From a genius boy to a controversial focus, Vitalik's Ethereum journey

Vitalik has been silent on social media for more than 20 days recently. During this time, the price of Ethereum has repeatedly fallen below the psychological barrier for investors, and the ETH to BTC exchange rate has hit a nearly four-year low. The market is filled with FUD sentiment, with many early investors fleeing and retail investors panicking.

In February, a debate erupted within the Ethereum community. Some people hope that Vitalik will pay attention to the current market trends, but Vitalik disagreed, stating that the prevailing PVP model is not the best product for blockchain. He and Ethereum will continue to focus on developing better products.

Meanwhile, the founders of a certain trading platform are actively participating in Meme speculation on social media, leading to a wave of "white cloth market". In this bull market, Meme and PVP have become mainstream, with rampant speculative sentiment permeating the entire crypto community. However, a broader sense of confusion also looms over the industry - the kind of true innovation that can drive the industry to thrive seems to have disappeared.

In this confusion, memes have become the main narrative. People begin to reminisce about the prosperous summer of DeFi on Ethereum in 2020.

From "V God" to "Little V"

Once upon a time, people referred to him as "V God" and regarded him as a spiritual leader, relying on him to guide the direction of the cryptocurrency industry. Now, some call him "Little V" and even demand that he "get out" of Ethereum.

Vitalik recently became the focus of public opinion in early February. In response to the community's doubts, he stated that he does not agree that the current PVP model is the best product, and he is pursuing better products. Regarding the calls for innovation from the Ethereum Foundation, Vitalik also expressed his helplessness towards suggestions from outsiders.

It was hard to imagine that Vitalik would go from being highly respected to being the target of criticism two years ago.

The masses often crave powerful leaders, eagerly needing an object of worship to gain psychological support. This drives them to idolize, amplifying a person's merits to an infinite degree. Once the "god" they have created fails to meet the excessively high expectations, the change in the masses' attitude can be extremely swift and brutal. They can shift from blind adoration to intense criticism in an instant, ruthlessly pushing the "god" off the pedestal.

Vitalik has fully experienced the process of being both deified and vilified by the crypto community. His words and thoughts once provided direction for the industry. He is eager to share various innovative ideas, such as SBT and network states, which became a trend under his promotion.

Especially during bear markets, directions such as Web3 social, which Vitalik is optimistic about, have attracted many entrepreneurs. However, in the bull market, these directions did not explode as expected. Chaos and confusion overshadow most projects.

The industry seems to be trapped in a dilemma of innovation scarcity. The glory of DeFi Summer that once occurred on Ethereum has not been replicated in the crypto industry.

The blockchain infrastructure has basically been improved, but there is a lack of killer applications that can change human life. Payment and DeFi are already the answers of the past, while stablecoins have indeed brought some changes in areas such as cross-border payments.

During this cycle, asset issuance platforms are prevalent, but in essence, they are just casinos with a new facade. Although the blockchain AI track is gaining attention, the core remains AI rather than the blockchain itself.

In this desolation, gambling seems to have become the flagship product of the cryptocurrency industry. In the face of persuasion, Vitalik rejected the suggestion to cater to "casino" gameplay and insisted on his own philosophy.

Vitalik once enjoyed the feeling of being placed on a pedestal, and when he was brought down from it, people saw his ordinary side. This side is seen by some as stubborn and arrogant, but it is precisely these traits that created Ethereum.

Childhood Passion Achieves Future Dreams

Some say that the hobbies that make time fly during childhood are often the true pursuits in life.

For Vitalik, the things worth striving for were already written in his childhood experiences. At the age of 4, he received a computer from his father and became obsessed with Excel programming rather than games; at 7, he created the "Encyclopedia of Rabbits" filled with mathematical formulas; at 10, his mental calculation speed far exceeded that of his peers; and at 11, he entered the "Genius Class" to study advanced subjects ahead of time.

The programming technology itself makes Vitalik happy, and changing the world with technology is his pursuit. Compared to some speculators in the industry, he has always maintained a relatively conservative attitude.

In 2018, when Ethereum plummeted, Vitalik warned against letting Ethereum become a speculative tool. In the face of doubts, he also considered leaving.

Whenever the price of coins is sluggish, doubts about Ethereum will resurface. In the face of community criticism, Vitalik always has the thought of "leaving."

However, Vitalik has always adhered to his beliefs. His dedication to technology and vigilance against bubbles has never wavered. It is this persistence that has brought change and innovation to the crypto world.

Looking back at the history of cryptocurrency development, most of the important innovations that have driven the industry's progress have taken place on Ethereum: the widespread application of smart contracts, the flourishing of DeFi innovative mechanisms, the exploration of various layer two solutions, and the practice of DAO governance models.

Nowadays, more and more large institutions are choosing to build Web3 applications and infrastructure on Ethereum. The Ethereum ecosystem is leading in terms of technical reserves, development support, funding scale, and security.

Vitalik not only realized his technical ideals with Ethereum, but also entrusted his social ideals to it. The concepts he advocates, such as decentralization, resistance to censorship, and quadratic voting, involve democratic practices, internet structure, and business and public welfare organizations. This makes his influence extend beyond the crypto community.

The future of Ethereum is promising

Ethereum still has things to look forward to.

In April, Ethereum will welcome the Pectra upgrade. This upgrade integrates changes to both the execution layer and the consensus layer, introducing 11 key improvement proposals aimed at enhancing scalability, staking flexibility, and user experience. Overall, this upgrade will have a positive impact on technical, economic, and application levels.

In the United States, a stake-able Ether spot ETF may also be approved. Several asset management companies have submitted applications to introduce staking features for the ETF. The Pectra upgrade is expected to shorten the staking unbinding period, which could become a catalyst for the approval of staking ETFs.

It is widely believed in the industry that a major reason for the current lack of attractiveness of Ethereum spot ETFs is the absence of staking functionality. Once the staking feature is launched, ETF holders will be able to receive an annualized return of 3-3.5%. This could significantly increase capital inflow and drive up the price of Ethereum.

However, these benefits are mainly improvements within the existing framework, rather than disruptive innovation or groundbreaking applications.

In fact, the application scenarios of Ethereum may be nearing their peak. In this cycle, there have been no projects with widespread participation on the Ethereum main chain, and the price has not exceeded its historical high. Its highest locked value remains at the level of 2021.

Ethereum was once the preferred smart contract platform, but as blockchain infrastructure has improved, more options have emerged in the market. In this cycle, other public chains such as Solana, Sui, and TON have developed their own features. Ethereum's Layer 2 solutions, such as Base, have also achieved impressive results.

Vitalik's decentralization is a good thing for the industry's development. The industry is becoming increasingly mature, Ethereum is no longer the only leader, and the rise of more new players will stimulate a richer ecosystem. With the diversification of the blockchain ecosystem, Ethereum's importance in the industry will also relatively decline.

Vitalik once stated that his life is about being a bridge for all things. The Ethereum Foundation has invested more in external grants over the years than in internal operational expenses. These grants connect more teams and promote the development of various projects in the crypto industry. Whether it's Ethereum or Vitalik himself, they are laying the groundwork for the crypto industry.

Ethereum and Vitalik should not bear the responsibility for the entire industry's lack of innovation.

"If you examine your inner self, you will also find things worth fighting for." Vitalik, who knows what he is fighting for, will eventually set out again after a brief disappointment.

In the crypto community, those who are confused and angry will eventually make a choice after deep reflection: to stay and become "builders," patiently creating new things in the desolation, or to leave and chase the next trend, continuing to be savvy "speculators."