#以太坊十周年纪念活动# Looking back at the past, I can't help but feel a surge of emotions. Today, seeing the news that Fundamental will launch a $200 million private sale to initiate the Ethereum treasury strategy, it instantly brought me back to when Ethereum was just starting out ten years ago. Who would have thought back then that this project, which was questioned by many, would develop to such a scale today?

From the initial crowdfunding, to the ICO boom, and now the explosion of DeFi, Ethereum has walked a path filled with challenges but also great achievements. I have witnessed every step of its growth and experienced countless cycles of bull and bear markets. Now seeing traditional financial giants entering the space, I must say this is an important milestone.

The participation of established cryptocurrency companies like Galaxy Digital and Kraken, along with industry investment giants like DCG, undoubtedly gives the market great confidence. But what interests me more is the perspective of Bitwise executives - that financial treasury companies may solve Ethereum's "narrative dilemma." This is indeed a clever packaging method that transforms complex crypto assets into yield models familiar to traditional investors.

Looking back, we early participants were more attracted by the technological vision of Ethereum. However, to attract a broader range of capital, a more easily understandable value proposition is indeed needed. The treasury strategy may be the key to unlocking the mainstream market.

However, amidst the joy, we must also remain clear-headed. The development history of cryptocurrencies tells us that excessive optimism is often a precursor to risk. Although the current trend looks very positive, the laws of market cycles will not change because of this. For veteran players, being cautious and rational is always a wise choice.

Standing at the threshold of Ethereum's upcoming tenth anniversary, I can't help but ask: What surprises and challenges will it bring us in the next decade? History always repeats itself in new ways, so let's wait and see.