In turbulent times, it is especially important to maintain confidence and optimism.
Author: Jocy @IOSG
Introduction
Recently, the discussion at Consensus HK has gradually cooled down, and the industry sentiment is generally low, with many believing that the market has entered a bear phase. Meanwhile, the trip to Hong Kong showcased a carnival of speculation—P players and KOLs became the focus due to their extreme pursuit of trading. In stark contrast, the Ethereum ecosystem appears lifeless. Long-term holders are beginning to shift towards Solana, entrepreneurs lack motivation, and short-term traders dominate. Is this a sign of Ethereum's insufficient crisis awareness? The market seems to be sounding the alarm for this phenomenon.
The Prevalence of Short-Termism: The Collapse of Industry Values
As the bull market comes to an end, speculators emerge, and the industry is filled with ruthless arbitrage activities. Exchanges lower listing standards, top-tier projects utilize TGE withdrawals, and market makers earn high profits—all indicating that the industry is shifting from long-termism to short-term bubbles. Practitioners choose to leave due to a lack of hope, while teams committed to entrepreneurship face significant challenges. This short-sighted behavior not only affects market confidence but also undermines the foundation of the industry.
Challenges and Transformation of the Ethereum Ecosystem
TL;DR: The founder of Denver infra is pessimistic, but founders in the application and AI fields are full of confidence.
In Denver, many developers who have been deeply involved for years suddenly realize the difficulties in financing and the risks of token zeroing. They begin to reflect on the issues with Ethereum and attempt to transform. Some tech-oriented founders are tired of developing protocols without end-user demand and are turning to AI research. If these core forces dissipate, Ethereum's infrastructure could regress by three to five years.
The Potential of AI and Web3 Integration
Although Denver was initially considered lacking in highlights, with the emergence of more AI*Web3 projects, we see the Ethereum community actively embracing emerging technologies. Capital and entrepreneurs are exploring innovative fields such as DeTraining, Inference, and DePIN. For example, the successful cases of Nous Research and Groq, invested by Paradigm, indicate that AI is injecting new vitality into Web3.
▲ RobotAI launched by Openmind in collaboration with Yushu Technology, and the open-source products showcased by DePAI in Denver
Macro Benefits Easing, Crypto Welcomes New Opportunities
Unlike Asia, American institutions hold an optimistic view on crypto policies. After the policy allowing banks to accept crypto asset custody is passed, lending rates are expected to drop to 3-4%, with even negative rates emerging. Additionally, giants like Uniswap and Coinbase are designing Tokenized Securities models to attract more traditional investors into the market.
Restructuring Ethereum Governance: Moving Towards Mainstream and Commercialization
At the ETHGlobal event in Denver, Ethereum core developers revealed upcoming organizational adjustments. @Etherealize will take on the mission of a new era for Consensys, helping Ethereum achieve commercialization. Meanwhile, core members of the foundation are actively exploring sustainable development paths.
▲ Attached image from the 2019 Ethereum hackathon selection day in Beijing, with Vitalik sitting next to Co-EDs Hsiao-Wei
Vitalik Needs to Encourage More Application Entrepreneurs
Currently, the importance of technological research and development may be overshadowed by application innovation. Ethereum needs to generate epoch-making super applications to instill confidence in ecosystem builders. Capital accumulators in the industry should contribute by supporting open-source organizations and young entrepreneurs. Additionally, exchanges could allocate 1-2% of their annual revenue to support the development of the Ethereum ecosystem.
Ethereum will not perish; it is the most successful decentralized organization in the Web3 industry. Looking ahead, please cherish the Ethereum you hold and view its value and innovation through a ten-year lens.
In turbulent times, it is especially important to maintain confidence and optimism.
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