Ethereum's Ten-Year Narrative Shift: From World Computer to Real Asset Bridge

On July 30, 2015, the genesis block of Ethereum was born, marking the beginning of the grand vision of the "world computer." Vitalik and the early developers believed that they were building a global computing platform capable of running any decentralized application, rather than an upgraded version of Bitcoin.

Looking back at the development trajectory of Ethereum after ten years, this "world computer" has not operated various decentralized applications as expected; instead, it has evolved into a settlement layer dominated by financial applications. DeFi protocols account for the vast majority of Gas consumption, with trillions of dollars in assets circulating on this network, while those decentralized applications in social networking, gaming, storage, etc., which were once highly anticipated, have either fallen silent or migrated to other chains.

Is this narrative shift a compromise or an evolution? The narrative changes of Ethereum over the past decade are not just a story about Ethereum, but also a reflection of how technological ideals seek a foothold in the real world.

World Computer: The Golden Age of Idealism (2015-2017)

The initial vision of Ethereum originated from a bold idea by Vitalik: what if the blockchain could not only transfer value but also run arbitrarily complex programs? This idea expanded the blockchain from a specialized value transfer tool to a general-purpose computing platform.

The early Ethereum community gathered a group of technological idealists who believed that "code is law." They were not only building new technological platforms but also attempting to create a digital utopia governed by code. This technological idealism was reflected in the early design of Ether, such as the Turing-complete virtual machine, Gas mechanism, and account model.

In 2016, The DAO project was launched, perfectly embodying the idealistic spirit of the early community. However, the controversy sparked by The DAO's hacking incident tore the entire community apart, revealing the inherent contradictions of technological idealism: complete decentralization can lead to unacceptable consequences, while any human intervention may be seen as a betrayal of principles.

ICO Token Machine: Lost in the Bubble (2017-2020)

In 2017, the ICO craze completely changed the positioning of Ethereum. As a platform that hosted numerous ICOs, Ethereum suddenly became a "token machine." This was far from the original conception of a "world computer," marking the first significant fracture in the narrative of Ether.

The ICO boom exposed a fundamental contradiction in the narrative of Ether: the huge gap between technological vision and market demand. After the bubble burst, Ether had to answer a fundamental question: If you are not the world computer, then what exactly are you?

During the bear market of 2018, a new narrative gradually took shape: Ether was first a financial settlement layer and then could possibly become a general computing platform. The correctness of this choice will be validated in the upcoming wave of DeFi.

DeFi Victory: Finance Becomes the Duty of Ether (2020-2021)

The DeFi Summer of 2020 was not only an explosion at the application layer, but also a complete transformation of Ether's identity. The success of DeFi made the entire ecosystem realize that finance might not be a compromise choice, but rather Ether's natural mission.

From this perspective, becoming the "world financial computer" is not contradictory to becoming the "world computer"; rather, they are different expressions of the same vision. The explosion of DeFi has created a powerful positive feedback loop, continuously reinforcing the narrative of Ether as a financial infrastructure.

However, the success of DeFi has also exposed the performance bottlenecks of Ether. This has forced the community to readjust the technical roadmap, prioritizing the implementation of features that are most beneficial to DeFi. The adjustment of the technical roadmap is essentially a concrete manifestation of a narrative shift.

The Rise of L2: Sovereignty Transfer and Parasites (2021-2023)

In the face of performance bottlenecks, the Ether community has undergone a painful cognitive shift: a true world computer should be a modular, layered system. From "one chain to rule them all" to "a multi-layer collaborative ecosystem", Ether has begun to accept the reality that a single blockchain cannot meet all needs.

As Layer 2 solutions like Arbitrum and Optimism handle more and more transactions, the positioning of the Ether mainnet has become a key issue. The community has begun to redefine success: even if activities occur elsewhere, as long as they ultimately require the security of Ether, it is a victory for the Ether ecosystem. This reflects a shift in thinking from "exclusivity" to "symbiosis."

Battle of Hundred Chains and "Legitimacy" Narrative Defense ( 2023-2024 )

In 2023, the new generation of public chains no longer tries to be a "better Ether" but tells a completely different story. This change is both a relief and a challenge. When "decentralization" is no longer the only value standard, the core value attraction that Ether is proud of is put to the test.

In the face of the rise of new public chains, the Ether community emphasizes "orthodoxy". However, when users can complete transactions at low cost, they seem to not care whether the network is "decentralized enough". Ether is trapped in the moral dilemma it has set for itself.

By early 2024, the narrative of Ether has become increasingly defensive. Most discussions are not about "what we want to build," but rather "why we are better than other chains." This shift from offense to defense exposes the innovation dilemma that Ether faces.

Narrative Reconstruction and Future (2024-)

In 2024, RWA( Real World Assets) will become the new focus. For Ether, this is an opportunity for narrative reconstruction. From "changing finance" to "connecting reality", Ether attempts to tell a more pragmatic story that is closer to the mainstream world.

The RWA narrative has changed the definition of success. In the past, success meant creating a brand new crypto economy. Now, success has become about serving the existing financial system. This shift from idealism to pragmatism reflects a new understanding of market demand.

The Etherum community is beginning to accept the coexistence of multiple narratives. For DeFi users, Ethereum is financial infrastructure; for enterprises, it is a tool for crypto transformation; for creators, it is a copyright protection platform; for idealists, it remains a decentralized future.

From idealism to realism, from revolution to reform, from subversion to integration. The ten-year journey of Ether may not be a betrayal of its original intent, but rather the cost of growth. What truly brings Ether to billions of users may not only be what it can do, but rather what the real world chooses to do with it.