According to ChainCatcher news, Ethereum co-founder Vitalik expressed concern in an interview with Tencent (Qianwang) that if particularly intelligent people do not engage in Crypto, those who remain in the Crypto space may not have any interesting ideas, and the only applications are financial applications that have been around for many years. This would lead to a situation where people just issue tokens and create exchanges; then issue another token and create another exchange; then issue another token with a cute dog on it—these things are fun, but if they are the only things our industry does, then this industry is a failure. The challenge our industry faces is to create an application that is both meaningful and has a lot of people willing to participate.
In response to the question of why there are still no actual application products in the Ethereum ecosystem and the Web3 ecosystem, Vitalik stated that the transaction fees were too high before this year, some important technologies were not mature, and issues of account security and privacy had not been resolved. Therefore, before this year, our industry did not have enough technology to create applications that ordinary people could participate in. The only successful application is DeFi, one reason being that DeFi can earn more money. This year, we have finally started to address these issues. This year is the best time to create meaningful applications.