At the 2023 Hong Kong Web3 Carnival, early participants and supporters of the Ethereum community in China, including Distributed Capital, Wanxiang Blockchain, SNZ, imToken, and Ju Xie, discussed the "Chinese story" of Ethereum's inception and shared their suggestions for Ethereum's future development, such as modularization, user experience, storage, and the Asian developer community.
Host:
Ross Zhang (Managing Partner of SNZ)
Roundtable Guests:
Jerry Liu (Co-founder of Waterdrop Capital)
Du Yu (Head of Wanxiang Blockchain Lab)
Ben He (Founder and CEO of imToken)
Roland Sun (Chief Legal Advisor of Distributed Capital)
Ross Zhang: Thank you all for coming to this morning's Ethereum session. I know there have been many surrounding activities recently, and today we invite some of the earliest OGs of Ethereum to share some very interesting early stories about Ethereum's development.
Let me introduce myself. I am Ross, the managing partner of SNZ. SNZ was one of the earliest investors and supporters of Ethereum back in 2014-2015 and hosted many early community activities related to Ethereum. As a VC Fund, we have always strongly supported the development of the Ethereum ecosystem. We were also early investors and supporters of Arbitrum. Now, I invite each guest to introduce themselves.
Jerry Liu: Hello everyone! I am Jerry, but in the circle, everyone is more accustomed to calling me "Ju Xie". I am the founding partner of Waterdrop Capital and have also participated in some Crypto projects quite early.
Du Yu: Hello everyone! I am Du Yu from Wanxiang Blockchain Lab and also the organizer of this event. Thank you all for coming here on Saturday morning after a long week.
Wanxiang Blockchain Lab is one of the earliest supporters of Ethereum in Asia and China. We started researching blockchain in 2014 and officially established the blockchain lab in 2015, promoting the development of the blockchain and Web3 industry in Asia, and we are also among the earliest supporters of the Ethereum ecosystem.
Ben He: Hello everyone! I am Ben, the founder of imToken. I personally came across the Ethereum white paper in 2014 and jumped right into the blockchain ecosystem. I was quite fortunate at that time.
In 2015, I participated in the hackathon organized by Wanxiang Lab at the Deloitte building in Shanghai, which led to the birth of the imToken wallet. From the very beginning, imToken was rooted in the Ethereum ecosystem, making it the first Ethereum mobile-friendly wallet in Asia. Now, after seven years of development, it has grown quite well, with 15 million users and a distributed team.
You will see that today, when we talk about Web3, its origin still comes from Ethereum. Gavin Wood, the author of the Ethereum white paper, wrote about Web3 in early research articles. I am very happy to be here to share and communicate with everyone, discussing the history of Ethereum's development and the future direction of Ethereum.
Roland Sun: Hello everyone! I am Roland, the Chief Legal Advisor of Distributed Capital. Distributed Capital was established in 2015 by Vitalik, Wanxiang's Xiao Feng, and Shen Bo, and it is one of the earliest blockchain investment institutions in the Asia-Pacific region and one of the earliest investment institutions in Ethereum. Over the years, I have witnessed the history of Ethereum's development, and I am very glad to have the opportunity to share our experiences with you. Thank you!
Ross Zhang: Thank you all for your self-introductions. This roundtable is essentially a gathering of old friends from the early days of Ethereum. Many interesting things happened in the early days of Ethereum. First, I would like to invite Ju Xie to introduce himself to everyone. Why invite him first? Because Ju Xie participated in the translation of the Ethereum white paper, and the Chinese name for Ethereum was also his creative idea.
Jerry Liu: We need to trace back to the first half of 2015, when blockchain was still very early, and there were very few people paying attention to this field. However, in Shanghai, some friends were often discussing this field, organizing gatherings, and talking about these matters. They also frequently wrote articles on early media platforms like Babibit.
At that time, there were very few projects in the circle. I remember that the exchanges mainly had Bitcoin, Litecoin, and BTS projects. I was deeply involved in the BitShares project, and Shen Bo was also very concerned about it.
One day in February 2015, Teacher Shen Bo asked me if I could translate the Ethereum white paper. I often published articles on Babibit, and he thought my writing was decent, so he asked me to do this.
At that time, Roland and I had an organization called "Bit Entrepreneurship Camp", including Da Hongfei and the founders of SNZ, all of whom were in the organization. So I contacted Guru to translate the white paper together, which led to this project.
Active members of the Bit Entrepreneurship Camp and a photo with Vitalik.
The Chinese name for Ethereum is also a topic that everyone enjoys discussing. At that time, we didn't think so much about why we translated it into this name. It was because 'ETHER' could be translated into '以太' without problem, but what about 'EUM'? The root meaning actually refers to a factory. I think Vitalik named it Ethereum to imply it could serve as a smart contract factory, doing many customized things.
At that time, I thought it couldn't just be translated as 'Ethereum Factory'. What word should I use? The character '坊' in Chinese means factory or workshop, which should be quite fitting for the original meaning of Ethereum. So in the end, we settled on the name '以太坊', which is the basic story behind the initial decision.
At that time, the industry was still in its early stages. When the Ethereum project first came out, not many people were paying attention. At that time, the Bitcamp team had another member from Canada, who had some connections with Vitalik. He invited Vitalik to China for exchanges, where he went to Hangzhou, Shenzhen, and Shanghai for various activities, but the response was not particularly enthusiastic at that time.
I remember when we shared in a café in Hangzhou, the audience's main reaction was that they could not understand and did not know what we were specifically talking about. After touring around in Hangzhou and Shenzhen, Vitalik felt that it seemed like there was nothing particularly interesting in China except for exchanges and mining.
That was roughly the situation at that time. I also invite other guests to share their early stories, and we will discuss more content later.
Ross Zhang: Thank you, Ju Xie. Next, I would like to invite Du Yu.
Du Yu: In fact, I started my journey in the blockchain industry by reading the (Ethereum white paper). I first lazily read the Chinese version translated by Ju Xie, and after finishing the Chinese version, I read the English version.
In 2014, 2015, and 2016, I had a personal view that Ethereum truly brought blockchain into the mainstream. Previously, everyone talked about Bitcoin, thinking it was just some simple financial applications for payments, used like gold. However, the smart contracts on Ethereum allowed more people to see the true effects of blockchain technology and DLT technology.
I have always believed that without Ethereum, there would be no today's Web3 blockchain ecosystem. In 2014, we invited Vitalik to a financial forum held in Hainan. One of the most valuable things Wanxiang Lab did from this perspective was that we were the first in Asia, even globally, to bring Ethereum into mainstream institutions.
On one hand, we were the first large company to support the Ethereum Foundation, investing $500,000 in Ethereum in 2015, when Ethereum was at its most challenging time. The fact that a traditional Chinese company was willing to support Ethereum also brought more confidence to the entire community.
On the other hand, because we see the various possibilities brought by the future of Ethereum, I brought Vitalik to meet various financial institutions and different government departments in Asia, so that everyone could better understand what blockchain is, and how blockchain is different from Bitcoin. At that time, when people mentioned blockchain, the first thing they thought of was Bitcoin, and more often than not, the negative information associated with Bitcoin. We hope that through the new architecture of Ethereum, people can see more of the future application scenarios brought by blockchain technology and smart contract technology.
Looking back at everything, many interesting things have been done. However, at that time, the most important thing, besides the community knowing and supporting Ethereum, was that we brought Ethereum into the mainstream and into the regulatory view.
Looking back, even in mainland China, which has the strictest regulations on blockchain and Crypto, everyone, from regulators to financial institutions to enterprises, has always held a very positive attitude toward Ethereum over the years. This is also the most important result of the efforts made together with everyone present.
Ben He: I want to share some interesting memories. I believe there are imToken users in the audience. imToken submitted its first BETA version for iOS on November 11, 2016. I believe that related users are also in the audience.
When I talked about the white paper, before I saw Ethereum, I had been working in the IT industry as a technician, developing products. I had seen Bitcoin very early and tried to use the Bitcoin client to receive Bitcoin, but at that time, I had many misunderstandings and doubts about digital currencies and did not deeply participate.
It was not until 2014 that I saw the Ethereum white paper, which mentioned that through blockchain technology on top of smart contracts, various decentralized applications could be built, such as DAPPs. I was moved by this narrative at that moment.
Looking back, most of the decentralized applications mentioned in the white paper have been realized, such as token types, whether through ICOs or various project parties using tokens for fundraising and airdrops. Tokens are significant applications that were validated during the early 2017 ICO boom.
In 2018 and 2019, we continuously deepened applications, with DeFi decentralized applications becoming particularly popular, as proven use cases. This also includes decentralized markets and decentralized storage, as well as the smart contract wallet and AA account mentioned in the white paper, which had a vision described.
Looking back at the insights provided by the white paper, the future vision described has all been realized one by one. In 2016, imToken designed its product with the idea of realizing this vision, aiming to integrate technology to fulfill user needs during the early entrepreneurial phase.
Looking back at these events, they are all happening, and the potential of the Ethereum platform is limitless. Today, we see so many entrepreneurs rushing in, and with the support of policies and capital, I am very confident in the explosive growth of the entire blockchain ecosystem.
Ross Zhang: I want to specifically mention that imToken was the first mobile wallet I used. I also experienced the early product of imToken and have been moved to see its journey. Next, I invite Roland.
Roland Sun: Let me share an interesting story from the past. Ethereum was first brought to China by Shen Bo. In 2014, Shen Bo told me about Ethereum, but I still didn't understand what the Ethereum project was about, as the concept was too new.
In early 2015, Shen Bo took Vitalik to meet Xiao Feng for the first time. It was a coincidence. Why did they bring Vitalik to meet Xiao Feng? Although Ethereum did not exist at that time, Xiao Feng had already published profound insights about blockchain early in 2015. It was hard to imagine that Xiao Feng came from a traditional financial background and was not a technical expert. He was originally into Bitcoin investment and was the founder of Bosera Asset Management.
Shen Bo and Vitalik
At that time, Shen Bo was very impressed after reading an article by Xiao Feng. He immediately brought Vitalik to find various opportunities to meet Xiao Feng. Their first meeting was at the airport, where the three of them had a very engaging conversation. They later began to explore deeper connections, including doing at least two important things in 2015: one was that Wanxiang Lab invested $500,000 in Ethereum, solving an important funding issue for Ethereum.
The other three people organized to establish Distributed Capital, and the three of them are co-founders. Due to international reasons, Xiao Feng is mainly in the domestic area, while Shen Bo and Vitalik are primarily abroad, with different business regions but essentially using the same brand.
In 2015, Wanxiang held the first China Blockchain Conference domestically, and now it should be the eighth year. It has not been easy. Since then, blockchain has entered the mainstream world in China. Looking back at Ethereum itself, there were not many people in the world who could understand this project in 2015. At that time, Shen Bo was still the CEO of BitShares, and Ju Xie was the person in China who studied BitShares the most.
At that time, we were discussing these two projects internally, BitShares and Ethereum. Both had revolutionary significance, but from our perspective at that time, the comparison between the two seemed a bit strange. BitShares had already set up its own series of applications bundled with the blockchain, which were still very innovative in hindsight, creating the earliest decentralized stablecoins and oracle models—a very revolutionary move.
However, all the apps were developed by the founders themselves, and they were on a blockchain that was not very open but specifically served their own apps, resulting in the DAPPs being tightly bound to their own blockchain and belonging to an exclusive relationship. This is a relatively traditional model.
Ethereum is entirely the opposite. Ethereum itself does not have any applications. The Ethereum Foundation does not develop any applications; it just provides infrastructure. I position myself as a smart contract platform, where all DAPPs are developed and deployed by third parties without any permissions. It is similar to Android, where Google developed the open-source operating system but does not develop any apps itself, allowing all third parties to develop. This is very revolutionary.
From that perspective, BitShares was expected to advance faster because on the first day Blockchain launched, DAPPs on BitShares were already deployed and available for use. In 2015, I also discussed this issue with Shen Bo because he always wanted to create a decentralized exchange. By 2015, the decentralized exchange on BitShares had already started to be used. I remember that during BitShares 2.0, the TPS efficiency was also quite good; it was basically usable. Version 1.0 might have been a bit slower, but by 2015, Ethereum's foundational platform wasn't particularly well developed, let alone having various DAPPs on top of it.
I remember at that time, Shen Bo asked Vitalik when we could have a high TPS platform to develop DAPPs so he could create a DEX. Vitalik replied that it might take a few years and that he needed to complete sharding first. At that time, the primary solution considered was sharding, but state sharding is a massive process. In 2015, Vitalik said it would take 4-5 years, but Shen Bo said he couldn't wait that long and needed to operate a decentralized exchange now.
Although the solution chosen by Ethereum later was not sharding, but Rollups, because Vitalik changed his mind several times in between, he ultimately felt that Rollups were the better solution. When Rollups had not yet taken off, DEX technology had already begun, and DeFi represented by DEXs had already risen, which was around 2019, coinciding with the then-current concepts—simply put, that's it.
Ross Zhang: The stories shared just now are from Asia. I want to share briefly from the other side of the world, the birthplace of Ethereum, Canada.
As everyone knows, Vitalik is Canadian, and Ethereum originated in Toronto, Canada. In 2015, I noticed that some people started discussing this. I studied computer science, so I was relatively sensitive to technology. However, at that time, I was already engaged in investment at a Canadian pension fund, which provided me with a very unique experience and gave me two different perspectives.
I remember seeing early supporters of Ethereum in Toronto, who held the earliest Ethereum meetup. Founding members like Vitalik, Gavin Wood, Joseph Lubin, Anthony Dilorio, and other early members of the Ethereum community participated, along with Web2 enthusiasts and geeks at the meetup.
At that time, I didn't quite understand. From a technical perspective, it still felt very early. Whether in development or operation, everything was particularly slow. Everyone was questioning whether this could work out.
I was at a Canadian pension fund at that time. I think this was very sensible because I could see changes in the financial world, especially in improving capital efficiency and trust. Therefore, I established a blockchain research group within the pension fund, starting with 10 people, and by the time I left, it had grown to nearly 100.
At that time, we invited Vitalik and Joseph Lubin to talk about what smart contracts are, what they are useful for, and what projects will be on Ethereum. We were among the earliest to pay attention to Ethereum and shared the early stories in Canada, the birthplace of Ethereum.
As everyone knows, Ethereum completed the Shanghai upgrade on the morning of April 13, Beijing time. During the development of Ethereum, what do you think are the more important milestones, especially how do you view Ethereum's development after the Shanghai upgrade?
Jerry Liu: Speaking of milestones in Ethereum's development, I no longer remember specific dates, but I can recall several key nodes.
The first node is the time the mainnet went live, which should be around July 2015. At that time, Gavin Wood single-handedly created the EVM and customized the Ethereum standard. Nobody expected that the EVM would later become the industry standard. What amazed everyone at that time was that smart contracts could actually be realized.
The second node, the ICO boom, allowed everyone to realize they could issue assets on Ethereum and raise funds this way. Many projects emerged at that time; of course, many were speculative bubbles, but many truly long-term projects focused on industry innovation also remained.
The third node is the early practice of NFTs, including the well-known "CryptoKitties" project, which showed everyone another possibility for assets. Before this, the assets people often traded were all homogenous. The CryptoKitties asset opened a larger window for non-homogeneous assets for humanity's finance.
The fourth node is DeFi Summer, where a large number of decentralized financial practices began. Of course, some practices, such as farming, do not seem sustainable now, but many financial business models have been proven viable and retained, such as collateral lending and AMM models for decentralized exchanges, which have become standardized components in the industry.
The road continues to extend, and I believe that more financial business models will be discovered and sustained in the future, bringing more possibilities to human financial practices.
The fifth node, the Merge, has been postponed countless times. I did not expect it to be so smooth when it was successfully carried out last time. It should be said that for many Ethereum fans, a stone has really been lifted from their hearts, allowing everyone to forget their past worries and see further ahead.
The significance of this Shanghai upgrade is that it has improved liquidity, and it can even be said to have created a new LSD track, allowing the staking business of Ethereum to grow into a track comparable to Bitcoin mining. This is my basic view.
Ross Zhang: Thank you, Ju Xie. I felt particularly resonant with one point made earlier: in the beginning, we did not expect Ethereum to evolve from its early, relatively primitive, and slow-running state, but according to the roadmap, it has steadily achieved its milestones one by one, and even with major transitions, tens of millions of dollars worth of assets are running on top. This is the result of the collective efforts of the entire Ethereum community and developers.
Du Yu: The goal stated in the (Ethereum white paper) is to "become a world computer", but as of today, Ethereum is not a world computer; it is financial infrastructure. Over the years, it has become a very important financial infrastructure in the Web3 world. From another perspective, the most important nodes are the emergence of various new asset protocols.
From the earliest ERC20, originally, issuing tokens required setting up a chain, which had a high threshold. After the emergence of ERC20, anyone could issue their own token within a few minutes. Later, ERC721 represented more non-standard assets in the world, along with the emergence of the 1155 series of asset protocols. These are the most important infrastructures in Ethereum's development history.
Today, Ethereum has been developing at different stages. In the past few years, it served more as an asset protocol infrastructure. In the past year or two, it has become more of a financial infrastructure, where many tools have already been implemented, but there are still issues with performance and cost. So today's trend has shifted to how to enable various Layer2 and Layer3 solutions of Ethereum to support larger-scale applications, with different focuses and missions at different stages.
Ben He: Let me briefly review the development roadmap of Ethereum itself. From the early days of Ethereum, everyone is clear that it was planned in four stages. The first stage was launched around July 2015 as a BETA network. On March 14, 2016, the second stage officially launched as a publicly released version. The third stage saw the explosion of DAPP applications and the flourishing development of DeFi.
We have now entered the fourth phase, but in the process, Ethereum has undergone many adjustments and changes around two lines. One line is how to transition from PoW consensus to PoS. Last year's Merge confirmed that Ethereum has entered the PoS stage. The Shanghai hard fork on April 13 allowed everyone to withdraw freely based on staking. This is the evolution surrounding the consensus protocol. The ideas from Ethereum's inception, the birth of the white paper, have not changed fundamentally; it has just taken a long time for the process, with many delays. The 'bomb' has been dismantled many times, delaying the state many times.
The second line focuses on the aspect of Scalability. Starting from state sharding, Vitalik later mentioned the direction of scaling vertically with Rollups. The first line has achieved a milestone state, with PoS entering a stable phase. The Ethereum roadmap going forward will revolve around applications, guided by Rollups. After the Merge, Ethereum is in search of how to create better low-cost and stronger scalability for Rollups through protocol upgrades.
For imToken, this point is very important because the wallet serves applications for a broad user base. Scalability is crucial to bringing blockchain and Web3 to thousands of households, to ordinary people. I am very much looking forward to Ethereum's ongoing development along its roadmap, continually achieving low-cost, high-performance expansion to reach the throughput of traditional Web2 internet.
There is also user experience, such as the protocol layer promoting AA abstract accounts, focusing on how to lower barriers and reduce security risks for users. The protocol layer paves the way for the application layer. For wallets, it is essential to actively explore how to lower user thresholds and enhance the experience on top of these protocol improvements, allowing users to use them with peace of mind and comfort, while supporting increasingly rich ecological applications.
Ross Zhang: Thank you, Ben. Ben just mentioned a very old term, "tranquility"; this was actually in the planning when Ethereum's white paper first started. After that, people began to talk about Ethereum 2.0, and now we speak of Merge, Verge, Purge, Splurge, the new roadmap of Ethereum. We also see that the roadmap is becoming more detailed and is increasingly adjusted based on technological developments.
Due to time constraints, I have one last question I would like everyone to share. Stepping out of the Ethereum ecosystem, as OGs in the blockchain Crypto industry, do you have anything to share with everyone? Please share briefly.
Roland Sun: Personally, I believe that studying blockchain cannot be separated from Ethereum. Ethereum provides the development paradigm for the current blockchain industry. Many other projects are more or less learning from Ethereum. Although they have their own characteristics, the overall framework of the blockchain industry has not yet surpassed Ethereum to the next generation of things. It hasn't happened yet, but perhaps it will in the future.
What is the next step for Ethereum? What will the blockchain have next? I see some possible development directions. Currently, Ethereum has shifted from its early expansion plan of Sharding to a more realistic approach of Rollups, represented by Arbitrum's OP Rollup and ZK Rollup, which may mature in the next year or two. Moreover, the efficiency is relatively high, as most DAPPs consider deploying on Rollups due to their high efficiency and low fees.
The main issue for Ethereum going forward is how to address the relationship between the main chain and Rollups. Who will capture the value? Ethereum may consider this next. Currently, Rollups typically pay Gas fees to the main chain in a one-time manner, saving a lot of Gas fees for the DAPP itself. However, how to allocate the interests of both parties in the future will be a significant issue.
From another dimension, many people are also researching the modularity of blockchain. The partner from ConsenSys just mentioned the issue of Blockchain and Merge Blockchain. The initial thought was to look at the expansion from another dimension and outsource state tasks to create a layer of decentralized network. This is also a current possibility, to outsource Ethereum's state to create an independent network.
Rollups currently need to obtain data from the main chain, but now the Gas cost of Ethereum is relatively high. In theory, in the future, there will also be dedicated networks to request state data, as this will lower costs. From another dimension, modularizing the blockchain may lead to many future modules, including sorters, which are also important and have a lot to do with MEV.
Currently, Ethereum has not yet solved the storage issue. There is no storage network, and all on-chain data cannot be defined as storage. In reality, the data in the entire network world is far greater than the several hundred GB of data on the Ethereum chain; it is not on the same order of magnitude. Web3 will ultimately integrate all internet data, and a decentralized storage network is necessary, which does not have to be done by Ethereum itself, as many decentralized networks already exist.
In the future, how all business-running chains and Rollups call data from decentralized network storage is also a very important topic, this is the current thinking, but there is no clear answer.
Ben He: As mentioned earlier, for the application layer, what users care about most is how to use it comfortably and safely. Looking back, in the blockchain's "impossible triangle", Security, Decentralization, Scalability are issues to be solved. Scalability is currently a problem being addressed. As industry builders, users need to be a bit more patient. First and foremost, we must firmly ensure security and decentralization. On top of that, we can make further breakthroughs in Scalability. I hope everyone can be patient; wonderful things will eventually happen.
Du Yu: The first point is that the modularity of Ethereum is excellent. I originally studied communications. If you look at the internet protocol stack, it is a collection of protocols piled together. In the future, Ethereum will be like the HTTP and IP protocol stack, where everyone is part of the protocol layer. To some extent, in the future Web3 world, Ethereum will be an essential infrastructure, and everyone will interact with Ethereum, whether through layer2 or various Web3 protocol interfaces.
Secondly, the voices of the developer community and builder community in Asia within Web3 and Ethereum are becoming quieter. We hope to attract more good developers into Web3 through activities in Hong Kong. China and the US have the most talented developers in the world, with a complete talent cultivation and education system. We hope to bring more talented individuals and builders into the Web3 and Ethereum ecosystem, which will accelerate the arrival of a better future.
Jerry Liu: I would like to focus on the impact of blockchain technology on the financial system in my view. Vitalik once wrote an article analyzing the importance of various ecosystems of ETH, several of which are related to the financial system, discussing the general monetary ecosystem, stablecoin ecosystem, and DeFi ecosystem.
What does the general ecological concept mean? It is like gold in the traditional financial world. In the past six months, the People's Bank of China has been buying a lot of gold. In the current traditional financial world, gold remains a fundamental asset of the financial system. In the crypto world, assets like BTC and ETH can also be seen as fundamental assets in this world, supporting the crypto financial tower as the bottom layer, while stablecoins can be relatively safe assets for the general public to use without too many concerns.
Currently, discussing stablecoins is still in a relatively early stage because the biggest problem is that the so-called stablecoins still rely on fiat currencies and need to be pegged to the dollar. In other words, they are still closely linked to traditional finance in a significant sense.
I believe that in the future, there will definitely be stablecoins that do not rely on fiat currencies, and at that time, the dependence on traditional finance will be minimized. For example, the US dollar. Americans often say that the US dollar is our currency, but that is your problem. I believe that perhaps in the future, a stablecoin will be created in the crypto world that does not rely on a specific credit to have an impact, and I think at that time, the influence of crypto and blockchain technology on finance will deepen.
The development of DeFi is gradually advancing along the path of financial disintermediation and self-custody. In the Web3 world, there are many DAO organizations, one of which is a large organization called Bankless DAO, which aims to ensure that future transactions do not rely on banks. I believe this vision should be realized in the future. Ultimately, blockchain technology will bring a world that is relatively free, more disintermediated, and where individuals are responsible for the safety of their own assets.
Ross Zhang: Thank you, Ju Xie. One point he just mentioned is the native assets of blockchain, known as "ultrasound assets" in the Ethereum community. I also agree with what Roland just said; discussing blockchain cannot be separated from Ethereum. I have personally experienced several cycles where separation leads to unity, and unity leads to separation. You see the problems of Ethereum and try to do other things to solve them, but in the end, you may return to Ethereum. That's my biggest feeling. Due to time constraints, I want to thank all the OGs for their sharing and everyone for listening today.