Ethereum: Exploring the Path of Value Reshaping

Ethereum has undergone many noteworthy changes recently. Vitalik has taken a firm stance on Layer 1 scalability, and the Ethereum Foundation is undergoing restructuring and layoffs, showing an overall pragmatic attitude. This episode invites Dr. Zhou, the founder of EthStorage, and Lawrence, a researcher at Mint Ventures, to discuss the current issues facing Ethereum and its future development prospects.

The Reasons for Ethereum's Poor Performance in This Round

1. The Layer2 route is inconsistent with the core values of Ethereum, leading to incompatible incentives.

2. The project is progressing slowly, with each upgrade taking 1-2 years.

3. There are fewer new business models and innovations on the chain, and activity has declined.

4. The extreme pursuit of decentralization affects efficiency.

5. The research team and the development team are disconnected, resulting in low R&D efficiency.

Consensus and Disagreements on Ethereum Issues

Consensus:

• Layer 2 strategy needs adjustment
• Engineering efficiency and R&D speed need to be improved.

Discrepancy:

• The trade-off between decentralization and execution efficiency
• Should the multi-client route be retained?
• Should system downtime be allowed in exchange for faster iterations?

Trends in Ethereum Reform

1. Clearly propose the L1 expansion roadmap, aiming to increase the Gas Limit from 30 million to 60 million.

2. The client ( such as Geth ) actively optimizes the code, achieving a performance improvement of 3-4 times.

3. Terminate projects that do not directly address scalability ( such as Portal Network ).

4. Two new executive directors have been added, restructuring the foundation's framework.

5. Vitalik proposed a goal to expand L1 capacity by 10 times within 1 year and by 100 times within 2-4 years.

Outlook on Ethereum

Two guests hold a cautiously optimistic attitude towards Ethereum:

Advantages:

• A large developer community and network effects
• Financial applications are still primarily based on Ethereum.
• Performance improvements and cost reductions may occur in the short term.

Hidden concerns:

• Whether the long-term route has truly changed remains in doubt.
• Will Vitalik's influence and decision-making style adjust?
• Can we overcome the tendency to be overly idealistic and conservative?

Possible Triggers for Increasing Holdings of Ethereum

1. Vitalik publicly acknowledged past mistakes and announced major strategic adjustments.

2. The Ethereum decision-making body has become more aggressive and is willing to take on more risks.

3. Ethereum made a "mistake" once, breaking its overly cautious image.

4. Vitalik listens better to the community's voice and builds a more effective team.

5. Ethereum and all parties ( including regulators ) establish more proactive interactions