Listen to a recent bold analogy from Ethereum co-founder — Ethereum is like the next Linux. At first glance, it sounds profound, but upon closer reflection, the trajectories of these two projects do share some similarities: both are open-source ecosystems, both achieve unlimited scalability through endless customization. Linux has customized countless software systems worldwide, and what about Ethereum? Behind it, there are already 127 Layer2 scaling networks.

How crazy is this number? These Layer2 networks are not only growing rapidly on Ethereum but are also fundamentally transforming the entire ecosystem. Ethereum, once seen merely as a "financial settlement layer," has now upgraded to an all-in-one operating system for digital identity, social interaction, and on-chain governance. The ultimate vision of Vitalik is even bolder — to make Ethereum the "consensus engine" of the entire internet, enabling value transfer, distributed computing, and even risk management all on-chain.

It seems everything is heading toward this dream. Layer2 networks are flourishing, user experience has significantly improved, and the ecosystem is thriving and lively. But problems are also emerging. Ecosystem competition and declining revenues cast shadows that are approaching. The pressure from intensified competition cannot be ignored.

However, supporters’ voices are quite interesting: they believe that the more intense the competition, the more choices users will have, ultimately pushing for stronger network effects. In other words, this chaos might not be a bubble but rather a sign of impending breakout.

Which judgment is closer to the truth? Can Ethereum truly replicate Linux’s legendary success and become the infrastructure of the next-generation internet? This is a question worth pondering.