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The Structural Deadlock of Ethereum L2: Mainnet Hemorrhage, Security Illusions, and Useless Governance Tokens
Data sources: DefiLlama, L2BEAT, Dune Analytics, public statements by Vitalik Buterin, as of February 2026
If you asked the Ethereum community in 2021 'What is L2?', you would receive a passionate answer: it is the future of Ethereum, a key step for blockchain to scale, and a scalability solution carefully designed by Vitalik.
If you asked the same question in February 2026, you would wait a long time in a silence filled with doubt.
Just last month, Vitalik Buterin posted a rare article on X admitting his mistakes, stating that the Rollup-centric Ethereum roadmap is no longer applicable. The decentralization progress of L2 has been much slower than expected.
If you asked the Ethereum community in 2021 'What is L2?', you would receive a passionate answer: it is the future of Ethereum, a key step for blockchain to scale, and a scalability solution carefully designed by Vitalik.
If you asked the same question in February 2026, you would wait a long time in a silence filled with doubt.
Just last month, Vitalik Buterin posted a rare article on X admitting his mistakes, stating that the Rollup-centric Ethereum roadmap is no longer applicable. The decentralization progress of L2 has been much slower than expected.
Bitcoin ETF Halved: Are Institutions Really in a 'Great Escape'? Watch for These Reversal Signals
In October last year, the entire network was in a frenzy. Bitcoin surged to $113,000, and the 12 ETFs in the US stock market just surpassed $168 billion, with an inflow of $3.5 billion that week. The narrative at that time was 'institutional bull', and everyone felt that this time it was really different.
As a result, four months later, the assets managed by this batch of ETFs have shrunk to $85.6 billion. Bitcoin once fell below $74,000, and on February 25, it even set a historical record for a single day outflow of $1 billion.
What happened to the promised 'digital gold'? Why does it suddenly not smell good? Don't just focus on the data; there's a lot more beneath the surface.
1. Don't be scared by the leaked data; half of it is 'arbitrage dogs' retreating.
As a result, four months later, the assets managed by this batch of ETFs have shrunk to $85.6 billion. Bitcoin once fell below $74,000, and on February 25, it even set a historical record for a single day outflow of $1 billion.
What happened to the promised 'digital gold'? Why does it suddenly not smell good? Don't just focus on the data; there's a lot more beneath the surface.
1. Don't be scared by the leaked data; half of it is 'arbitrage dogs' retreating.
Ethereum's Heavyweight Strike! The new roadmap “Strawmap” is released, how will ETH move in the next three years?
The Ethereum Foundation has just released a heavyweight draft roadmap - “Strawmap,” with Vitalik Buterin personally providing additional details. This plan directly locks in the technical delivery path from now until the end of 2029.
Today, let's quickly break down this roadmap to see its nuances and how it will affect our trading and holdings!
1. Core Simplified Version of the Roadmap
The biggest change in “Strawmap” lies in the “delivery discipline.” Ethereum plans to conduct about 7 hard forks by the end of 2029, maintaining a stable rhythm of upgrades every 6 months. Each upgrade is strictly limited to “1 consensus layer focus + 1 execution layer focus,” emphasizing a steady and solid approach.
Today, let's quickly break down this roadmap to see its nuances and how it will affect our trading and holdings!
1. Core Simplified Version of the Roadmap
The biggest change in “Strawmap” lies in the “delivery discipline.” Ethereum plans to conduct about 7 hard forks by the end of 2029, maintaining a stable rhythm of upgrades every 6 months. Each upgrade is strictly limited to “1 consensus layer focus + 1 execution layer focus,” emphasizing a steady and solid approach.
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