"When successful, all chains look up to you; when defeated, even heroes grow old."

2025 marks the tenth anniversary of Ethereum.

In the past decade, it has supported the prosperity of DeFi and ignited the wave of NFTs. Countless developers and idealists have converged, collided, and built on this chain, writing one after another chapter of the crypto narrative.

But in this tenth year, Ethereum has reached a crossroads of fate. New public chains emerge one after another, the narrative dominance has frequently shifted, and the price has lost momentum during a prolonged adjustment.

The notion of "switching the dealer" in Ethereum has actually been circulating since last year. There are viewpoints suggesting that the early holders of ETH, the old veterans of the industry, are gradually stepping back, and the chips are quietly being taken over by institutions like Wall Street. Is this transition really happening, or is it just a story we tell ourselves?

It is still unclear whether Ethereum is really "changing hands," but on-chain data shows a trend of chip redistribution, which may hide the long-term layout of large funds and the steadfastness of faith buyers.

Ethereum seems to be entering its "critical window period", but as the Chinese saying goes, "Before considering victory, one must first consider defeat." Even if the situation shows a faint glimmer of hope, one cannot help but ask: If ultimately the efforts fail, what will happen? If these efforts still struggle to break through performance bottlenecks, if ecological development stagnates, or if confidence in prices is not regained, will Ethereum become the "doomsday machine" of the new era?

Ten years is a milestone in time, but also a test of faith.