Vitalik: Issuing tokens and creating exchanges represents the failure of the crypto industry. This year is the best time to create meaningful applications.

【Vitalik: Issuing tokens and creating exchanges represents the failure of the crypto industry. This year is the best time to create meaningful applications】On November 25, Ethereum co-founder Vitalik expressed in an interview with Tencent (Qianwang) that he is concerned that if particularly intelligent individuals do not engage in Crypto, those remaining in the Crypto field may lack interesting ideas, with the only applications being financial ones that have been developed for many years. This could lead to a situation where tokens are issued, exchanges are created; then another token is issued, another exchange is created; and then another token comes out with a cute dog on it—these things are fun, but if they are the only things our industry is doing, then the industry is a failure. The challenge our industry faces is to create applications that are both meaningful and enjoyable for many people to participate in. Regarding why the Ethereum ecosystem and the Web3 ecosystem still lack practical application products, Vitalik stated that prior to this year, transaction fees were too high, some important technologies were not mature, and issues related to 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. One reason why DeFi is the only successful application is 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.