As the pioneer of the blockchain 2.0 era, Ethereum is undergoing a strategic transformation from "world computer" to "global settlement layer". With the completion of the PoS transformation through merger and upgrading, its environmental advantage of reducing energy consumption by 99.95% has significantly increased institutional recognition. The Layer2 expansion plan has increased TPS from 15 to 100,000. Solutions such as Optimism and zkSync have effectively alleviated the Gas fee dilemma. The DeFi locked-in volume has returned to the 80 billion US dollar mark. NFT is extending from digital art to physical asset ownership, demonstrating the infinite possibilities of Web3. However, challenges such as lack of regulatory framework and cross-chain security still exist. If Ethereum can continue to make breakthroughs in core technologies such as ZK-Rollup and account abstraction, it may become a super protocol connecting traditional finance and the crypto world, ushering in a new era of value Internet.