Vitalik: Simply issuing tokens and creating exchanges signifies the failure of the industry; this year is the best time to create meaningful applications

ChainCatcher message, Ethereum co-founder Vitalik expressed in an interview with Tencent's "Deep Dive" that he is concerned that if particularly smart people do not engage in Crypto, those who remain in the Crypto space may not have any interesting ideas, and the only applications will be the financial applications that have been around for many years. This would lead to a situation where—issue a token, create an exchange; issue another token, create another exchange; issue yet another token, this token features cute dogs—these things are fun, but if they are the only things our industry is doing, then the industry is failing. The challenge our industry faces is to create applications that are both meaningful and widely engaging.

Regarding why the Ethereum ecosystem and the Web3 ecosystem still lack practical applications, Vitalik stated that before 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 for the success of DeFi applications is that DeFi can generate more money. This year, we have finally started to address these issues. This year is the best time to create meaningful applications.