According to Wu's report, Fidelity's latest Ethereum report indicates that in a bull market scenario, the Ethereum smart contract platform is expected to reshape social cooperation and trust mechanisms, becoming the core of global coordination; in a baseline scenario, it will only improve in certain financial and non-financial areas, serving as a balancing protocol for traditional systems; in a bear market scenario, it will fall into cyclical speculation, making it difficult to produce products that the public truly needs. The report states that as application demand grows, the demand for ETH may increase, but its modular expansion sacrifices some value capture, and its degree of decentralization is between Bitcoin and Solana, facing certain competitive risks.