From a genius to "RATS", the evaluation of Vitalik in the crypto market has changed drastically.

Vitalik disappeared from social media for more than 20 days. During this period, the price of Ethereum repeatedly fell below the psychological threshold of investors, and on March 12, the ETH/BTC exchange rate hit a new low of 0.022676 since June 2020. The ETH to BTC exchange rate continued to decline, with early large holders fleeing, retail investors panicking, and negative sentiment spreading.

In February, a debate erupted within the Ethereum community, calling for Vitalik to pay attention to current industry hotspots. In response to the criticism, Vitalik stated that he disagrees with the popular PVP model being the best product in blockchain, and he and Ethereum are committed to developing higher quality products.

At the same time, an executive from a trading platform played a meme on social media, leveraging the investment of an Abu Dhabi investment institution in the platform, which sparked a wave of on-chain meme frenzy.

In this cycle, the Meme track is booming, and PVP is prevalent, with speculative sentiment flooding the crypto market. In addition, a broader sense of confusion hangs over the crypto community, and the innovations that can truly drive the industry forward seem to have disappeared.

The industry is desolate, and Memes have become the mainstream narrative. People begin to reminisce about the summer of 2020 when Ethereum's DeFi was thriving.

From "V God" to "Little V"

Once, people respectfully called him "V God" and regarded him as a spiritual leader, relying on him to guide the direction of encryption development. Now people call him "Little V" and demand that he "get out" of Ethereum.

Vitalik recently became the focus of public opinion in early February. At that time, the community was filled with doubts about Ethereum. In response to various opinions, Vitalik ultimately replied on social media: he does not agree that the current PVP model is the best product; he is pursuing better products. Regarding the calls for innovation from the Ethereum Foundation, Vitalik also expressed his helplessness towards the suggestions from those who do not understand the situation.

It was unimaginable two years ago for Vitalik to become the target of criticism.

Groups often yearn for powerful leaders, eagerly needing an object of worship to gain psychological support and guidance. This drives them to idolize, infinitely amplifying the virtues of a particular individual, creating an all-powerful "god". Once this constructed "god" fails to meet the overly high expectations of the public, the shift in group attitudes is both rapid and brutal. They instantly turn from blind worship to intense criticism, forcefully pushing the "god" off the pedestal and venting their disappointment and anger through insults and slander.

Vitalik has undergone a process of being both idolized and vilified by the crypto community. Once, within the crypto community, Vitalik's statements and ideas pointed the way for the industry. Vitalik is eager to express various thoughts, such as SBT, the concept of network nations, etc., all of which he proposed or strongly supported. Under his promotion, these new concepts once became industry hotspots.

Especially during bear markets, major project teams strive to position themselves in sectors where a bull market might emerge. At that time, Vitalik was optimistic about Web3 social, and entrepreneurs flocked to it, but after a brief surge during the bear market, it also fizzled out.

The bull market has arrived, but the directions that Vitalik "pointed out" during the bear market have not seen a major explosion in the application layer during the bull market. Chaos and confusion have become the feelings of most project parties.

Without real innovation and a new narrative to invigorate the industry, the grandeur once seen during the DeFi Summer on Ethereum has not reappeared in the crypto market.

The infrastructure of blockchain has been completed, the highways have been built, but there are no cars to drive. The core contradiction in the blockchain industry today is no longer related to infrastructure. Instead, it is about what changes blockchain can bring to human life or the world's products. What is the answer to this question?

If the answer is payment, then Bitcoin provided that answer back in 2008; if it's DeFi, then Ethereum provided that in 2020. The most practical application of encryption currencies at present can be said to be stablecoins, which are genuinely transforming the traditional world in areas like cross-border payments.

Besides this, are there any other innovations in the blockchain industry? During this cycle, asset launch platforms on various chains have become popular; this is merely an innovation in the way assets are issued, as the core of the casino has been given a new exterior. Another area that is promising is the blockchain AI track, which has attracted significant investment, but the bubble has been burst by the sudden emergence of some AI companies. A more prominent issue in this track is that the narrative still revolves around AI. Blockchain technology can help AI agents obtain on-chain identities and build economic systems, but it always plays a supporting role for AI. This track is not crypto-native.

Beneath this barren surface, gambling seems to be regarded as the best product in the encryption industry. In the face of many people's advice, there is hope that Vitalik himself and Ethereum can engage more in the "casino" gameplay. Vitalik rejected this, saying, "If I look into my heart, I will find something worth fighting for."

Vitalik has also enjoyed the feeling of being idolized, and when he was pulled down from that pedestal, people saw his ordinary side. To some, this side appears stubborn, arrogant, and resistant to others' opinions. But it is precisely these traits that led him to create Ethereum.

Childhood passions can change the world

Jung once said: "When you are young, whatever makes time pass quickly and brings you joy is the answer to what you should pursue in the world."

For Vitalik, the things worth fighting for have long been written in his childhood experiences. At the age of 4, his father gave him a computer; while other kids played games, he became obsessed with Excel software and soon could write automated calculation programs using Excel. By the age of 7, he created a "Rabbit Encyclopedia" document filled with charts and mathematical formulas, and shortly after, he was identified as having a talent for mathematics and programming. By 10, his speed in mental arithmetic was already more than double that of his peers. At 11, he began to study subjects such as mathematics, programming, and economics in a "Genius Class."

Programming technology itself makes Vitalik happy, and using technology to change the world is his pursuit. Compared to some speculators in the crypto market, he has remained relatively cautious.

In 2018, Ethereum plummeted and faced skepticism from the community. Vitalik once warned against letting Ethereum become a "tulip" for speculators to profit from. At that time, just like now, he also considered leaving Ethereum, "Should I drop ethereum and work for Google?"

Doubts about Ethereum always arise when the coin price is sluggish. In the face of community questioning and insults, Vitalik always thinks about "leaving".

Vitalik has always adhered to his beliefs. His commitment to technology and vigilance against "bubbles" has never changed. It is these persistences that have brought transformation and innovation to the crypto world.

Looking back at the history of encryption development, the most important innovations that have led the industry over the past decade have mostly occurred on Ethereum, known as the "world computer": widespread adoption of smart contracts, providing a platform for the prosperity of innovative financial mechanisms such as DeFi, the establishment of various layer two solutions like Rollups, Plasma, etc., and the practice of DAO governance models.

More and more institutions are building Web3 applications and infrastructure solutions on Ethereum. The Ethereum ecosystem is mature and leading in terms of technical resource reserves, development team support, on-chain funding volume, and client security.

Moreover, Vitalik not only realizes his technological ideals through Ethereum but also places his social ideals upon it, and he is not limited to Ethereum alone. The concepts he advocates, such as decentralization, resistance to censorship, and quadratic voting, involve democratic practices, internet structures, and business and non-profit organizations. This extends his influence beyond the crypto community.

The Future of Ethereum

Is there still something to look forward to with Ethereum? The answer is yes.

In April, Ethereum will welcome the mainnet launch of the Pectra upgrade. This change integrates the execution layer and consensus layer, introducing 11 key improvement proposals aimed at enhancing scalability, staking flexibility, and user experience. Overall, after this upgrade, the technical aspects will improve the performance and stability of the Ethereum network; the economic aspects will change the staking economic model, affecting supply and demand relationships and market prices; and the application layer will attract more developers and users, promoting innovation and development of decentralized applications.

In the United States, a stakeable Ethereum spot ETF may also be approved. Several asset management companies have submitted applications to introduce staking features into their spot Ethereum ETFs.

The Pectra upgrade is expected to shorten the unbinding period for Ethereum staking, which was a major obstacle when staking was initially introduced for spot ETFs. This upgrade may become a catalyst for the approval of staking ETFs.

It is widely believed in the industry that one of the main reasons for the weak attractiveness of the current Ethereum spot ETF is the lack of staking functionality. Once the staking function is launched, ETF holders could receive an annualized return of 3-3.5%. The launch of a stakable Ethereum spot ETF may significantly increase capital inflow, thereby driving up the price of Ethereum.

These two items are substantial positive factors for Ethereum that are foreseeable this year.

But another fact is that these anticipated changes are only improvements along a foreseeable path. These changes merely enhance the infrastructure, rather than representing disruptive industry innovations or pioneering product applications.

The use cases of Ethereum seem to have reached their peak. In this cycle, there have been no projects with widespread participation on the Ethereum main chain, and the price has not exceeded historical highs. Its locked value remains highest as of 2021.

Once it was the preferred choice for building smart contract platforms, but now, with the continuous improvement of blockchain infrastructure, more convenient and inexpensive public chains have become available, and Ethereum is no longer the only option. In this cycle, some emerging public chains have developed their own ecological characteristics. The leading Ethereum Layer 2 networks have also achieved remarkable success.

Vitalik's decentralization is a good thing for the industry's development, indicating that the industry is maturing. Ethereum is no longer the sole leader, and more emerging players can compete with it, stimulating a richer ecosystem. As a diversified blockchain ecosystem is established, Ethereum's importance in the industry will inevitably decline.

Vitalik once stated in an interview, "My life is to be a bridge for all things." Since 2015, the Ethereum Foundation has funded more than its internal operating expenses. These grants have allowed Ethereum to connect more teams and have promoted the development of various projects in the crypto market. Whether it is Ethereum itself or what Vitalik has done, it all lays the foundation for encryption.

Ethereum and Vitalik himself should not bear the confusion and anger people feel towards the lack of innovation in the entire industry.

"If you look inside yourself, you will find things worth fighting for too." Vitalik, who knows what he should strive for, will return again after a brief disappointment.

In the crypto community, those who feel lost and angry, after questioning their inner selves, will also make a choice: to stay and become a "builder," patiently creating new things in the desolation, or to leave and rush to the next opportunity to continue being a shrewd "speculator."