Account on-chain state mapping: exists. Transaction on-chain state mapping: exists. Gas / Base Fee / Priority Fee On-chain state mapping: exists.
Investment View
It is a market externality arising from block composition rights. MEV can increase validator profitability, but it creates negative externalities such as transaction order fairness, user costs, and centralization pressure. Ethereum's reward design is not yet a fully resolved balance in this area, and research into PBS, builder/relay markets, and MEV mitigations continues to be needed. ETH is the native accounting unit of the Ethereum economic system and a means of paying rewards, collateral, and fees. Unlike application tokens like ERC-20, ETH is directly linked to the security of the L1 protocol. Account balance is recorded in wei units, and...
Ethereum presented a general-purpose smart contract platform and decentralized application execution environment in a 2014 white paper, and later expanded its narrative from a “general-purpose execution layer” to a “rollup-oriented payment/DA layer” through Yellow Paper’s EVM formatting, EIP process, PoS conversion, EIP-1559 fee burning, and EIP-4844 blob data market. ethereum.org also states that the original white paper does not fully reflect the current Ethereum after more than 10 years of development, and presents The Merge and L2 expansion as key changes. (ethereum.org) Ethereum's maturity assessment as of 2026 should not be judged by simple TPS, but by the balance...
Investment View
Below are protocol maturity scenarios, not investment advice. Does the risk of concentration of clients and verifiers decrease? Ethereum's overall maturity is evaluated at 82.8/100.