Ethereum has transformed into the world's central bank, precipitating $125 billion of funds into the first choice of institutions

Vitalik Buterin recently emphasized Ethereum's positioning as a "world ledger", and in fact, this transformation was completed at the time of the EIP-1559 upgrade. This upgrade shifts Ethereum's value capture mechanism from relying on mainnet transactions to Layer 2 settlement needs, forming a "tax-paying" relationship similar to that between central banks and commercial banks. At present, Ethereum occupies 50% of the global stablecoin market share, with more than $125 billion in deposited funds, and its security has become the first choice for institutions. Although the surge in Layer 2 trading volume has led to a decrease in the amount of ETH burned on the mainnet, Ethereum's core position as a settlement layer has not been affected. Vitalik's statement is more like a confirmation of a fait accompli, marking the transformation of Ethereum from a "world computer" to a "world central bank".