Vitalik: Just issuing coins and running exchanges represents the failure of the crypto industry. This year is the best time to create meaningful appl

On November 25th, Vitalik, co-founder of Ethereum, expressed his concern in an interview with Tencent's "Qianwang" that if exceptionally intelligent people do not work in Crypto, those who remain in the Crypto field may not have any interesting ideas and the only application will be financial applications that have been done for many years. This could result in a situation where people just create a coin, make an exchange; create another coin, make another exchange; and then create another coin with a cute dog on it - these things are fun, but if they are the only things we do in this industry, then this industry will fail. The challenge our industry faces is to create an application that is both meaningful and appealing to many people.

Regarding the question of why there are still no practical applications in the Ethereum and Web3 ecosystems, Vitalik stated that before this year, transaction fees were too high, some important technologies were not yet mature, account security and privacy issues had not been resolved, and therefore, our industry did not have enough technology to create applications that ordinary people could participate in. The only successful application is DeFi, which is because DeFi can earn more money. This year, we finally began to address these issues. This year is the best time to create meaningful applications.