Ganesh Swami, co-founder of Covalent, says Ethereum, once called the World Computer, is at a crossroads. The network has become caught up in trends like execution speed and “ultrasonic money,” while forgetting its revolutionary core. Even Ethereum’s lead developer, Peter Szilágyi, is worried: “Ethereum is losing its bearings.” 🧐

Swami suggests focusing on infrastructure. Ethereum’s core strength has always been its ability to build decentralized applications (dApps). But the network has become caught up in short-term trends while forgetting its long-term vision.

With upcoming updates like Pectra and The Purge, Ethereum will become lighter by removing old data. However, this could lead to data centralization, which defeats the purpose of decentralization.

Covalent has introduced the Ethereum Wayback Machine (EWM) to preserve Ethereum’s historical data. The Light Client testnet launched allows participants to protect long-term data availability while maintaining network decentralization. 🚀

Covalent also supports AI, DeFi, GameFi, and other sectors, providing access to data from over 200 blockchains.