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

The founder of Ethereum emphasizes that its positioning as the "world ledger" was not a sudden move; this shift actually began with the implementation of EIP-1559. Stablecoins occupy 50% of the share on the Ethereum network, further reinforcing its status as a financial settlement layer. Let's delve into the details of this transition:

1. The core significance of EIP-1559

The essence of EIP-1559 is not merely to reduce gas fees, but to redefine the value acquisition mechanism of the Ethereum mainnet. It signifies that Ethereum no longer relies on the gas consumption brought by an increase in transaction volume to capture value.

Before the implementation of EIP-1559, all transactions were concentrated on the mainnet, resulting in huge ETH Gas consumption and severe congestion on the mainnet. Layer 2 also had to participate in Gas competition when submitting batch data verification to the mainnet, which was expensive and difficult to predict.

EIP-1559 introduced a predictable Base fee mechanism, making the batch submission costs of Layer 2 on the mainnet stable and controllable. This not only lowers the operational threshold for Layer 2 but also profoundly changes the value capture logic of Ethereum: shifting from a "consumption-based growth" that relies on high-frequency trading on the mainnet to a "tax-based growth" that relies on Layer 2 settlement demand.

This transformation makes Ethereum's role more like that of a central settlement system, while Layer 2 resembles local banks, handling daily operations but requiring large settlements through the central system. This is precisely the embodiment of the "world ledger" positioning.

2. Centralization of Stablecoins

The total market value of stablecoins worldwide currently exceeds $250 billion, with Ethereum accounting for 50% of the share. This ratio has not decreased but rather increased since the launch of EIP-1559, mainly due to Ethereum's irreplaceable security premium.

The total amount of USDT and USDC on Ethereum far exceeds that of other public chains. This choice is not based on transaction speed or cost considerations, but rather on the economic security provided by nearly one hundred billion dollars worth of staked ETH on Ethereum. This is a crucial consideration for institutions managing large amounts of assets.

The large-scale accumulation of stablecoins has formed a self-reinforcing growth loop: the more stablecoins there are, the deeper the liquidity, attracting more DeFi protocols and capital inflow, which in turn generates more demand for stablecoins. This phenomenon can be seen as the market's recognition of Ethereum's "world ledger" positioning.

3. Ecological Strategic Positioning

As the Ethereum mainnet focuses on high-level settlements, the division of labor within the entire ecosystem has become clearer: Layer 2 is responsible for high-frequency trading, while the mainnet focuses on final settlements. Each settlement from Layer 2 back to the mainnet will continue to burn ETH, driving the deflationary effect.

However, this transition has also brought new challenges. The daily average ETH burning amount on the mainnet has significantly decreased, while Layer 2 networks such as Arbitrum, Base, and Optimism have seen considerable gains. This phenomenon has raised concerns about whether Layer 2 has become a "vampire."

Nevertheless, this issue does not affect Ethereum's status as the world's ledger. The substantial accumulation of stablecoins, massive security guarantees, and the largest DeFi ecosystem globally all prove that capital chooses Ethereum for its authoritative settlement rather than the trading prosperity of the Layer 2 ecosystem.

Overall, the implementation of EIP-1559 marks Ethereum's transition from a "world computer" to a "world central bank." If the future dividend of cryptocurrency lies in 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 the Layer2 ecosystem is not a decisive factor.