Ethereum has come a long way since its launch in 2015 under the codename Frontier, evolving from an ambitious concept to the basis for numerous decentralized applications.

However, as competitors like Bitcoin and Solana gain traction, Ethereum’s ecosystem seems to lose its foundational direction. Currently, its price struggles below its all-time high of $4700 from 2021.

This situation raises the question: has Ethereum lost its way? If it has, what can be done to realign its focus?

As Confucius said, "The man who chases two rabbits, catches neither." In its attempt to match Solana’s execution speed and the narrative surrounding Bitcoin's hard money, Ethereum has strayed from its vision as the World Computer. Péter Szilágyi remarked, "Ethereum is losing the plot." Its inflation rate, which currently stands at 0.74%, poses questions about its status as 'ultrasound money', originally not its main goal.

Ethereum's purpose extends beyond just being a currency; it is intended to be a fully decentralized platform. Co-founders like Vitalik Buterin envisioned Ethereum as a universal network for building decentralized applications.

Current challenges stem from short-lived applications that offer minimal real value, coupled with substandard user interfaces limiting potential growth. As such, without functional applications, Ethereum cannot fulfill its role as a World Computer.

The focus now should shift back to infrastructure. Decentralized computing will play a crucial role in Ethereum’s development amid growing interest in permissionless networks.

Ultimately, Ethereum must rethink its current trajectory, prioritize foundational goals, and adapt to ensure its infrastructure meets the needs of its envisioned future.