Ethereum's Strategic Transformation: From World Computer to World Ledger

Recently, the remarks of the co-founder of Ethereum have sparked discussions about the strategic direction of Ethereum. However, a closer analysis reveals that this shift actually began with the implementation of EIP-1559. Stablecoins account for 50% of the market share on the Ethereum network, further solidifying its position as the global financial settlement layer. Let's delve into the details of this shift:

EIP-1559: Redefining the Value Capture Mechanism

The core of EIP-1559 is not to reduce Gas fees, but to reshape the value capture model of the Ethereum mainnet. It introduces a predictable base fee mechanism, making the cost of submitting batch data on layer two networks stable and controllable. This change effectively shifts Ethereum's value capture logic from "consumption-based growth" to "tax-based growth".

In the new model, the layer two network charges fees from users but needs to periodically submit batch data to the mainnet and burn ETH. This model is similar to how commercial banks handle daily operations, but large settlements must be confirmed through the central bank system. The Ethereum mainnet no longer directly serves ordinary users but becomes the central node where all layer two networks must "pay taxes" and accept regulation.

Stablecoins: The Best Proof of Security

Data shows that the total market value of global stablecoins exceeds $250 billion, with Ethereum accounting for 50% of the share. This ratio has increased rather than decreased since the implementation of EIP-1559. Why is Ethereum able to attract such capital? The answer lies in its irreplaceable security premium.

A large amount of stablecoin assets has been settled on the Ethereum network, far exceeding other blockchain platforms. This choice is not made out of consideration for transaction speed or cost, but because Ethereum's nearly one hundred billion dollars in staked Ether provides unparalleled economic security. This is a crucial factor for institutions managing large assets.

The large-scale aggregation of stablecoins on Ethereum has formed a self-reinforcing growth loop: the more stablecoins there are, the deeper the liquidity, attracting more DeFi protocols to choose Ethereum, which in turn generates more demand for stablecoins and attracts more capital inflow. This phenomenon is the market recognition of global liquidity for Ethereum's "world ledger" positioning.

Ethereum's New Strategic Positioning in the Ecosystem

As the Ethereum mainnet focuses on becoming a "central bank-level" settlement layer, the strategic positioning of the entire ecosystem becomes clearer: Layer 2 networks are responsible for high-frequency trading, while the mainnet focuses on final settlement. This division of labor is both clear and efficient. Every settlement returning from the Layer 2 network to the mainnet will continue to burn ETH, promoting the deflationary mechanism.

However, this transition has also brought new challenges. The daily average ETH burn on the mainnet has significantly decreased, while the transaction volume and profits of layer two networks are soaring. This situation has raised concerns about whether layer two networks are becoming "vampires."

Nevertheless, this issue does not affect Ethereum's status as the world's ledger. The significant accumulation of stablecoins, substantial security guarantees, and the largest DeFi ecosystem globally all demonstrate that capital chooses Ethereum for its settlement authority rather than the transaction prosperity of layer two networks.

Conclusion

The co-founder of Ethereum recently emphasized the concept of the "world ledger," which is more like an official confirmation of an established fact. The implementation of EIP-1559 marks Ethereum's transition from a "world computer" to a "world central bank." If the future direction of cryptocurrency development is the integration of on-chain DeFi infrastructure with traditional finance, then Ethereum's positioning as a "world central bank" will be sufficient to consolidate its status, and the prosperity of layer two networks is not a decisive factor.