Many people see @ VitalikButerin's emphasis on Ethereum as a "world ledger" as a new strategic adjustment, but in fact, this transformation was already completed at the moment EIP-1559 was launched. The 50% exclusive share of stablecoins on Ethereum only strengthens the positioning of Ethereum's financial settlement layer. Come on, let me explain in detail: 1) The core of EIP-1559 is not to reduce gas fees, but to redefine the value capture mechanism of the Ethereum mainnet, establishing a new model where Ethereum no longer captures value through gas consumption that increases transaction volume. Previously, all transactions (DeFi, NFT, GameFi, etc.) were crowded on the main network, which resulted in significant ETH Gas consumption. According to data, the average daily ETH burned in 2021 was nearly several thousand. At that time, the Ethereum mainnet was also heavily congested, and Layer 2 had to join Gas War when submitting batch data verification on the mainnet, which was costly and unpredictable. But EIP-1559 changed this game rule: after introducing a predictable Base fee mechanism, the batch submission cost of Layer2 on the main network became stable and controllable. This directly lowers the operational threshold for Layer2, allowing more Layer2 to rely solely on Ethereum for final settlement. On the surface, EIP-1559 appears to have facilitated Layer 2, but in reality, it has deeply transformed Ethereum's value capture logic: from relying on high-frequency transactions on the main network for "consumption based growth" to relying on Layer 2 settlement demand for "tax based growth". Do you think that in the past, users paid directly to the Ethereum mainnet for computing services, which was considered a buying and selling relationship, but now Layer2 earns user fees, but must regularly "submit" batches of data to the mainnet and burn ETH, which becomes a tribute relationship. This is very similar to how banks in various regions handle daily business, but interbank large settlements must be confirmed through the central bank system. The central bank does not directly serve ordinary users, but all banks have to "pay taxes" to the central bank and accept supervision. This is typical of the positioning of the "world ledger". 2) According to DeFiLlama data, the total market value of stablecoins worldwide currently exceeds 250 billion US dollars, with Ethereum holding a 50% share. This proportion has increased instead of decreased since the launch of EIP-1559. Why is Ethereum so attractive to capital? The answer is actually very simple: an irreplaceable security premium. Specifically, USDT has deposited $62.99 billion on Ethereum, while USDC has $38.15 billion. In comparison, the total amount of stablecoins on Solana is only $10.7 billion, and BNB Chain is only $10.4 billion, both of which are less than a fraction of Ethereum's total. The question is, why do stablecoin issuers choose Ethereum? It's definitely not because it's cheap or fast, but simply because the economic security provided by the nearly $100 billion ETH staking is unparalleled. The cost of attacking Ethereum is outrageously high, which is a very important consideration for institutions managing assets worth billions of dollars. After the accumulation of a large amount of stablecoin funds, the Ethereum ecosystem forms a self reinforcing growth flywheel effect: The more stablecoins there are → the deeper the liquidity → more DeFi protocols choose Ethereum → more stablecoin demand is generated → attracting more capital inflows. From this perspective, the large-scale aggregation of stablecoins on Ethereum is actually the result of global liquidity voting and market confirmation of its global ledger positioning. 3) After the Ethereum mainnet focuses on being a "central bank" level settlement layer, the strategic positioning of the entire Ethereum ecosystem becomes clear: Base, Arbitrarum, and Optimism are responsible for high-frequency transactions, while the Ethereum mainnet focuses on final settlement, with clear and efficient division of labor. And every settlement from Layer2 back to the mainnet will continue to burn ETH, making this deflationary flywheel spin faster and faster. You see, at this point, many E-guards are about to prick their hearts. Since that's the case, why hasn't Layer 2 made a deflationary contribution to the Ethereum mainnet, but instead become a "vampire" that overdraws the value of the Ethereum mainnet? The actual data is very cruel: the former glory of burning thousands of ETH per day on the Ethereum mainnet no longer exists. What now? The daily burn amount has significantly decreased, sometimes even less than a few hundred ETH. At the same time, Arbitrarum handles millions of transactions per day, Base has become a super profitable machine with Coinbase's diversion, and Optimism has also earned a lot of money. Where is the problem? Users have all run Layer 2, and the main network has become an 'empty city'. Layer2 charges millions of dollars in transaction fees into its own pocket every day, but the "protection fee" given to the mainnet is pitifully small. However, this issue cannot shake the established position of the Ethereum world ledger. The massive accumulation of stablecoins, nearly $100 billion in security guarantees (28% supply pledged), and the world's largest DeFi ecosystem all prove that capital has chosen Ethereum's settlement authority rather than the trading prosperity of the Layer2 ecosystem. Currently, @ VitalikButerin seems to be aware of this issue and is attempting to re enhance the mainnet performance of Ethereum, without wanting Layer2 to become a burden on the overall development of Ethereum's global ledger positioning. But ultimately, the success or failure of Layer 2 has nothing to do with the positioning of the Ethereum world ledger. Vitalik's emphasis on the "world ledger" now seems more like an official confirmation of a fait accompli. EIP-1559 was that historic turning point, and from that moment on, Ethereum was no longer the 'world computer', but the 'world central bank'. In other words, if you agree that the next Crypto dividend is the great integration of on chain DeFi infrastructure and TradiFi traditional finance, then Ethereum's positioning as the "world central bank" is enough to solidify its position, and whether Layer 2 is prosperous or not is not important at all. Of course, if you still think that Ethereum must wait for the strength of the Layer 2 ecosystem to rise, you can ignore this analysis, as I didn't say.