When Vitalik emphasized Ethereum's positioning as the "world ledger," most people viewed it as a new strategy, but in fact, this transformation was completed the moment EIP-1559 went live.

Author: Haotian

Many people see Vitalik Buterin's emphasis on Ethereum as the "world ledger" as a brand new strategic adjustment, but in reality, this transformation was completed at the moment EIP-1559 went live. The 50% monopoly share of stablecoins on Ethereum only reinforces Ethereum's positioning as a financial settlement layer. Let me elaborate:

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 driven by increased transaction volume.

Previously, all transactions (DeFi, NFT, GameFi, etc.) were congested on the mainnet, leading to significant ETH gas consumption, with data showing that the average daily burn of ETH in 2021 was nearly several thousand. At that time, the Ethereum mainnet was also severely congested, and Layer 2 had to join the gas war when submitting batch data for verification on the mainnet, resulting in high and unpredictable costs.

However, EIP-1559 changed the rules of the game: with the introduction of a predictable base fee mechanism, the cost of batch submissions for Layer 2 on the mainnet became stable and controllable. This directly lowered the operational threshold for Layer 2, allowing more Layer 2 solutions to rely solely on Ethereum for final settlement.

On the surface, EIP-1559 facilitated Layer 2, but in reality, it deeply transformed Ethereum's value capture logic: from a "consumption-based growth" model reliant on high-frequency trading on the mainnet to a "tax-based growth" model dependent on Layer 2 settlement demand.

Previously, users directly paid the Ethereum mainnet for computing services, which was a transactional relationship. Now, Layer 2 earns user fees but must regularly "pay" the mainnet by submitting batch data and burning ETH, creating a tribute relationship.

This is very similar to how banks handle daily operations, but large interbank settlements must be confirmed through the central bank system. The central bank does not directly serve ordinary users, but all banks must "pay taxes" to the central bank and accept regulation.

This is a typical representation of the "world ledger" positioning.

2) According to DeFiLlama data, the total market value of stablecoins globally exceeds $250 billion, with Ethereum holding a 50% share. This proportion has actually increased since the launch of EIP-1559. Why is Ethereum able to attract such capital? The answer is quite simple: irreplaceable security premium.

Specifically, USDT has settled $62.99 billion on Ethereum, and USDC has $38.15 billion. In comparison, the total amount of stablecoins on Solana is only $10.7 billion, and BNB Chain has just $10.4 billion, with both combined being less than a fraction of Ethereum's total.

The question arises: why do stablecoin issuers choose Ethereum?

It is certainly not because it is cheap or fast, but simply because the nearly $100 billion in ETH staked provides unmatched economic security. The cost of attacking Ethereum is prohibitively high, which is a crucial consideration for institutions managing hundreds of billions in assets.

With a massive amount of stablecoin funds settled, the Ethereum ecosystem has formed a self-reinforcing growth flywheel effect:

The more stablecoins there are → the deeper the liquidity → more DeFi protocols choose Ethereum → generating more stablecoin demand → attracting more capital inflow.

From this perspective, the large-scale aggregation of stablecoins on Ethereum is actually the result of global liquidity voting with their feet, as well as market confirmation of its world ledger positioning.

3) Once the Ethereum mainnet focuses on being a "central bank" level settlement layer, the strategic positioning of the entire Ethereum ecosystem becomes very clear: Base, Arbitrum, and Optimism are responsible for high-frequency trading, while the Ethereum mainnet focuses on final settlement, with clear and efficient division of labor. Each settlement from Layer 2 back to the mainnet will continue to burn ETH, making this deflationary flywheel spin faster.

You see, at this point, many E guardians may feel heartbroken. If that's the case, why hasn't Layer 2 contributed to the deflationary effect of the Ethereum mainnet, but instead has become a "vampire" that overdraws the value of the Ethereum mainnet?

The actual data is harsh: the once average daily burn of several thousand ETH on the Ethereum mainnet is no longer present. Now? The average daily burn has significantly shrunk, sometimes even to less than a few hundred ETH. Meanwhile, Arbitrum processes millions of transactions daily, and Base has become a super profit machine thanks to the traffic from Coinbase, while Optimism is also raking in profits.

Where is the problem? Users have all moved to Layer 2, leaving the mainnet as a "ghost town." Layer 2 collects millions of dollars in fees daily for itself, but the "protection fee" given to the mainnet is pitifully small.

However, this issue does not shake the established position of Ethereum as the world ledger. The massive accumulation of stablecoins, the nearly $100 billion in security guarantees (28% of the supply staked), and the largest DeFi ecosystem globally all prove that capital chooses the authoritative settlement of Ethereum, rather than the trading prosperity of the Layer 2 ecosystem.

Currently, Vitalik Buterin seems to have realized this issue and is trying to elevate the performance of the Ethereum mainnet, as he does not want Layer 2 to become a developmental burden on Ethereum's overall world ledger positioning.

But ultimately, the success or failure of Layer 2 has nothing to do with Ethereum's world ledger positioning.

Vitalik's current emphasis on the "world ledger" seems more like an official confirmation of an established fact. EIP-1559 is that historic turning point; from that moment on, Ethereum is no longer the "world computer," but the "world central bank."

In other words, if you agree that the upcoming crypto dividends will be a fusion of on-chain DeFi infrastructure and traditional finance (TradiFi), then Ethereum's positioning as the "world central bank" is sufficient to solidify its status, regardless of whether Layer 2 is prosperous or not.

Of course, if you still believe that Ethereum must wait for the strength of the Layer 2 ecosystem to rise, you can ignore this analysis and consider it as if I never said it.

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