#以太坊金融基础设施 The value logic of Ethereum as a financial backend is gradually becoming clear. The core lies in three layers of cost reduction: coordination friction, transfer friction, and trust friction. Traditional finance manages these frictions through scale and intermediaries, making the cost structure essentially redundant—multiple database reconciliations, multi-layer agent clearing, and duplicated internal infrastructure maintenance.

Ethereum's approach is very direct: replace multi-database coordination with a shared ledger, replace manual processes with programmable execution, and replace institutional credit commitments with cryptography. This is not about disrupting financial institutions but redefining which tasks should be handled by institutions and which should be handled by software.

When observing the trends in on-chain data, some signals can be detected. Institutional-level staking, cross-chain bridge fund flows, and the distribution of TVL in DeFi protocols—these indicators reflect capital's assessment of Ethereum's reliability as a financial infrastructure. Especially in areas with the highest security requirements, such as payment settlement and asset custody, the adoption speed of Ethereum is accelerating.

Once cost advantages become apparent, the business model space for new entrants will expand. Markets that existing institutions consider "not scalable" become possible. This means that in the long term, companies adopting Ethereum infrastructure and those sticking to traditional architectures will have very distinct cost structures.

The key is to track the specific directions of large fund inflows—whether into stablecoin protocols, lending contracts, or cross-border payment channels. The flow of funds often leads the actual application deployment.