Core Insights - Ethereum's co-founder Vitalik Buterin envisions Ethereum transitioning from a "World Computer" to a more concrete "World Ledger" over the next decade, ultimately entering a "maintenance mode" as technology matures [1][4][5] - The "barbell strategy" focuses on Layer 1 (L1) prioritizing security and decentralization, while Layer 2 (L2) caters to high-performance needs, isolating centralization pressures from L1 [1][6][4] - Vitalik expresses cautious optimism regarding the rise of ETH treasury companies, acknowledging their role in providing new capital entry points but warning about the risks of excessive leverage leading to market instability [4][5][6] Ethereum's Future Vision - The next decade will see Ethereum shift its focus to becoming a "World Ledger," with the metaphor that "if the ledger is a book, ETH is the ink" [4][5] - Privacy is emphasized as a core principle, advocating for it to be a default feature in all wallets rather than a niche offering [7][4] Reflection on the Past Decade - Ethereum's development has exceeded initial expectations, with significant events such as The DAO incident, the rise of NFTs, and the explosive growth of DeFi marking the past ten years [5][4] - Vitalik notes that the unexpected speed of zero-knowledge (ZK) technology development has opened new possibilities for Ethereum's future scalability [8][5] Layer 1 and Layer 2 Strategy - The barbell strategy delineates L1 as a trusted ledger while L2 serves as an efficient environment for various high-performance applications, ensuring the long-term health of the ecosystem [6][4] - L1 should maintain a balance of low latency for regular users, while L2 can cater to extreme low-latency needs like high-frequency trading [6][4] Privacy as a Fundamental Value - Privacy is highlighted as a fundamental aspect of the crypto ethos, with a push for it to be integrated into mainstream wallets rather than being relegated to specialized "privacy wallets" [7][4] - The Ethereum Foundation is reportedly working on making privacy a default feature in wallets, aiming for user-friendly options for private transactions [7][4] Relationship with Bitcoin - Vitalik provides a nuanced view of the relationship between Ethereum and Bitcoin, recognizing mutual respect among technical builders while acknowledging ideological differences [8][4] - The evolution of both ecosystems is seen as a parallel journey, with Ethereum entering its "teenage years" while Bitcoin is still maturing [8][4]