According to TechFlow, it has been 10 years since the birth of Ethereum. Vitalik Buterin said at the EthCC event that the focus in the future will shift from Layer1 to application layer issues.

He believes that the key to the success of Crypto assets lies in the actual application of technology rather than hype. He sarcastically said that it would be a disappointing result if the Crypto asset field was remembered as a group of people trading digital monkeys and celebrity photos with each other.

The Web3 industry needs more extensive applications to enter the public eye, such as the Ton ecosystem, which has attracted attention for its potential to reach billions of users. Although the market is full of Layer2 narratives, its development has been repeatedly hindered.

The reason why high-market-cap, low-circulation projects are not accepted is that they lack actual value. Vitalik satirized NFT, emphasizing that a large number of high-quality application users are needed to consolidate L1/L2 development.

There are no major changes in the industry fundamentals, with ETFs being the only exception. The real driving force behind the future bull market should be tracks or interesting products that bring in more liquidity.