Ethereum has reached its tenth anniversary milestone. Setting aside the extravagant praise, let us confront the challenges and opportunities that this blockchain giant faces.

First of all, the biggest threat to Ethereum currently does not come from external competitors with high transaction throughput, but from its internal 'technological involution'. At present, the complex technological narratives emerging within the Ethereum ecosystem, while seemingly advanced, have not delivered satisfactory practical value and are diverting its strategic focus. The urgent task is to integrate the decentralized landscape of Layer 2 and refocus on building a unified and efficient Layer 1 main chain.

Secondly, the deflationary vision of 'supersonic currency' will ultimately be realized. The deflationary burning mechanism of EIP-1559 balances with the inflation model of POS staking, which is truly ingenious. With the effective operation of the burning mechanism, POS staking rewards, and Layer 2 transaction fee feedback, Ethereum is expected to enter a significant deflationary era. Compared to Bitcoin's limited value capture ability, Ethereum's multi-layered revenue model will have an overwhelming advantage in long-term expectations.

Finally, the Wall Street-driven Ethereum version of 'MicroStrategy' could become a significant positive factor. The potential of this positive feedback mechanism far exceeds the packaging effects of other technical concepts. Therefore, Ethereum needs an evangelist like Michael Saylor, who does not require overly complex technical narratives, but can simply focus on the core positioning of 'global programmable digital asset settlement layer' which is compelling enough.

Looking ahead, how Ethereum can maintain technological innovation while avoiding the trap of excessive complexity will be key to its ability to continue leading the blockchain industry.