#加密资产安全威胁 After reading this lengthy article, I feel the core message is: the wealth effect and decentralization are fundamentally contradictory, and we are witnessing the outcome of this contradiction.

Ethereum's transition from PoW to PoS appears to be a technological upgrade, but in reality, it is replacing computational work with capital value. What does this mean? It means that the amount of tokens held determines everything, and individual nodes are being silently pushed out. The once-dreamed "world computer" now relies solely on gas fees to sustain ETH's value—what's the difference from traditional financial intermediary models?

The most heartbreaking part is the sentence: no one uses Bitcoin for transactions, but someone always wants to use Ethereum to compute everything. But what is the reality? Stablecoins are gradually eroding ETH's intermediary asset status. Centralized assets like USDT/USDC are reenacting the story of CEX on-chain.

My straightforward advice to all the retail enthusiasts is: don’t be blinded by the grand narrative. In the cycle where decentralization is gradually falling apart and institutional power is growing stronger, the logic of airdrops for new projects has changed. The era of "early participation can lead to easy profits" is coming to an end, replaced by institutional sophisticated arbitrage—ten-year investment cycles, tiny spreads with leverage, OTC-style exits.

So what should we do now? Focus on those new ecosystems still fighting for liquidity, complete your interactions before institutions fully enter, and then quickly exit. Don’t expect thousandfold returns from shanzhai coins, and don’t cling to a single ecosystem’s faith. On-chain prosperity, institutional influx, retail pressure—this spectacle is about to unfold.