Since the completion of The Merge in 2022, Ethereum has successfully evolved from the "largest global smart contract platform" into the core infrastructure of decentralized finance and application economy. As the technological route shifts from a single chain to modularity, the Ethereum ecosystem is set to undergo a new evolution in 2024, focusing on L2, staking, restaking, and the integration of real assets.
This evolution is not only a response to DeFi users' demands for low costs and high throughput but also a necessary choice to counter emerging high-performance public chains like Solana and Aptos. Moreover, it serves as a validation of Ethereum's self-positioning as the "global settlement layer."
If the completion of The Merge marked the beginning of Ethereum shedding the "mining burden," then the rise of L2 (Layer 2 networks) is the best footnote for Ethereum's "self-scaling."
Arbitrum, Optimism, Base, zkSync… these names were frequently mentioned at this year's Ethereum Developer Conference (ETH Global). They are not only "pressure relief valves" for on-chain Gas but also "experimental grounds" that drive the explosion of new applications. Core applications like OpenSea, Uniswap, and Aave are migrating in bulk to L2 or deploying across multiple chains, striving to meet users' urgent needs for low fees and faster transaction speeds.
Coinbase's self-developed Base is a significant marker: when the largest compliant exchange starts its own L2, it signifies that the Ethereum ecosystem has transitioned from a single network to a fractal ecosystem, where each L2 is an independently growing sub-chain that shares security and asset liquidity with the Ethereum main chain.
In this new multi-L2 symbiotic landscape, Ethereum is no longer an isolated "monolithic chain" but a layered "blockchain operating system."
One of the most significant innovations brought by The Merge is the full implementation of PoS (Proof of Stake). The scale of Ethereum staking continues to grow, with decentralized staking protocols like Lido and Rocket Pool becoming indispensable components of the ecosystem. For Ethereum, staking is not only a means to ensure network security but also a massive revenue distribution engine within the DeFi ecosystem.
This year, it is particularly noteworthy that restaking has emerged. New protocols like EigenLayer are pioneering the use of staked ETH to provide security for other networks, data availability layers, oracles, and even AI networks. This design, which allows ETH's "trust dividend" to spill over into more services, has been referred to as "Ethereum security as a service."
However, while the narrative around restaking is hot, controversies are also increasing. Some core Ethereum developers and researchers have repeatedly warned that excessive restaking could introduce systemic risks and, in extreme cases, threaten the consensus of the mainnet. Finding a balance between incentivizing innovation and preventing risks will be an unavoidable topic for the Ethereum community moving forward.
In 2024, RWA (Real World Asset tokenization) has become a high-frequency buzzword across the crypto industry, and Ethereum is naturally a significant carrier of this trend. Traditional giants like BlackRock, Fidelity, and Citigroup are attempting to bring real-world assets such as gold, bonds, and carbon credits onto the chain, with the vast majority of RWA protocols being built on Ethereum or its L2 networks.
Behind this is a subtle role shift: Ethereum is no longer just a carrier of DeFi native assets (ETH, stablecoins, DeFi tokens) but is gradually taking on the role of reflecting real-world value on-chain. Complementing this is the narrative of modular blockchains: Rollup, DA (Data Availability), MEV (Maximal Extractable Value)… each is independent yet mutually complementary.
All of this converges into a consensus—Ethereum, as the "security and settlement layer," will no longer bear all functions itself but will "outsource" tasks like execution, ordering, and settlement to Rollups and modular components, forming a more flexible application layer.
As narratives around RWA integration, on-chain brokerages, and restaking continue to spill over, Ethereum will inevitably face direct confrontations with global regulators once again.
The scrutiny of staking services by the U.S. SEC remains unyielding, with Kraken and Coinbase facing lawsuits; while the MiCA legislation has officially landed in the EU, the compliance boundaries for DeFi, DAOs, and modular infrastructure remain vague. The Ethereum Foundation and core developers have repeatedly expressed support for the parallel development of decentralization and compliance, but how this will be implemented across various national regulations remains a dynamic game.
Meanwhile, some core L2s are seeking paths to compliance, such as Base closely aligning with Coinbase's licensing system, and Polygon Labs attempting to collaborate with traditional finance and governments to jointly promote on-chain identity and compliance layer solutions.
From L2 to restaking, from RWA to modular architecture, Ethereum has completed a "dual upgrade" in technology and narrative over the past year. It is no longer a single chain or a set of smart contract protocols but a global settlement network driven by multiple layers, modules, and communities.
Another aspect of this evolution is the ongoing test of sustainability and security. The more complex the structure of scaling, spillover, and layering becomes, the more new attack surfaces and regulatory challenges will emerge. Whether Ethereum can find a new balance between decentralization, scalability, and compliance will determine its core position in the future wave of global financial digitization.
In this complex and variable narrative, Ethereum's next stop may be further than we imagine.
Related: OpenAI states that tokenized stocks on Robinhood do not represent company equity.
Original article: “Ethereum's Next Frontier: L2, Staking, Restaking, and the New Ecosystem Flywheel”
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