The End of Ethereum
Ethereum faces unprecedented challenges in the face of competition from Solana and other L1 chains. Its business model is overly dependent on high transaction fees, which makes change difficult. Vitalik is caught between the conflict between ideals and investor needs.
Although Ethereum promised decentralization, it actually moved towards centralization. The concentration of the block builder market has frustrated the concept of decentralization, which has weakened the security and original intention of the network.
To meet these challenges, Ethereum needs to open up its development process and reduce the influence of large investors. Acknowledging that it is only part of a multi-chain world will help shape the future. In addition, more block builders need to be incentivized to participate and profitability needs to be reduced. Although governance controlled by a few people makes reform difficult, this is not the end, but a new beginning, an opportunity to seek revival and reinvention.
