#以太坊L2如何发展？ Ethereum is currently in an extremely painful phase of “self-denial.”

Vitalik suddenly reversed his stance, stating that the centralized roadmap for Rollups is no longer applicable. This is not just a minor technical tweak but a strategic “great retreat.”
Over the past three years, almost all narratives in the Ethereum ecosystem have revolved around Layer 2, with everyone desperately competing to increase TPS, distribute airdrops, and isolate ecosystems. The result has been a fragmented liquidity pool and a user experience that is painfully disjointed.
ENS responded swiftly and decisively shut down its own L2 solution. The clear signal behind this move is: if even top-tier protocols see no future in proprietary L2 solutions, then most of the L2s created solely for token issuance will soon become ghost towns with no visitors. Simply put, Ethereum no longer wants to carry these “feudal” second-layer networks; returning to native scalability means power will once again centralize around Layer 1.

This restructuring of the underlying logic coincides with the market’s most vulnerable moment. Bitcoin fell below $60,000. On the surface, it appears to be triggered by a margin call from a high-leverage hedge fund in Hong Kong, but the deeper reason is the complete “systemic deleveraging.” The 11% reduction in mining difficulty, a term that in 2021 was synonymous with “mining crisis,” now indicates that many old mining rigs are operating at a loss and have shut down. Interestingly, amid this panic, Binance’s SAFU fund has quietly been converting stablecoins into Bitcoin.
The real story is this: while retail investors and high-leverage funds panic over a few thousand dollars of volatility, the industry’s top whales are leveraging this liquidity crunch to complete their final asset swaps. They don’t care about short-term dips; what matters is whether they hold the strongest chips before the next phase of order rebuilding.

Even more ironically, while the Web3 industry is experiencing turbulence, traditional finance—often touted as the “compliance fortress”—is also facing a series of massive failures. Bank of America employees involved in a $10 billion fraud case, surpassing many hacking incidents in the crypto market. This shows that “compliance” and “regulation” are not magic solutions; the collapse of internal controls is the same in any financial system. The expansion of stablecoin access by the CFTC, Japan’s push for tax reform, and Vietnam’s increased stamp duty are all essentially attempts to tame crypto assets within existing tax and monitoring frameworks.

The upcoming market will be both dull and brutal: on one side, deep foundational adjustments like Ethereum’s removal of parasitic, meaningless layers; on the other, tightening global regulations that leave no room for illegal funds or high-leverage speculators. This is a necessary “detox.” When those Layer 2s born solely for token issuance fall, when leveraged hedge funds blow up, and miners complete their cycle of old and new, true value support will emerge.
For hardcore investors, the current chaos is actually the clearest moment—seeing who is retreating, who is repositioning, and who is rebuilding is far more meaningful than just watching candlestick charts.