由momir @iosg

2021年Web3愿景的热情已经消失，以太坊正面临着严重的挑战。市场对Web3.0的看法不仅发生了变化

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愿景的热情已经消失，以太坊正面临着严重的挑战。市场对Web3.0的看法不仅发生了变化，而且以太坊还面临着新兴平台（例如Solana）的激烈竞争。关键问题，例如第2层的分裂，价值所有权的侵蚀，生态控制稀释以及缺乏领导力等关键问题，进一步削弱了以太坊的用户经验和经济价值，并且随着第二层网络的声音的增加，以太坊的影响力也被动摇了。这些因素最终导致了ETH历史上最引人注目的价格校正之一。

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，人们有希望：以太坊仍然有机会通过促进L2互操作性，优先考虑ELAN-CORE基础设施的改善，并采取果断性，面向性能的领导力方法来重新获得荣耀的日子。以太坊的坚实基础建筑和充满活力的开发人员生态系统仍然具有持久的优势，但是必须迅速采取战略行动来恢复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 The once highly anticipated ideal of "user-autonomous decentralized Internet" has now been replaced by a more ironic narrative: the cryptocurrency field is either a Bitcoin store of value game or a digital casino.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.

从Web3.0乌托邦到严酷的现实的认知转变迫使市场重新检查以太坊的核心价值主张。曾经备受期待的“用户自主分散互联网”的理想现在已被更具讽刺意味的叙述所取代：加密货币字段是价值游戏的比特币存储，或者是数字赌场。这种情绪的逆转对以太坊产生了特别重大的影响：它声称是新的互联网范式的基石，但必须面对日益增长的疑问。

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.

更严重的是，以太坊不再是Web 3.0 Vision的唯一代表。无论是对行业未来的乐观还是悲观，不难看到诸如Solana之类的平台正在成为加密消费者活动的新中心。在这种背景下，本文旨在分析以太坊最紧迫的战略挑战，并提出实用解决方案，以帮助其在不断发展的景观中恢复其优势。

Core Challenges

核心挑战

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.

以太坊面临许多挑战，但是这种分析重点是四个最紧迫的问题：L2网络分散，价值捕获能力的下降，生态系统控制稀释以及缺乏战略领导力。

L2 network fragmentation and fragmented user experience

L2网络碎片和用户经验分散

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.

最重要的危机是第2层网络的分裂。引入多个竞争性执行层已切断了用户体验和链链流动性，从而削弱了以太坊主网曾经吹嘘的合成性优势，在诸如Solana之类的整体区块链中仍然可以清晰可见。

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.

对于用户而言，他们必须处理各种协议，标准和跨链桥的不一致之处，这使得难以实现以太坊最初承诺的无缝互动。开发人员必须承担在多个L2上维护多个版本的协议的负担，并且由于分配有限的资源在分散的生态系统中分配有限的资源，企业家团队也面临着复杂的市场进入策略。因此，许多面向消费者的应用程序选择切换到Solana，用户和企业家可以专注于娱乐和创新，而不必担心基础架构分散。

Dilution of ecological control: a growing threat

生态控制的稀释：日益增长的威胁

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.

更严重的是，以太坊将其扩展路线图外包给L2，这一决定不断削弱其对自己生态系统的控制。通用L2汇总将在构建各自的生态系统时产生强大的网络效应，并逐渐发展为无法造的护城河。随着时间的流逝，这些执行层相对于以太坊结算层具有越来越多的发言权，社区可能会逐渐忽略主网结算层的重要性。一旦资产开始存在于执行层中，以太坊的价值捕获和影响力的潜力将大大削弱，而结算层最终将成为商品化的服务。

Erosion of value attribution: a structural challenge

价值归因的侵蚀：一个结构性挑战

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的兴起显着影响了ETH的价值捕获。这些平台越来越多地占据MEV和交易费用收入，这大大降低了流回以太坊主网的价值。这种转变将从ETH持有人带到L2代币持有人的经济利益，削弱了将ETH作为投资资产的内在动机。尽管这种趋势对于任何第1层的代币都是不可避免的挑战：无论是模块化以太坊还是整体综合链，以太坊都早些时候经历了这种现象，并且更明显，因为它是第一个实践L2集中式途径。

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.

可以预见的是，当应用层主导MEV捕获并成为常态时，单个区块链不仅会面临类似的困难，而且即使是L2本身也会遇到价值捕获危机。尽管这不是以太坊独有的难题，但如何制定一种处理这种结构性挑战的精确策略仍然是一个需要紧急解决的核心主张。

The leadership crisis: the dilemma of idealism

领导危机：理想主义的困境

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

在应对上述挑战时，以太坊还暴露了深度阶层的战略领导力缺陷。长期以来，社区一直被困在效率目标与平等价值观之间的反复权衡中，这延迟了关键的进步。同时，遵守“可信赖的中立性”治理承诺，尽管最初旨在减少