#系统风险事件 Seeing the record high trading volume of Ethereum contracts makes me feel a bit complicated. On one hand, this indicates that market attention on Ethereum is indeed increasing, and the ecosystem's activity is worth acknowledging. But on the other hand, the spot-to-futures ratio of only 0.2 worries me—every $1 of spot purchase corresponds to $5 of leveraged contracts. Such excessive speculation is really unhealthy.

This reminds me of a metaphor: if Web3 is a skyscraper under construction, many people are not actually participating in the real building process but are betting on whether the rebar in the building will bend. Short-term fluctuations are artificially amplified, and ultimately, the market can only be "calibrated" through continuous liquidations. Such a market won't go far.

What we should think about is what truly drives the long-term value of Ethereum—whether it's innovative Layer2 applications, the deepening of the DeFi ecosystem, or the upcoming AI x Web3 integration. These are the directions worth betting on. Over-leverage only creates risks and fears, and may scare away those who genuinely believe in a decentralized future.

I hope the market can return to rationality soon, allowing more funds to be invested in real ecosystem development rather than pure digital speculation. The bright future of Web3 won't change direction because of short-term speculative waves.