Source: PolkaWorld
Original link: https://mp.weixin.qq.com/s/iauOarpTRZY8u1YM4VKdaA
Today, Odaily published an article reviewing Ethereum "Ethereum's 10th Anniversary: Revisiting the ETH Power Shift, Centralization of Chips Resurging", which well summarized Ethereum's "power shift journey". Today, we also want to discuss the "power shift issue" of Polkadot with the community!
Please note that the "power players" discussed in this article are not the traders we understand, but the roles that influence decisions, control liquidity, and determine the ecosystem's direction.
I believe that in the history of public chains, the rise and fall of token prices are just appearances, and the real power transfer often comes from the replacement of "power players".
From the geeks and idealists of Ethereum's ICO era, to miners, DeFi capital, and then to Wall Street financial forces after ETF entry - each "power shift" has changed the network's power structure and narrative approach.
So, where has Polkadot's "power shift journey" reached?
Will it also experience similar transformations? Who will be the next generation of DOT "power players"?
Will ETF Bring Institutional Investors? DOT ETF Will Tell You the Answer in November
The "changing of the guard" has never been an overnight violent liquidation, but a deep structural reorganization driven by technology, narrative, and interest negotiations.
Ethereum has gone through three rounds of "changing of the guard", while Polkadot's story is still ongoing: Staking whales and the foundation (perhaps) still occupy the core interests, new narratives (JAM, Polkadot Hub) are paving the way, and PoP and inflation reduction may become new turning points.
When inflation declines and the interest landscape is disrupted, who will become the next generation of DOT's "market makers"?
Will it be DeFi? Will it be ETF funds? Or a new force we have not yet foreseen?
Perhaps, time will give us the answer!
