Ethereum

COW is the native governance token of CoW Protocol, designed to support protocol governance, incentivize the Solver network, and drive ecosystem growth. As a key component of CoW Protocol’s trading system, the COW token connects users, Solvers, and developers through governance and incentive mechanisms, helping maintain decentralized operation.

CoW Protocol, Uniswap, and 1inch are three representative infrastructures in today’s decentralized trading landscape. Each approaches on-chain trading optimization from a different angle. As the DeFi ecosystem continues to evolve, factors such as transaction costs, slippage, and MEV risk have become increasingly important in users’ choice of trading protocols, driving the emergence of new trading mechanisms.

CoW Protocol is a decentralized trading protocol built around batch auctions and order matching. By aggregating and optimizing user orders before execution, it reduces slippage, lowers MEV risk, and improves on-chain trading efficiency. Unlike traditional automated market makers, AMMs, or DEX aggregators, CoW Protocol introduces the concept of Coincidence of Wants, allowing traders to match directly with one another, which helps reduce costs and on-chain friction.

Coincidence of Wants (CoW) is an order matching mechanism in which multiple traders’ needs align, allowing trades to be executed directly without relying on liquidity pools. In decentralized trading environments, this approach reduces intermediary routing and improves execution efficiency.

Vitalik’s redefinition of the L2 role, the emergence of EEZ, and the pressure on Ethereum mainnet revenue are driving the marketplace to reevaluate ETH’s value logic. This article explores whether Ethereum is shifting from an “ecosystem city” to “financial infrastructure” by analyzing four critical aspects: scalability, interoperability, fee structure, and asset pricing.

At the EthCC conference in Cannes, France, Gnosis co-founder Friederike Ernst and Zisk founder Jordi Baylina unveiled a new initiative—the Ethereum Economic Zone (EEZ). Co-funded by the Ethereum Foundation, this project aims to create a new rollup architecture that allows various Layer 2 networks to synchronize and interact seamlessly with both the Ethereum mainnet and each other. By enabling cross-chain contract calls within a single trade, the EEZ seeks to resolve persistent challenges related to liquidity and fragmented user experiences across the Ethereum ecosystem.

Over the past week, markets were primarily driven by the escalation of the US Iran conflict. WTI crude rose nearly 17% and returned above the $100 level, pushing US Treasury yields higher, with the 10 year reaching 4.44%, while the US dollar strengthened. The crypto market declined by more than 6% overall, and the VIX climbed to 31. On the capital side, BTC and ETH ETFs recorded about $500 million in net outflows mid week, followed by a modest rebound.

Over the past week, global markets entered a risk-off phase, driven by hawkish Fed expectations and escalating geopolitical tensions. Climbing US Treasury yields weighed on risk asset valuations. Gold and silver, after strong rallies, each saw corrections of more than 10%. The crypto market weakened in parallel, with BTC dropping below $70,000. Meanwhile, crude oil held firm amid expectations of potential supply shocks, and energy factors continued to disrupt the inflation outlook. On the capital front, both BTC and ETH ETFs recorded net outflows, reflecting a slowdown in short-term capital inflows. Nevertheless, total AUM remained at elevated levels, as long-term allocation capital has not exited the market. On-chain, DEX liquidity became increasingly concentrated in leading and highly efficient protocols, with Meteora’s rapid ascent reshaping trading dynamics. Marginal growth in stablecoin supply stemmed from protocol-based assets, and DeFi credit demand shifted primarily back to stablecoin arbitrage and

Lido DAO (LDO) is a decentralized autonomous organization responsible for managing the Lido liquid staking protocol. Through voting by LDO token holders, it determines protocol parameters, node operation strategies, and the overall direction of ecosystem development. As a key piece of infrastructure in the liquid staking sector, Lido DAO’s governance directly affects protocol security, reward structures, and long-term sustainability.

stETH is a liquid staking token issued by Lido DAO (LDO). It represents users’ staked ETH on the Ethereum network along with the staking rewards it generates, while allowing those assets to remain usable within the DeFi ecosystem during the staking period. Lido DAO’s token economy is built around two core assets: stETH and LDO. stETH captures staking yield and provides liquidity, while LDO governs the protocol and controls key parameters. Together, they form a dual-token model for liquid staking.

As a liquid staking protocol built on Ethereum, Lido DAO (LDO) allows users to stake ETH and receive a transferable staking token called stETH. This enables users to participate in network validation and earn staking rewards while maintaining liquidity. The protocol is governed by a decentralized autonomous organization (DAO) and uses smart contracts to manage staked assets, node operations, and reward distribution. As a result, it lowers the barriers to traditional staking and improves capital efficiency.

Lido DAO (LDO) is a liquid staking protocol that enables users to stake ETH while receiving a transferable staking derivative, stETH, allowing them to maintain liquidity. Through this mechanism, users can participate in the Ethereum network’s staking process and earn rewards without locking up their assets. The protocol is governed by a decentralized autonomous organization (DAO) and relies on smart contracts to manage staked assets, node operations, and reward distribution. This lowers the barrier to entry for staking and improves capital efficiency.

Ethereum developers have recently engaged in discussions regarding the Hegota upgrade, anticipated for release in 2026. Among the proposals, Frame Transactions attracted significant attention. However, after comprehensive deliberation, the development team concluded that the technical complexity of this proposal is currently too high, and has therefore not prioritized it for implementation. This debate underscores Ethereum’s ongoing challenge to strike a balance between improving user experience and maintaining development efficiency.

Ethereum 2.0's Top-Level Constitution: Shifting from "Scaling" to "Differentiation." In March 2026, the Ethereum Foundation restructured the division of labor between L1 and L2: L1 solidifies into an ultra-secure "settlement hub," while L2 evolves from a scaling tool into an "application engine" offering customized services such as privacy and high-frequency execution. By eliminating fragmentation through "native rollup" technology, the EF aims to build a unified yet differentiated global on-chain operating system.

A Detailed Explanation of "Hardness," One of the Three Major Ethereum 2026 Protocol Clusters: Covering Implementations Such as Network Resilience, Protocol-Level Privacy, Private Transfers, Eliminating Single Points of Failure, Post-Quantum Cryptography Preparedness, and Incident Response Playbooks—Ensuring That Core Attributes Are Not Lost Amid Accelerated Scaling, While Establishing Metrics to Measure the Ecosystem's Level of Censorship Resistance and the Degree of Trust Assumption Penetration.