Honestly, I've never been very optimistic about Ethereum's future. The data is right here—only 500,000 daily active users, about 8 million monthly active users, and a monthly revenue of 20 million. It sounds like a lot, but this scale really can't make much of an impact.

So what's the problem? The big players don't care about these bridging fees at all. They have plenty of money, and a few hundred dollars in transaction fees are nothing to them. It's the small retail investors and small to medium projects that have been gradually moving to other blockchains over the past few years. Arbitrum, Optimism, Solana—there are so many options. Why get gouged on Ethereum?

The once-monopolistic position is a thing of the past. Look at Base—it's one of the few bright spots, but in the entire ecosystem map, it's still far from enough. DeFi, NFTs, and ecosystem applications are all flowing to other chains, yet Ethereum stubbornly clings to its high prices. This logic simply doesn't add up.

Multiple technological iterations and breakthroughs have occurred, but the market landscape has already changed. Now, the situation is one of being besieged on all sides—yesterday's leader now has to think about how to preserve its throne.