#以太坊生态发展 Reflecting on the development journey of Ethereum over the years, I am filled with emotions. From the initial concept in the White Paper to now becoming the second largest crypto asset in the world, the road has seen both glorious achievements and difficult challenges. Recently, I heard Vitalik's warning about the expanding institutional holdings, which reminded me of the ideals and original intentions of the early community.

Back then, when we immersed ourselves in the Ethereum ecosystem, it was precisely because we recognized its vision of decentralization and permissionless access. Today, the large influx of institutional funds has certainly brought liquidity and attention to the project, but it has also posed the risks pointed out by Vitalik. If core developers and truly decentralization-minded users were to leave, the soul of Ethereum would vanish along with them. Even more concerning is the possibility of making inappropriate technical decisions to cater to institutional demands, which could undermine the network's level of decentralization.

Looking back at history, we have witnessed many projects gradually deviate from their original intentions due to compromises. If Ethereum wants to avoid repeating the same mistakes, it must adhere to its core values. Maintaining a strong community foundation and insisting on globalization and anti-censorship characteristics are key aspects that distinguish Ethereum from traditional finance.

In this rapidly changing encryption world, maintaining one's original intention is often more important than chasing short-term profits. I hope Ethereum can find a balance between institutional funds and decentralized ideals, continue to lead industry development, and become a true force for changing the world.