From World Computer to Global Ledger: Ethereum's Strategic Transformation

In the field of blockchain, major public chains have their unique design positioning, which often determines their technical route and ecological development direction. Ethereum, as a pioneer of smart contract platforms, has aimed to build a "world computer" since its inception, striving to create an open platform capable of running various smart contracts and supporting diverse Web3 applications.

However, a recent response from Ethereum founder Vitalik Buterin to a related tweet seems to hint at a subtle shift in this vision. Vitalik stated that "Ethereum Layer 1 is the world ledger," which has sparked widespread discussion in the industry about Ethereum's macro positioning.

Ethereum: The Evolution from Computing Platform to Ledger Role

Looking back at the development of Ethereum, we can see that its positioning has not undergone fundamental changes, but it has been continuously adjusted dynamically. Since 2016, Ethereum, as the leading smart contract platform, has driven the birth of a series of innovative applications, including the ERC20 token standard, decentralized finance (DeFi), non-fungible tokens (NFTs), and blockchain games.

However, with the prosperity of the ecosystem, Ethereum also faces challenges of performance bottlenecks, such as high Gas fees and limited transaction processing capability (TPS). These issues restrict the large-scale application of complex computational logic. To address this predicament, starting from 2020, Rollup technology has gradually become mainstream, promoting Ethereum to gradually establish a "L1+L2" layered architecture.

The Synergy of L1 and L2: Restructuring the Value Positioning of Ethereum

Under the new architecture, the Ethereum mainnet and Layer 2 solutions have a clear division of labor: the mainnet is responsible for providing security and final settlement, while L2 networks (such as certain DEXs, certain Layer 2s, etc.) handle most of the high-frequency trading and user interactions. This layering not only enhances overall scalability but also strengthens the value capture logic of ETH.

This architectural design makes the Ethereum mainnet gradually align with the role of a "global decentralized ledger". With the prosperity of the L2 ecosystem, the value of the mainnet as a unified settlement layer also increases. This model is similar to the relationship between central banks and commercial banks in the traditional financial system:

• The Ethereum mainnet serves as a trusted ledger for transaction settlement, similar to the role of a central bank.
• L2 networks are like commercial banks, responsible for providing high-frequency services oriented towards users.
• Each L2 transaction consumes ETH when validated on the mainnet, paying for ledger security.

This mechanism design ensures that Ethereum can gradually achieve the strategic positioning of a "world ledger" while maintaining technological innovation.

"World Ledger": A Pragmatic Development Path

It is worth noting that each surge in the value of Ethereum is closely related to its role as a trusted ledger. Whether it was the ERC20 token wave in 2017, the DeFi boom in 2020, or even the recent trends of tokenization in the US stock market and physical assets on the blockchain, Ethereum has always played a key role as a settlement platform.

For traditional financial institutions, while computing power is important, the core factors determining whether to migrate assets to the blockchain are always the credibility, finality, and security of the ledger. This also explains why more and more financial platforms are choosing to launch innovative services based on certain Layer 2 solutions, such as token trading of US stocks.

This trend not only validates Ethereum L1 as a global financial settlement infrastructure but also profoundly reshapes the value logic of L2, driving the entire ecosystem to achieve a true integration between technology and financial infrastructure.

Conclusion

The evolution of Ethereum from a "World Computer" to a "World Ledger" reflects a pragmatic development strategy. It is no longer merely confined to the conceptualization of future application scenarios, but is increasingly being chosen as a settlement endpoint by real-world assets. This shift not only confirms the value of Ethereum L1 but will also drive the entire ecosystem to find a balance between technological innovation and financial infrastructure, paving the way for the large-scale application of blockchain technology.