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Ethereum must innovate beyond just DApps for DeFi degens: Vitalik Buterin

July 22, 2021. Summarized by summa-bot.

Compression ratio: 27%. 1 min read.

Vitalik Buterin believes high transaction fees have relegated innovation on Ethereum to financial applications, urging the community to disrupt more centralized industries.

Describing non-financial utilities as “the most interesting part of the vision of general-purpose blockchains,” Buterin lamented that financial applications currently “dominate the Ethereum space. ”

Buterin outlines several non-financial applications for Ethereum, including decentralized social media, identity verification and attestation, and retroactive public goods funding.

“Moving beyond DeFi is not about being against DeFi. I actually think [. . . ] the most interesting Ethereum applications are going to combine elements of finance and non-finance,” said Buterin.

With work to mitigate transaction costs on Ethereum currently underway, Buterin asserts that now is the time to begin exploring how Ethereum can be used to tackle other issues, stating: “the Ethereum ecosystem has to expand beyond just making tokens that help with trading other tokens. ”

Despite noting that financial derivatives offer some value to the sector, Buterin warned of the systemic risk associated with complex derivative products, concluding: “Let’s not just do DeFi. ”

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