Still staring at ETH's candlestick charts, waiting for sudden wealth? Wake up.

Ethereum in 2025 has already changed. It is no longer a speculative tool that allows retail investors to double their money through volatility. Now, it is engaged in a larger strategic layout—building the underlying infrastructure of the global financial system. Some people criticize it because of the low price, but frankly, they just don't understand the bigger picture.

Many are still debating the "myth of deflation" being shattered. Seeing ETH go from "used less and less" to "annual issuance increase," they think the game is over. But this precisely shows how smart Ethereum is. Early in the crypto space, the idea was "scarcity equals value," which sounds convincing. But if Ethereum aims to be the infrastructure of global finance, "usability" is far more important than "scarcity."

The two upgrades from last year to this year seem to have killed the deflationary logic, but in reality, they are a rebirth—upgrading from a "niche speculative tool" to a "mass practical platform." The 90% drop in L2 transaction fees isn't about diverting Ethereum's value; rather, it's expanding the ecosystem's boundaries outward. More people can use it, more projects can land, and Ethereum's value as the underlying layer will truly stand out.

Look at the argument that "L2 drains the main chain." Some say that the Base chain earns more than Ethereum, claiming Ethereum has become a "shell parent company." But reversing the logic makes it clear. The more profit L2 makes, the more it indicates a thriving ecosystem. All these L2 transactions will eventually settle back on Ethereum. The more L2 earns, the more it needs to pay for Ethereum's security. This is the concept of "the parent is honored by the success of the child"—a much more sophisticated logic than just focusing on short-term gas fees.