Research: Ethereum is gradually diverging in three levels: chain, asset and technology

According to Bijie.com, @dcposch published an article discussing the phenomenon that Ethereum is gradually diverging in three levels: chain, asset and technology. In terms of Ethereum chain, the asset characteristics supported by stablecoins and other issuers decouple the new EVM chain from the Ethereum main network. Although the main network has advantages in decentralization, there are uncertainties in meeting its initial goals, such as facing challenges in carrying more economic activities and becoming an important asset issuance place. Large institutions have launched their own chains, each with advantages such as cost and speed. Ethereum assets (ETH) are increasingly regarded as a means of institutional value storage, and their value is more based on institutional adoption and currency premiums, rather than on-chain activities or technologies. Future developments are affected by the degree of institutional adoption and competition with Bitcoin. Ethereum is undoubtedly the most successful at the technology level. Many potential new chains and successful applications are based on EVM, which have the best development tools, the largest developer and audit ecosystem, and strong network effects, but there is still room for improvement in user and developer experience. Overall, although these three levels may prosper, they are moving towards separation.