Ethereum Enters the Era of Zero Innovation
Once, Ethereum was synonymous with blockchain innovation. From smart contracts to DeFi, NFTs, and Layer 2 scalability, every bull market has been marked by Ethereum's presence. However, standing here today, we must admit: Ethereum is entering a 'zero innovation era'.
Although the merge of Ethereum 2.0 has been completed, it is more of an infrastructure update rather than a revolutionary innovation. Scaling solutions like Rollup and Danksharding have been slow to materialize, and Layer 2 projects are trapped in homogeneous competition, relying on airdrops and incentives to maintain activity.
Within the ecosystem, the DeFi and NFT sectors have become highly competitive, with new projects being very similar, narratives weakening, and truly groundbreaking applications being rare. At the same time, innovative directions such as AI + blockchain, modular blockchains (like Celestia), and the new generation of high-performance public chains (like Sui and Monad) are increasingly occurring outside of Ethereum.
Ethereum is gradually becoming a stable yet conservative platform, akin to the TCP/IP protocol in the internet—fundamental and necessary, but no longer the playground for dreamers.
The tide of innovation continues to surge, but it is no longer exclusive to Ethereum.
