Ethereum, as the core of the smart contract ecosystem, maintains its leading position in the public chain thanks to its high developer activity and vast DeFi/NFT application network. Its technology iteration roadmap is clear: PoS upgrade enhances energy efficiency, Rollups layer scaling alleviates Gas pain points, and account abstraction optimizes user experience. However, it faces performance bottlenecks in Layer 1, concerns over staking centralization, and regulatory scrutiny regarding 'securities attributes.' In the long run, if EIP-4844 shard and L2 ecosystem collaboration breaks through, Ethereum may become the preferred foundational layer for Web3 infrastructure, but it must balance innovation with compliance to respond to the competition from high-performance chains like Solana. Technological accumulation and ecological barriers remain its moat.