Zhu Su: The rise of CeDeFi is the most bearish for ETH, and Ethereum needs to embrace truly decentralized applications

Odaily Planet Daily News: Zhu Su stated that the rise of CeDeFi (centralized+decentralized finance) is the biggest challenge facing Ethereum (ETH), as it turns business logic that should have run on decentralized smart contracts into closed centralized server code. Zhu Su reviewed his shift in perspective, initially during the DeFi Summer, he believed that the combination of Bitcoin (BTC) and DeFi applications could bypass the existence of ETH, for example, users could directly use WBTC in protocols such as Aave, and BTC's own growth would also squeeze ETH's market space. However, later he realized that the demand for protocol native stored value assets (SoVs) was still strong. He believes that Ethereum must embrace applications that truly benefit from global distributed computing and censorship resistance, such as privacy related cyberpunk projects and low hanging fruit applications that have not yet been fully developed. In addition, Zhu Su emphasized that if ETH itself cannot achieve success, the DeFi ecosystem will also be difficult to recover, because if the market's demand for decentralized verification and smart contracts decreases, many transactions and operations can be completed off chain, saving time and costs.