#密码资产动态追踪 The real dilemma facing the Ethereum ecosystem: the pivotal turning point in 2026

As a long-term observer of this industry, I want to discuss a somewhat uncomfortable topic — Ethereum is experiencing an unprecedented ecosystem裂变.

Many people are still enjoying the dividends of 2021, but the reality has quietly changed. If you haven't realized this yet, it's time to calmly see what has happened.

**The "each to their own" phenomenon in the L2 ecosystem**

What was everyone's initial vision for Ethereum L2? Prosperity together, ecosystem complementarity, the main chain fully empowered as a settlement layer. But what is the reality?

Arbitrum, Base, and other L2s have indeed siphoned off most of the transaction flow and ecosystem vitality. But the problem is — the money they earn, the users they accumulate, and the TVL they deposit rarely feed back into the mainnet. Gas fees on the mainnet haven't significantly decreased due to L2 prosperity; instead, the burn mechanism has weakened gradually after liquidity shifts. It's like a parent company being drained continuously, while subsidiaries grow wildly.

ETH, as a vehicle for value capture, is in serious decline.

**The technological experience gap**

By 2026, the public chain ecosystem will be completely different. The TPS of Solana, the performance improvements of parallel EVM chains like Monad, have already left Ethereum behind. We don't need to exaggerate — the fact is: users can clearly feel the difference in experience.

Cross-chain operations are complex, gas costs are high, confirmation times are long — these issues, once justified by "decentralization faith," are now being rejected by users with their feet. No one is naturally fond of slow and expensive; if better options exist, why endure?

**Signals of capital flow shift**

Look at the current hot spots for funding: AI+Crypto integration projects, new applications on high-performance native chains, innovative modular architectures. Institutional capital's attention and investment targets have long diversified.

ETH is no longer an "investment must" target. It lacks BTC's hedging attributes and narrative clarity, nor does it have the technological innovation appeal of new public chains.

**The essence of the core problem**

Ethereum's dilemma isn't due to poor technology — its difficulty stems from its own complexity and ecosystem fragmentation. The original design choices (security first, decentralization first) now, in the current market environment, have become competitive disadvantages.

Faith is fragile. Once the fundamental understanding shifts, market reactions will be swift.

**How to view the upcoming development**

This doesn't mean ETH will disappear. Liquidity, ecosystem stock, and network effects still exist. But from valuation expectations, growth momentum, and narrative attractiveness, 2026 will be a critical period of differentiation.

Set aside emotions and rationally evaluate your holding logic — at this point, everyone should ask themselves this question.

$ETH