Author: Revc, Golden Finance

1. The dusk of idealism: How VC barnacles are empty and decentralized foundations 1.1 L2 colonization: the alienated expansion revolution

Data erosion: the current L2 token The circulating market value is US$15.2 billion, and the ununlocked token size reaches US$30 billion. From a liquidity perspective, it is equivalent to forming a 4% hidden inflation pressure on the Ethereum ecosystem. Moreover, the average decline of the related tokens at a high of nearly 50%, and the actual impact may be higher. These L2 tokens generally have nearly 60% tokens to be unlocked, that is, there is at least US$30 billion in funds that need to be taken over by Ethereum ecological investors.

Power transfer trap: VC institutions account for 67% of the Optimism Governance Committee, and the veto rate of Arbitrum DAO's early proposals exceeded 80%, revealing that Centralized governance is in name only.

Liquidity siphon effect: The locked position of EigenLayer re-pled agreement exceeded US$18 billion, but 90% of the profits generated went to institutional pledgers.

1.2 Prisoner Dilemma of Repolition

Economic Model Distortion: Lido, EigenLayer and other protocols solidify ETH annualized returns at 3-5%, forcing the project party to design an inflation token model to maintain incentives.

The veritable spiral of death: The circulation of a certain head L2 token has increased by 300% in the past six months, and the price has fallen by 72%, forming a vicious cycle of "additional issuance-depreciation-renewal issuance".

Staking Oligarchy: The top 10 giant whale addresses control 43% of EigenLayer's voting rights, while the top 10 Bitcoin addresses only account for 5% of the circulation.

2. Dissecting capital parasitism: Colonial trilogy from tech utopia to financial alchemy 2.1 VC

Cognitive colonization: Targeted cultivation of projects that meet capital narratives through developer funding programs, a top VC has been in the past three years 83% of the investment goes to the infrastructure level.

Governance colonization: "gold rights" in DAO governance, the positive correlation between the Aave community proposal approval rate and the amount of coin held by the proposer reached 0.91.

Economic colonization: Establish a "protocol tax" system, with an actual annualized rate of return of a certain DEX agreement of 15%, of which 11% flows to VC-related liquidity providers.

2.2 Alienation of the developer class

Technical feudal system: 62% of Ethereum core developers serve VC-funded projects full-time.

Innovation attenuation: In 2023, the number of new independent agreements added to the Ethereum ecosystem fell by 37% year-on-year, while the Solana ecosystem grew by 209%.

Value separation: Gitcoin donation data reveals that only 23% of Ethereum developers agree with the development concept of "application first".

3. Ecological Darwinism: Solana's counterattack Apocalypse 3.1 Evolutionary Advantages of Commercial Genes

RequiredRecruiting mutations: The average life cycle of Solana Ecological MEME coins is 3.2 times that of similar projects in Ethereum.

Organizational model innovation: Jupiter adopts the "developer is user" model and allocates 50% of tokens to community test participants.

Regulatory adaptability: By cooperating with traditional institutions such as Visa to establish compliance channels, the proportion of illegal transactions handled is only 0.3%.

3.2 Cultural gene comparison

Developer portrait: Ethereum developers account for 68% of economics/cryptography backgrounds, and Solana developers account for 55%.

Differences in user behavior: Solana users have 17 transactions per day, while Ethereum users have only 2.3 transactions.

Capital efficiency ratio: Under the same market value scale, the handling fee income generated by the Solana ecosystem is 4.7 times that of the Ethereum L2 system.

IV. Rebirth equation: From technical giant whale to ecological ocean 4.1 Surgical plan

L2 debridement plan: native Rollups or L1 is actually the process of Ethereum's rights collection. Since the industry still recognizes Ethereum as the first A large decentralized platform cannot be allowed to use it to correctly continue to build the infrastructure of Lego. It can try to build a boundary for Ethereum that is supported by the developer community, and then evolve with a boundary, because decentralization is also An entity is needed to implement its will and enable commercial interests to feed back.

Support Base and hyperliquid: Base has actually become the largest "fairy king" in the Ethereum ecosystem, and is often compared with Solana in terms of AI innovation and capital inflows during the bull market. Although it has not yet been “military grouped” (i.e. issuing tokens), this shift may occur at any time, but in the Mass Adoption process, Base is expected to attract more users and developers for Ethereum. Base is indeed more capable than other L2s.

Reform of the pledge system: Introduce dynamic pledge weight based on contribution degree to reduce the voting efficiency coefficient of VC addresses to 1/10 of ordinary users.

Economic firewall: L2 requires at least 30% of its revenue to be used to repurchase and destroy ETH to establish a symbiotic economic model.

4.2 Genetic transformation project

Developer revival plan: Establish an application layer innovation fund, and at least 50% of the funds flow to independent developers without VC background.

Governance of GMO: Using AI-powered governance oracles, automatically identifying and filtering governance proposals with VC characteristics.

Ecological re-wilding: Establish a "Dark Forest" arena on the test network, allowing only fully decentralized protocols to participate in the liquidity competition.

5. From concept to reality: Rethinking the significance of Ethereum's decentralization

Breakers of class leap: social class solidification, capital barriers hinder fair competition. Decentralization lowers the threshold, DeFi and DAO allow ordinary people to participate in the market fairly and break the traditional rules of wealth flow.

Contenders of capital monopoly: financial capital monopolizes market rules, decentralization replaces intermediaries with smart contracts, improves transparency, protects individual asset control, and maintains economic vitality.

The terminator of Internet oligopolies: technology giants monopolize data, decentralized technology allows users to master data sovereignty, Web3 guarantees the free flow of information, and weakens corporate exploitation of data.

Accelerator of innovation and transparency: centralized systems suppress innovation, decentralization improves transparency, and open agreements incentivize innovation.

Conclusion: Leviathan's Awakening Moment

When Ethereum's block time continues to flow forward, this crypto blue whale is facing the key choice for species evolution: it is to continue to be the ideal host for VC barnacles slowly Sink, or resurrection through painful genetic mutations?

Historical experience shows that truly revolutionary agreements must complete the leap from technical standards to ecological civilization. Perhaps just as humpback whales in the ocean will actively impact the hull and throw barnacles off, what Ethereum needs is not a gradual reform, but a thorough economic model leap. This includes increasing constraints on L2, strengthening boundaries and evolving in a more business-oriented way.

When the L2 parasitic token is abandoned by the market, it may witness the rise of Ethereum, which adheres to the concept of decentralization, again.