# Introduction

In 2013, a bold idea was proposed by 19-year-old programmer Vitalik Buterin: he published a white paper titled "Ethereum," outlining a blockchain blueprint that transcended the functionalities of Bitcoin. To turn this vision of a "world computer" into reality, he and his team raised approximately $18 million through an Initial Coin Offering (ICO), and the Ethereum network officially launched in 2015, sparking a revolutionary wave of Web3 smart contracts and Dapps. Over the past decade, it has experienced highs and lows, technological iterations, the rise of financial applications, and numerous challenges from within and outside the ecosystem, undergoing rebirth and growth through repeated shocks. Today, Ethereum has evolved from a bold idea into a cornerstone of the blockchain space.

This article will review the milestones and technological evolution of Ethereum, analyze its revolutionary journey in areas such as DeFi, NFT, and DAO, and explore key themes like Layer 2 scaling, competitive landscape, and future challenges. Through this series of analyses, we will witness Ethereum's ten-year journey from the vision of a "world computer" to a global decentralized financial infrastructure, and look forward to the possible evolution of Ethereum in the next decade.

# A Decade of Ethereum's Development Overview

The past decade of Ethereum has been a vibrant narrative in the history of blockchain development. Over the last ten years, Ethereum has gone through several peaks and troughs, gradually evolving from an early "hacker paradise" into a new type of infrastructure supporting hundreds of billions in value. Each milestone event not only propelled Ethereum's evolution but also reflected the changes and maturation of the entire crypto industry.

• 2013-2015 Beginnings: Vitalik published the white paper, crowdfunding in 2014, and on July 30, 2015, the genesis block was born, marking the official launch of the Ethereum mainnet and the beginning of the smart contract platform era.

• 2016 Ideals and Crises: The smart contract platform began to take shape, but the major security incident of "The DAO" occurred, leading to a community hard fork and the birth of Ethereum Classic (ETC).

• 2017 Prosperity and Challenges: The ICO boom ignited, and Ethereum became the platform for numerous token issuances; the ERC-721 standard was introduced, marking the first appearance of NFT applications like CryptoKitties.

• 2018-2019 Winter Hibernation: The ICO bubble burst, and the price of ETH plummeted from a peak of $1448 to $84; the Ethereum community focused on technological upgrades (such as the Byzantium and Constantinople hard forks) to lay the foundation.

• 2020 Rise of DeFi: Decentralized finance exploded, with "liquidity mining" igniting the DeFi summer, and protocols like Uniswap and Compound rapidly grew, while network congestion and high gas fees became prominent issues.

• 2021 Peak Moment: The London upgrade implemented EIP-1559, introducing a fee-burning mechanism; Layer 2 solutions Arbitrum and Optimism launched on the mainnet; the NFT craze swept through (BAYC, etc.), and the price of ETH reached an all-time high of nearly $4878.

• 2022 Turning Point and Transformation: "The Merge" was completed, transitioning from proof-of-work to proof-of-stake, reducing energy consumption by 99%; however, the crypto market cooled (Terra collapse, FTX incident), and ETH briefly fell below $1000.

• 2023 Revival and Upgrades: The Shanghai/Shapella upgrade enabled staking withdrawals, marking Ethereum's completion of the PoS transition; the Rollup ecosystem matured with Arbitrum, and ZK Rollup solutions like zkSync and StarkNet were implemented.

• 2024 Scaling and Integration: The Cancun/Dencun upgrade (including EIP-4844) reduced Layer 2 fees by about 90% and improved data availability; the U.S. approved ETH spot ETFs, leading to a significant influx of traditional institutions.

• 2025 Continuing Forward: The introduction of account abstraction features (like the Pectra upgrade) allows for more flexible wallets and contract accounts; Ethereum's market cap approaches $500 billion, becoming a global decentralized financial infrastructure.

From pioneering the smart contract platform to embracing proof-of-stake consensus, Ethereum has repeatedly achieved self-transcendence at critical junctures. The experiences and lessons accumulated throughout these developments have not only strengthened the resilience of the Ethereum network but also guided the direction of future technological evolution.

# Technological Evolution: From "World Computer" to Sharding and Rollup

At its inception, Ethereum was referred to as the "world computer," with its core innovation being the introduction of a Turing-complete smart contract platform, expanding the blockchain into a programmable decentralized computer. Developers can deploy smart contracts on Ethereum, allowing the blockchain to support various complex applications rather than being limited to simple transfers. Since the mainnet launched in 2015, tens of millions of smart contracts have been deployed on Ethereum, supporting a thriving application ecosystem. However, early Ethereum utilized a proof-of-work (PoW) consensus mechanism, which, while ensuring decentralization and security, also limited performance. The ICO boom of 2017-2018 and the popularity of applications like CryptoKitties led to network congestion and soaring transaction fees, exposing throughput bottlenecks. The ability of a single chain to handle only a few dozen transactions per second was insufficient to meet the growing demand, with gas fees peaking at over $50. The performance and cost dilemma prompted the Ethereum community to initiate an ambitious "Ethereum 2.0" upgrade roadmap, aiming to significantly enhance scalability and sustainability while maintaining decentralization and security.

1. Change of Consensus Mechanism: PoW to PoS

After years of research and preparation, Ethereum underwent the epic upgrade known as The Merge in 2022. Prior to this, the Ethereum team had launched an independent PoS beacon chain in 2020 as a test and delayed the "difficulty bomb" on the PoW chain multiple times to allow for a smoother transition. Finally, on September 15, 2022, the Ethereum mainnet successfully completed the merge without downtime, transitioning from the energy-intensive PoW to the efficient proof-of-stake (PoS) consensus. This transformation reduced Ethereum's energy consumption by 99.95% and introduced a staking mechanism: users holding ETH could stake their assets to earn approximately 4% annual returns while participating in network validation and security maintenance. This made ETH assets "productive" and enhanced network security. As of July 31, 2025, over a million validators had participated in staking on Ethereum, locking up approximately 36.11 million ETH (about 29.17% of the circulating supply) to protect network operations. The PoS mechanism also significantly reduced Ethereum's new coin issuance rate by about 90%, combined with the fee-burning mechanism, leading to a net issuance of ETH during busy periods.

Source: https://dune.com/hildobby/eth2-staking

2. Key Proposals and Protocol Upgrades

Alongside the change in consensus, a series of Ethereum Improvement Proposals (EIPs) were implemented, shaping the economic and performance characteristics of the network. The most impactful among them is EIP-1559: introduced during the London upgrade in August 2021, this proposal implemented a base fee burning mechanism, directly burning a portion of the transaction fee for each transaction. Since its implementation, over 4 million ETH have been burned, optimizing the fee market and reducing the supply growth of ETH to some extent, creating deflationary expectations for ETH. Additionally, EIP-4844, set to be deployed in March 2024, significantly enhances Ethereum's data throughput capacity. It introduces "blob" transactions, reducing the cost of submitting data for Layer 2 Rollups, with statistics showing that its implementation directly cuts Rollup gas costs by more than half. These EIPs not only improve the user experience on Ethereum but also lay the groundwork for larger-scale scalability in the future.

3. Moving Towards Sharding and Modular Architecture

To fundamentally break through performance bottlenecks, Ethereum has planned a "sharding" technology route. The concept of sharding involves splitting the blockchain state and transaction load across multiple parallel shard chains for processing, thereby achieving parallel scalability. The Ethereum consensus layer will coordinate these shards, allowing them to share security while processing transactions independently. This solution is expected to boost Ethereum's TPS to the hundred thousand level, reducing the cost of individual transactions to mere fractions of a cent. According to the roadmap, full sharding may be gradually introduced between 2025 and 2026. Although complete sharding has not yet been implemented, its concept has been partially realized in the current Rollup scaling solutions. Rollups are Layer 2 networks built on Ethereum that alleviate the main chain's load by executing a large number of transactions off-chain and then submitting the result data in batches to the main chain. In recent years, both Optimistic Rollups and ZK Rollups have advanced simultaneously, giving rise to numerous Layer 2 networks such as Optimism, Arbitrum, zkSync, and StarkNet. The Ethereum mainnet is gradually transforming into a settlement layer for these Layer 2 solutions: the mainnet is responsible for providing final security and data availability, while Rollups handle high-throughput transaction processing. This collaboration has evolved Ethereum's architecture from a single-layer chain to a multi-layer modular network.

4. Leap in Performance and Scalability

Through the PoS upgrade and Layer 2 scaling strategies, Ethereum's technological evolution over the past decade has consistently focused on enhancing performance and lowering barriers to use. Today, a collaborative ecosystem has formed between the mainnet and various Layer 2 networks: the mainnet processes approximately 1.8 million transactions daily while maintaining high security and decentralization; simultaneously, the total transaction volume on Layer 2 networks has multiplied that of the main chain, with over 5 million transactions executed daily across various Ethereum Layer 2 solutions. Thanks to Layer 2's offloading, congestion on the Ethereum mainnet has significantly eased, with gas fees for routine operations now reduced from peak levels of dozens of dollars per transaction to just a few cents on the mainnet and less than a cent on Layer 2. As a result, the on-chain interaction experience on Ethereum is approaching the speed and cost of Web2 applications. It can be said that from the change in consensus mechanisms, virtual machine optimizations, to sharding and Rollup scaling, each technological upgrade has made Ethereum stronger and more efficient while maintaining decentralization.

Source: https://dune.com/flagund/l2-stats-vs-ethereum

# Development of Ethereum's Ecological Applications

The evolution of the technical architecture has laid the foundation for a thriving application ecosystem. Over the past decade, an unprecedented world of open finance and digital assets has emerged on Ethereum, achieving explosive growth across multiple domains from decentralized finance (DeFi) to non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs).

1. DeFi Revolution: Ethereum's New Financial System

In 2017, the first decentralized financial applications began to appear on Ethereum, with MakerDAO launching the over-collateralized stablecoin DAI, laying the groundwork for digital currency lending. The decentralized exchange Uniswap, launched in 2018, introduced the automated market maker (AMM) model, enabling token swaps without intermediaries through code, revolutionizing trading models. Between 2019 and 2020, protocols like Compound and Aave further expanded the on-chain lending market. The true explosion began with the "DeFi Summer" of 2020: Compound issued governance tokens, leading the liquidity mining trend, with users eagerly depositing assets into various protocols for incentives. The total value locked (TVL) on Ethereum skyrocketed from under a billion dollars to hundreds of billions within months, with network transaction volumes and fees surging accordingly. By the end of 2021, the DeFi landscape reached an all-time high, with the total TVL of various protocols surpassing $100 billion for the first time. Although the market experienced fluctuations and adjustments afterward, by mid-2025, the DeFi ecosystem had regained momentum, with the global TVL rising to approximately $150 billion, of which nearly 60% (around $85 billion) was realized on the Ethereum network, firmly maintaining its position as the largest DeFi public chain.

Source: https://defillama.com/chains

A number of representative DeFi projects have emerged on Ethereum, each pioneering new financial models:

• Uniswap Decentralized Exchange: The first to introduce the automated market maker (AMM) model, using a constant product formula to automatically match trades without an order book or centralized intermediaries, enabling peer-to-peer asset exchanges and at one point surpassing many traditional exchanges in trading volume on Ethereum.

• Sky (formerly MakerDAO) Stablecoin System: Introduced an over-collateralization mechanism to issue the decentralized stablecoin DAI, allowing users to collateralize crypto assets to borrow stablecoins, creating a model for loans and stablecoin issuance without banks, providing a foundational value anchoring tool for the DeFi ecosystem.

• Aave Lending Protocol: Offers a permissionless lending market, using algorithms to adjust interest rates in real-time, allowing users to deposit assets to earn interest or collateralize to borrow other assets. Aave also introduced innovative features like flash loans, allowing users to borrow without collateral and repay within a single transaction, greatly expanding the use cases of decentralized finance.

Through these protocols, many traditional financial services (such as currency exchange, lending, derivatives trading, etc.) have been transplanted onto the blockchain and reshaped. The vigorous development of this open finance proves that blockchain can support high-value financial activities and provide 24/7 global services. Ethereum's powerful smart contract foundation and security allow for free combinations between protocols, and this Lego-like innovation further accelerates the iteration of financial products. It is not an exaggeration to say that DeFi has initiated a paradigm shift in the financial industry: moving from centralized institutional monopolies to decentralized network collaboration, from manual reviews to automated execution. In this process, Ethereum has become the foundational layer supporting the global "value internet."

2. NFT Craze: A New Realm of Digital Assets

At the end of 2017, a game on Ethereum called CryptoKitties allowed people to experience the fun of blockchain NFT digital collectibles for the first time: users could own and breed unique virtual cats. The game unexpectedly became a sensation, even causing the Ethereum network to congest due to excessive transactions. NFTs are a token standard (commonly ERC-721) that marks the ownership of unique assets on the blockchain, allowing digital content such as artwork, collectibles, and game items to become unique and freely tradable assets.

After an initial exploratory phase, the NFT market experienced a full-blown explosion in 2021: Ethereum saw the emergence of phenomenal projects like CryptoPunks and the Bored Ape Yacht Club (BAYC), with these pixelated avatars and cartoon apes becoming hot "digital fashion brands," auction prices often reaching hundreds of ETH, and celebrities and institutions rushing to endorse them. In March 2021, digital artist Beeple's NFT artwork sold for a staggering $69.3 million at Christie's, marking the official entry of digital art into the mainstream auction arena. As the primary platform, Ethereum contributed the vast majority of NFT trading volume, thoroughly bringing blockchain technology into the realms of art, entertainment, and popular culture. The major trading platform OpenSea once topped the Ethereum DApp revenue chart in 2021. Major brands and sports leagues have also expanded their fan economies by issuing NFTs, such as the NBA's "Top Shot" moments NFTs, and game developers attempting to put game items on-chain for trading. Of course, the NFT craze also exacerbated congestion on the Ethereum network, with gas fees soaring to exorbitant levels during popular NFT minting periods, often deterring ordinary users due to high transaction costs.

After several years of development, the NFT market has gradually returned to rationality following the initial frenzy. Although the crypto winter that began in 2022 caused NFT prices and trading volumes to decline, this field has not disappeared; rather, it has begun to evolve towards more practical applications. For example, an increasing number of NFTs are being used as game assets, allowing players to truly own tradable game equipment; some NFTs are used for digital identities and membership credentials, granting holders special rights; mainstream brands' NFTs emphasize practical value in fan interactions. Currently, the daily trading volume of NFTs on Ethereum still reaches $10 million, and "digital collectibles" have become an indispensable part of the blockchain space.

Source: https://dune.com/hildobby/ethereum-nfts

3. DAO Governance: Reshaping Organizational Collaboration

Ethereum has not only fostered new asset forms but also birthed new organizational structures: decentralized autonomous organizations (DAOs). A DAO is an organizational framework that achieves community autonomy through smart contracts and token voting, aiming for all participants to collectively make decisions and manage funds without centralized leadership. As early as April 2016, the first large-scale DAO experiment, known as "The DAO," was launched on Ethereum, raising over $150 million in ETH and attempting to allow token holders to vote on funding entrepreneurial projects. However, The DAO suffered a hack due to a code vulnerability, resulting in a loss of approximately $60 million. This incident led to a famous hard fork in Ethereum's history, with a new chain created to recover the losses retaining the name Ethereum, while the old chain, which opted not to intervene, became Ethereum Classic (ETC). Despite The DAO's failure, the concept of autonomous organizations it initiated has continued to develop. In recent years, numerous projects and communities have adopted the DAO governance model: for example, MakerDAO holders vote to determine stability fees and parameters, the Uniswap community proposes upgrades to protocol functions, and there are investment-focused DAOs like LAO and those aimed at collecting rare items like PleasrDAO, even the ConstitutionDAO, which made headlines in 2021 as thousands crowdfunded on Ethereum to bid for a copy of the U.S. Constitution. The development and upgrade process of Ethereum itself also reflects a form of open governance: anyone can propose EIPs for improvement, and after community discussion and consensus through client implementation, the network is upgraded. This multi-party collaboration and public debate governance model has had a profound impact on many subsequent crypto projects, becoming a model for "community governance."

Ethereum provides a reliable infrastructure for the operation of DAOs: on-chain multi-signature wallets are used for fund custody, governance tokens are used for voting decisions, and smart contracts execute voting results, with all processes being transparent and verifiable. This transparent and trustworthy mechanism significantly reduces the trust costs required for large-scale collaborations, allowing strangers to form "digital communities" around common goals. DAOs conceptually disrupt traditional organizational boundaries but also face some real-world challenges. For example, many DAO governance votes have low participation rates, and how to incentivize a broad base of token holders to actively exercise their rights is a challenge; additionally, the decision-making process is public and slow, often struggling to respond promptly to rapidly changing market conditions. Furthermore, a small number of holders with large amounts of tokens have significant influence in DAOs, raising concerns about governance monopolization that need to be explored.

# Competition and Challenges Facing Ethereum

Currently, the number of decentralized applications (dApps) running on the Ethereum mainnet has exceeded 4,000, covering various fields such as lending, trading, payments, gaming, and social networking. The scale of the developer ecosystem remains the largest among global public chains. The increasing number of applications and users further solidifies Ethereum's position as the "value internet" and its "ecological moat." However, behind this prosperity, Ethereum also faces unprecedented competitive pressures and internal challenges.

1. Competitive Landscape: Ethereum's Position Amidst a Hundred Chains

Looking back over the past decade, many so-called "Ethereum killers" have emerged only to fade away. EOS, launched in 2017, claimed to outperform Ethereum in performance and raised a record $4.2 billion through its ICO. However, EOS quickly exposed issues of governance centralization after launch: just days after going live, its nodes sparked community outrage due to frozen accounts, leading to a significant decline in development activity and economic activity on EOS. The Binance Smart Chain (BSC), which rose in 2020, attracted a large number of users and DeFi projects with extremely low fees. However, BSC employs a permissioned proof-of-stake consensus with only 21 validators, selected daily from 11 super nodes on the Binance chain, resulting in highly concentrated actual control. The potential risks brought by this centralized architecture have made many community members wary of BSC. Solana, which surged in 2021, is known for its throughput of thousands of TPS and sub-second confirmation times, being viewed as a "high-speed chain" for consumer applications. During the NFT and meme coin craze, Solana's on-chain transaction volume surged, showing signs of challenging Ethereum. However, Solana's high performance also came with a decrease in decentralization, as its network experienced multiple large-scale outages (with the longest downtime lasting several hours), preventing users from transferring assets and raising questions about its reliability.

Of course, competitors are still rapidly iterating. Solana, benefiting from the wealth effect of memes, saw gas fees briefly exceed those of Ethereum; the concept of modular blockchains is also emerging, with projects like Celestia focusing on providing data availability layers and EigenLayer proposing "re-staking" solutions that reuse Ethereum's trust layer, all exploring new blockchain architectures. These new narratives and technological paths, while expanding the boundaries of blockchain applications, also challenge Ethereum's role: in a multi-chain, layered future landscape, how Ethereum can maintain its core position while collaborating and thriving with other chains is a new question that needs to be considered.

2. Challenges and Responses Facing Ethereum

Having traversed a decade-long journey, Ethereum has established its leading position in the industry, but many internal challenges remain to be overcome. These challenges include both technical bottlenecks and market and governance tests.

• Long-term Scalability Bottlenecks: The limited transaction processing capacity and high gas fees of the Ethereum mainnet not only draw criticism from ordinary users but also greatly limit Ethereum's appeal to the mainstream public. This issue has directly led to the emergence of various scaling solutions, with Layer 2 networks being the most significant. However, while Layer 2 alleviates pressure on the mainnet, it also brings new challenges: different Layer 2 networks operate independently, lacking direct interoperability, leading to liquidity being dispersed across various Rollup ecosystems. This fragmentation somewhat undermines the initial intention of Layer 2 to enhance user experience.

• Balancing Performance Improvement and Decentralization: The well-known "impossible triangle" theory in the blockchain field states that decentralization, security, and scalability cannot all be achieved simultaneously. Since its inception, Ethereum has prioritized decentralization and security, which means that the threshold for running nodes is relatively low, allowing more global participants to independently maintain the network; however, the trade-off is that the capacity and block generation speed of individual blocks are limited, affecting transaction throughput and confirmation times.

• Security Challenges: As a programmable blockchain, Ethereum's smart contracts have repeatedly exposed vulnerabilities and suffered attacks, serving as a wake-up call for developers and users: once on-chain code is released, it cannot be changed, making security audits and risk prevention crucial.

• Uncertainty in the External Environment: As DeFi integrates with traditional finance and NFTs penetrate mainstream culture, regulatory agencies in various countries are increasingly concerned about the compliance risks of on-chain activities. Some applications on Ethereum, such as decentralized exchanges and stablecoin issuance, may fall under existing financial regulatory frameworks. Compliance pressures could drive some large participants to exit or shift to permissioned chain environments, affecting the flow of talent and capital within the Ethereum ecosystem.

• Ethereum's Own Governance and Roadmap Execution: As a decentralized open-source protocol, Ethereum upgrades its network functions through the EIP proposal process, requiring extensive community discussion and multi-client implementation for all consensus layer changes. This open and transparent governance model ensures that all stakeholders have the opportunity to participate, but it also results in lengthy decision-making processes and high coordination costs. Recent major upgrades (such as the Berlin, London, and Paris hard forks) have all experienced multiple rounds of delays and controversies. Currently, the rise of Ethereum's "staking as a service" platforms has led to a trend of centralization in the staking market: a few entities like Lido, Coinbase, Kraken, and Binance control over half of the ETH staking share, raising concerns about Ethereum's governance and transaction censorship.

In response to these challenges, the Ethereum community is adopting a multi-faceted strategy:

• Advancing a Rollup-Centric Roadmap: In the short term, rapidly scaling through Rollup solutions like Optimism and Arbitrum, while in the medium to long term, promoting sharding technology to increase on-chain data processing capacity by an order of magnitude, supporting further cost reductions for Rollups.

• Ensuring Decentralization: Maintaining high decentralization standards and shifting scaling efforts to Layer 2. After transitioning to PoS, Ethereum is focusing on technologies like light clients, state expiry, and data sampling, aiming to reduce the resource requirements for full nodes, making it possible for more ordinary users to run Ethereum nodes on home computers or mobile devices.

• Enhancing Security and Developer Support: Establishing bug bounty programs and optimizing smart contract development frameworks to reduce security incidents; through annual DevCon developer conferences and hackathons, gathering global developers to share knowledge and collaborate on innovation, injecting continuous vitality into the ecosystem.

• Regulatory Communication and Innovation Protection: Currently, industry organizations, including the Ethereum Foundation, are actively communicating with regulators in various countries, hoping to establish rules that encourage innovation while protecting users. For example, regarding anti-money laundering (AML) and sanctions compliance issues, developers are researching methods to provide on-chain auditing tools without sacrificing privacy.

• Improving Governance Mechanisms: The Ethereum community is already experimenting with introducing diverse staking clients, promoting trustless staking pools (such as Rocket Pool and SSV Network), and exploring economic penalties for censorship behavior in extreme cases.

# Latest Developments and Future Outlook for Ethereum

On July 30, 2025, Ethereum will celebrate its tenth anniversary. In the current market landscape, Ethereum, as the world's second-largest crypto asset and the leading smart contract platform, is gradually becoming an indispensable part of global investment portfolios, with its influence permeating the intersection of crypto economics and traditional finance, harboring the potential to drive the next wave of innovation.

• Market Cap and Institutional Participation: The era of institutional investment in Ethereum has arrived, with significant inflows of institutional funds into Ethereum spot ETFs, and publicly traded companies like Bitmine and SharpLink establishing ETH treasury strategies, viewing ETH as a long-term value reserve and strategic asset.

• Regulatory Improvements and Mainstream Recognition: The regulatory environment has improved compared to five years ago. The U.S. Congress is pushing legislation to recognize ETH as a commodity rather than a security, and "on-chain dollar" stablecoins are also included in the regulatory framework, clearing obstacles for large institutions to enter the Ethereum ecosystem with confidence. Companies like Visa have been using Ethereum to settle USDC since 2021, and banks like JPMorgan are attempting to issue tokenized deposits on Ethereum-compatible networks, indicating that Ethereum is integrating into the mainstream financial system.

• RWA On-Chain: Since 2024, "tokenization of real-world assets" has become a new trend, with firms like Blackstone and Franklin issuing tokenized funds based on Ethereum. Currently, over 70% of on-chain RWA issuance occurs on Ethereum and its Layer 2 solutions. In the future, more traditional assets like bonds and equities may achieve digital circulation through the Ethereum network, expanding the boundaries of blockchain applications.

• Technical Roadmap Outlook: In the coming years, Ethereum's development focus will shift from theoretical research to enhancing practical impact. On the technical side, in addition to implementing sharding technology for "hundred times today's" scalability, there will also be a focus on improving user experience: account abstraction will allow users to manage complex private keys without hassle, and social recovery wallets will gradually be realized; privacy technologies (such as ZK-EVM) will enhance transaction confidentiality; these advancements will lower the barriers for ordinary users.

Reflecting on the first decade of Ethereum, we see a journey of rebirth through repeated questioning, where Ethereum has consistently found breakthroughs through the wisdom and perseverance of its community whenever it encounters bottlenecks. If the past decade saw Ethereum reshape the underlying logic of digital finance, the next decade holds the promise of this "world computer" becoming a public infrastructure integrated into the backends of various industries, playing a key role in finance, commerce, governance, and more, achieving true interconnectivity and free flow of value. From the initial vision of the white paper to the globally operational network today, the story of Ethereum is still being written. The next chapter of the decade is even more worth our anticipation.

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