Chain Exploration

For the past decade, Ethereum’s narrative was controlled by the Ethereum Foundation (led by Vitalik). Now, as traditional finance capital pours into ‘ETH treasuries’, new players like BitMine and Sharplink Gaming are hoarding more ETH – and with it, the narrative power.

The crypto ‘revolution’ didn’t burn down the system—it sat down at the negotiating table. Some call it ‘betrayal of ideals’; others say it’s ‘inevitable maturity’—like how the 19th-century free banking era evolved into the Federal Reserve.

A Decade Itch, Still a Starting Line

“Ethereum’s first decade focused on theory; the next must focus on global impact,” said Vitalik. Next-gen apps need values and usability to attract newcomers.

The World Computer hasn’t stopped—it’s just finding direction. The next decade belongs to everyone who still believes. As Vitalik put it: “Everyone in the Ethereum community has a chance to help build the future.”

It’s still Jia’s familiar script—using “future promises” for current financing, just moving from PPT to Web3. He might gain short-term attention and believers, but if RWA becomes a “narrative packaging machine”, it will deviate from its original purpose of “connecting real assets”.

ETH and SOL aren’t competing to replace each other—ETH is traditional capital’s “mid-long-term allocation”, while SOL is speculators’ “short-term burst option”. In 2025, the crypto war isn’t about “who wins”, but how these two narratives coexist as a hedge portfolio.

U.S. brokerage giant Robinhood recently launched ‘stock tokens’ linked to unlisted companies like OpenAI and SpaceX in Europe, once again thrusting real-world asset (RWA) tokenization into the spotlight.

Recently, the trend of enterprises focus on Bitcoin reserves has become increasingly evident. Several companies are accelerating their strategies, with typical cases including