#以太坊技术升级 Seeing Vitalik's New Year address, I read it several times. Honestly, compared to the various narrative waves in the current market, this statement appears particularly clear—almost a bit lonely.

Over the past few years of on-chain exploration, the biggest lesson has been: those voices shouting "the next narrative," "token deflation," or "political Meme coins" are often just preludes to exit liquidity. The more project teams emphasize concepts and hot topics, the more they should be cautious about their actual practical value. Vitalik explicitly stated this time that Ethereum is not here to "win the narrative wave," but to build real infrastructure—this restraint and focus are precisely what are most easily overlooked.

The concept of "exit testing" resonated with me. What is exit testing? It means that even if developers disappear, the system can still run, and users won't notice any difference. To compare with reality: how many projects collapse the entire ecosystem once the team withdraws? This is the key indicator to distinguish genuine projects from air coins.

Improvements in underlying technology—Gas optimization, Blob increases, zkEVM performance—these may sound unsexy, but they are exactly what infrastructure builders should focus on. Compared to wealth creation myths, I care more about whether this chain can truly last long and be usable. After experiencing several bull and bear cycles, I increasingly realize that projects that survive to the next cycle are often those making the most "boring" technical improvements.

The key is whether this set of logic can truly be implemented. Balancing scalability and decentralization sounds easy, but if this can really be advanced this time, the impact on the entire ecosystem will be profound.