it difficult to achieve the seamless interaction that Ethereum originally promised. Developers have to bear the burden of maintaining multiple versions of protocols on multiple L2s, and entrepreneurial teams also face complex market entry strategies due to the allocation of limited resources in a decentralized ecosystem. Therefore, many consumer-oriented applications choose to switch to Solana, where users and entrepreneurs can concentrate on entertainment and innovation without having to worry about fragmented infrastructure.

對於用戶而言，他們必須處理各種協議，標準和跨鏈橋的不一致之處，這使得難以實現以太坊最初承諾的無縫互動。開發人員必須承擔在多個L2上維護多個版本的協議的負擔，並且由於分配有限的資源在分散的生態系統中分配有限的資源，企業家團隊也面臨著複雜的市場進入策略。因此，許多面向消費者的應用程序選擇切換到Solana，用戶和企業家可以專注於娛樂和創新，而不必擔心基礎架構分散。

Dilution of ecological control: a growing threat

生態控制的稀釋：日益增長的威脅

More seriously, Ethereum outsourced its expansion roadmap to L2, and this decision is constantly weakening its control over its own ecosystem. General-purpose L2 Rollups will generate strong network effects when building their respective ecosystems, and gradually evolve into insurmountable moats. As time goes by, these execution layers have more and more say relative to the Ethereum settlement layer, and the community may gradually ignore the importance of the mainnet settlement layer. Once assets begin to exist natively in the execution layer, Ethereum's potential for value capture and influence will be greatly weakened, and the settlement layer will eventually become a commoditized service.

更嚴重的是，以太坊將其擴展路線圖外包給L2，這一決定不斷削弱其對自己生態系統的控制。通用L2匯總將在構建各自的生態系統時產生強大的網絡效應，並逐漸發展為無法造的護城河。隨著時間的流逝，這些執行層相對於以太坊結算層具有越來越多的發言權，社區可能會逐漸忽略主網結算層的重要性。一旦資產開始存在於執行層中，以太坊的價值捕獲和影響力的潛力將大大削弱，而結算層最終將成為商品化的服務。

Erosion of value attribution: a structural challenge

價值歸因的侵蝕：一個結構性挑戰

The rise of L2 has significantly affected the value capture of ETH. These platforms increasingly occupy MEV and transaction fee income, which greatly reduces the value flowing back to the Ethereum mainnet. This shift directs economic benefits from ETH holders to L2 token holders, weakening the intrinsic motivation to hold ETH as an investment asset. Although this trend is an inevitable challenge for any Layer 1 token: whether it is modular Ethereum or a monolithic integrated chain, Ethereum has experienced this phenomenon earlier and more obviously because it was the first to practice the L2 centralized route.

L2的興起顯著影響了ETH的價值捕獲。這些平台越來越多地佔據MEV和交易費用收入，這大大降低了流回以太坊主網的價值。這種轉變將從ETH持有人帶到L2代幣持有人的經濟利益，削弱了將ETH作為投資資產的內在動機。儘管這種趨勢對於任何第1層的代幣都是不可避免的挑戰：無論是模塊化以太坊還是整體綜合鏈，以太坊都早些時候經歷了這種現象，並且更明顯，因為它是第一個實踐L2集中式途徑。

It is foreseeable that when the application layer dominates MEV capture and becomes the norm, not only will the single blockchain face similar difficulties, but even L2 itself will encounter a value capture crisis. Although this is not a dilemma unique to Ethereum, how to formulate a precise strategy to deal with this structural challenge is still a core proposition that needs to be solved urgently.

可以預見的是，當應用層主導MEV捕獲並成為常態時，單個區塊鏈不僅會面臨類似的困難，而且即使是L2本身也會遇到價值捕獲危機。儘管這不是以太坊獨有的困境，但如何制定一種處理這種結構性挑戰的精確策略仍然是一個核心主張，需要緊急解決。

The leadership crisis: the dilemma of idealism

領導危機：理想主義的困境

In responding to the above challenges, Ethereum also exposed deep-seated strategic leadership deficiencies. The community has long been trapped in the repeated trade-offs between efficiency goals and egalitarian values, which has delayed key progress. At the same time, the adherence to the "trusted neutrality" governance commitment, although originally intended to reduce

在應對上述挑戰時，以太坊還暴露了深度階層的戰略領導力缺陷。長期以來，社區一直被困在效率目標與平等價值觀之間的反復權衡中，這延遲了關鍵的進步。同時，遵守“可信賴的中立性”治理承諾，儘管最初旨在減少