#以太坊的未来 Technical Upgrade Aspects

• Pectra Upgrade: Scheduled for release on May 7, 2025, it will enhance scalability, efficiency, and security. It will improve transaction processing capabilities through PeerDAS and Verkle Trees technology, optimize data storage to reduce node operation costs, and utilize hash tree technology to accelerate network synchronization speed. It will also reduce network congestion to lower gas fees, enable account abstraction, and allow users to pay gas fees using stablecoins, among other features.

• RISC - V Proposal: Vitalik has proposed replacing the Ethereum Virtual Machine (EVM) with RISC - V technology, an open-source instruction set architecture that can handle complex computations more efficiently and is suitable for zero-knowledge proof technology. If implemented, it is expected to enhance Ethereum's execution efficiency by 100 times, significantly reduce transaction costs, and make privacy transactions and cross-chain functionalities more practical. However, this is a long-term vision that will require gradual implementation over 2-3 years.

Market Competition Aspects

Although Ethereum still leads in the DeFi space with a total locked value (TVL) of $65 billion, its advantage is being eroded, with competitors like Solana and BNB Chain having TVLs of $9 billion and $7.3 billion, respectively. Solana outperformed all other chains in revenue performance in the first quarter of 2025, with daily active users and transaction volumes far exceeding those of Ethereum.

Ecosystem Aspects

Ethereum has a solid underlying architecture and a vibrant developer ecosystem. Smart contracts and decentralized applications (DApps) are its core advantages, and it is expected that more enterprises and individuals will participate in development and application in the future, driving ecosystem prosperity. However, the current fragmentation of Layer 2 networks has disrupted user experience and on-chain liquidity, eroding composability advantages and weakening Ethereum's control over its own ecosystem.

Regulatory Policy Aspects

An increasing number of financial institutions and enterprises are focusing on blockchain technology. To attract institutional participation, Ethereum will strengthen compliance, collaborate with regulatory agencies, and promote the formulation and improvement of relevant regulations.