Stripe, Circle and Tether announced their independent L1 networks this year.
Companies put the technological solutions of Ethereum at the service of centralization.
Many critics are pleased to imagine Ethereum wrapped in a shroud. On a boat. Crossing the Aquente on the way to the underworld. I reject that possibility. In the first quarter of 2025, I said that the network created by Vitalik Buterin was close to attending their own funeral while they gave land on their empty sepulcher. And ended up appearing, resurrected for those who believed the network dead. The dance fever of corporate treasury, which began with Bitcoin, ended up spreading Ethereum, and its price shows the signs of the cheerful condition. It quotes above 4,500 dollars, uploading more than 30% in the last 30 days, when I write this opinion.
Ethereum is not going to die. In the light of recent events, it may not end up being the “World Internet computer”, the “liquidation layer (Settlement Layer) Global »for companies and applications, the HUB Definitive Finance with cryptocurrencies.
Now that it was found that Ethereum is very alive, It is not bad to make a readjustment of expectations based on the facts and some data.
For a long time, Ethereum characterized his personality for offering accommodation and technical hospitality to large companies They seek to integrate their businesses into the chain.
In part thinking about this, Ethereum developers work tirelessly in second -layer networks (L2), which offer improved scalability for more advanced finance:
Ethereum offers great flexibility and powerful climbing options, known as layer 2. Companies can completely customize their Ethereum environment, allowing total compliance, a brand ecosystem and performance levels according to their needs.
Ethereum.org for companies.
Important entities They have succumbed to Ethereum’s charms as “universal liquidation layer”. Blackrock created its Buidl token bottom on Ethereum rather than on any other platform.
The Japanese company Sony, almost with the youthful soul of a “cryptonative” company, created its own L2 about Ethereum called Soneium, as we report in cryptootics.
However, a divergent tendency is beginning to draw on the adoption of Ethereum and its various layers: the companies, which should be entering a row, one by one, towards the network to digitize and “bitcoinize” their businesses, They are creating their own cryptocurrency networks, their own independent liquidation layers.
Only yesterday, Stripe and Circle announced their L1: Tempo and Arc, respectively. Both join Tether, a company associated with the Stable Network, which works with Native USDT.
That, which is happening now, only adds pressure to the bite on the side that they provide, from their releases, networks such as XRPL, BNB Chain and Solana, to Ethereum. Especially Solana, which has caught a gigantic market share that only belonged to the pioneering network of intelligent contracts.
These circumstances hang an anvil on Ethereum. More specifically, About the idea from Ethereum as a world financial computer.
And this readjustment of expectations is not good for the philosophy of financial decentralization. It means that institutions, rather than playing with the norms of decentralization (which Ethereum, as one of the founding parents, helped create), prefer to create their own Ledgers “Bankrupt”, from where to exercise selective control and financial coercion.
To do this, it will be enough to organize a consortium with a few nodes run by Insiders or by a private circle of validators. Coordinated, they can exercise censorship, (which in Ethereum Today is almost non -existent) and consecrate the famous Compliancewhich tends to denaturalize the purpose of distributed networks inspired by Bitcoin. We will not say that Tether, Circle or Stripe will incur double expenses, “Silent Mining” and other stratagems of that class.
But if they can exercise that, censorship, on certain people, groups or entities that use their tokens, technologies and technological solutions. All this while leverage in the Ethereum virtual machine, with which they are compatible.
That is to say, They use Ethereum technology to offer squalid versions (philosophically speaking) of the intelligent contract network.
Ethereum will not die. The anvil that hangs on your head will not spray the network. The combination of Ethereum (L1) and L2 is presented as an interoperable ecosystem where companies can build decentralized applications (DAPPS), process payments, issue tokenized assets (such as Stablocoins) and manage intelligent contracts, will still be a viable option, always available.
But because he will not die, it does not mean that Ethereum has guaranteed a totalizing worldwide success on digital finances, although well prepared for it.
