ETH HK was held in Hong Kong on October 23. Vitalik, the founder of Ethereum, mentioned the new opportunities and challenges facing Ethereum in his online keynote speech. He first reviewed the key achievements of Ethereum since last year's Merge upgrade, including the success of the first post-merger hard fork, more than 25 million ETH being pledged in the proof of stake, etc. But at the same time, Vitalik also pointed out the challenges faced by the PoS consensus mechanism, such as pledge centralization and transaction processing efficiency. He also emphasized the importance and necessity of account abstraction and the advantages of social recovery. In addition, Vitalik talked about issues such as capacity expansion, L2 and privacy, believing that these issues require the joint efforts of the entire ecosystem to solve. He concluded that the future development of Ethereum needs to remain robust, find a balance between experience and decentralization, and attach equal importance to technology and ecology.