Ethereum developer @pcaversaccio and Yearn Finance and Sonic Labs founder Andre Cronje revealed the current plight of the decentralization movement from idealistic and realistic perspectives on Twitter on 12/22. Both expressed that excessive reliance on compliance and emphasis on short-term benefits have led the crypto industry to gradually stray from its original intent of challenging the world, placing many developers in a dilemma: should they adhere to decentralization or compromise with reality? They bluntly stated that the cryptocurrency world in 2024 is experiencing a crisis of soul.
The Soulful Choice of Continuously Challenging the System or Compromising with Reality
@pcaversaccio's reflection points directly to the core issues of the crypto industry in 2024:
Delaying Decentralization: He believes Layer 2 technology should have originally promoted decentralization but has instead become a conservative design akin to 'training wheels' for cycling, serving as an excuse for stagnation. Many transitional designs still rely on centralization, such as validation and management mechanisms, which are seen as temporary but in reality slow down the development of complete decentralization.
Regulatory Pressure: KYC is now ubiquitous, and he feels disappointed by the reception from developers and users.
Lack of Innovative Enthusiasm: Many on-chain applications are either gambling or speculation, drifting away from the original intent and principles of changing the world. He criticizes that most of the current crypto industry has lost its enthusiasm and is chasing short-term trends, forgetting the mission of challenging the system. He urges, 'Do not become a puppet that only pursues short-term hype.'
@pcaversaccio criticizes the chaos in the crypto industry. Developers face a dilemma.
As the founder of Yearn Finance and Sonic Labs, Andre Cronje deeply analyzes the current predicament from a developer's perspective:
The Challenge of Complete Decentralization: Cronje shares that past projects like Solidly, due to strict adherence to decentralization principles, lack upgrade capabilities and access control, but this nearly 'perfect' code and design is prone to failure due to code vulnerabilities and irrational user behavior. The reality is that complete decentralization is almost impossible.
Shift in User Demand: Cronje points out that users increasingly do not understand the meaning of decentralization and no longer pursue immutable code; they are more concerned with the teams behind the projects and their direction, hoping to find someone accountable when problems arise.
Regulatory Shadows: Although Cronje avoided fundraising in the project, utilized utility tokens, and did not establish a legal entity, he still spent nearly two years negotiating with the SEC, a process that was inefficient and arduous.
Cronje expresses helplessness: 'Developers have two choices, either adhere to immutability and decentralization while bearing all responsibilities and regulatory pressures, or compromise to obtain licenses, retain access control, and continue to optimize products.' Cronje admits that reality makes the second option a more acceptable path.
Andre Cronje articulates the developer's dilemma.
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This article reflects on the core of the crypto industry with Ethereum developers and Andre Cronje: Complete decentralization is impossible, and the prevalence of short-term hype is disheartening. First appeared on Chain News ABMedia.
