The Paradox of Ethereum

2021 was the golden year for Ethereum. BTC cannot handle transactions. Alt L1s are fast, performance but they did not get many users (except Tron and BNB). One could almost question the purpose of holding BTC.

2024 is a difficult year for Ethereum. L2 scaling solution not only exposed the issue of value accretion on Ethereum, but also inspired BTC L2. If all it takes is to post a SNARK proof, BTC can just be the settlement layer. Meme coins bringing users and network effects into Solana, and the risk of Polkadotation and Cosmosation of L2s is the dark cloud in Ethereum scaling blue sky

Currently, Ethereum Foundation, even it's barely 10 years, is fully indulged in staker decentralization. Together with Dear Leader Vitalik. Can we allow 1 ETH minimum stakers? Can someone in a Pacific Island Hut stake? Can we make sure everyone with 10 year old hardware and 1MB dial-up stake? Can we make Ethereum even more ahead in validator decentralization than Solana and BTC even no one else care?

I doubt Ethereum has other choice besides fully enabling L2s like Arbitrium and Base to compete against Solana, and ready to compete with BTC as settlement layer. It's a very tough road ahead. However, If Ethereum Foundation and Vitalik can truly prioritize the development that (1) enable Arbitrium and Base chains to compete against Solana on user experience & performance, (2) accelerate preconf and based rollup development that provides better synergy between Ethereum and L2s compared to BTC and its L2s, (3) enforce ERC standard and interoperability between Ethereum and L2s, Ethereum can stand as the top ecosystem after BTC and meme coin gold rush is over. Money always needs a neutral network to transact.