#稳定币市场发展 In 2025, Ethereum finally steps out of the laboratory.

Remember the fervent era of 2017, when everyone was discussing "Will Ethereum become the world's computer"? My answer back then was cautious. I had seen too many promises and too many projects hitting walls in reality. But this time, the way data speaks is different.

From Pectra to Fusaka, two major hard forks completed within a year, account abstraction, PeerDAS scaling, three gas optimizations without hard forks—these are not visions, but real engineering solutions. My deepest impression comes from the stablecoin market: a total supply of $300 billion, 54% market share, and $46 trillion in annual trading volume. What lies behind these numbers? Traditional financial giants like JPMorgan and BlackRock are starting to put real assets on this chain.

Another detail worth reflecting on—Tornado Cash sanctions have been lifted. It took us years to reach this moment, shifting from compliance risks to foundational capability building. This transition's significance far exceeds the surface. Privacy is no longer a tool to oppose regulation but has become a standard feature of financial infrastructure.

The maturity of Layer 2 is more like a confirmation signal of a watershed. When the transaction volumes of Base, Arbitrum, and zkSync surpass the mainnet, we are no longer discussing "whether this can scale," but asking "where is the next bottleneck." DeFi locking $93.9 billion and Uniswap's annual trading volume exceeding one trillion dollars—these figures were unthinkable five years ago.

Finally, the ERC-8004 standard for AI Agents and the x402 micro-payment protocol—these are the true long-term signals. When machines begin to need economic activity on Ethereum, what we see is an upgrade from financial infrastructure to an AI economic settlement layer.

From experimental networks to global infrastructure, this transition is not achieved overnight. It is the result of hundreds of failed projects, thousands of protocol optimizations, and countless regulatory compromises. 2025 is not the end but the true beginning of a new phase.