Ethereum co-founder Vitalik Buterin shared his views on the most functional projects of the Ethereum network. Among many altcoins, he chose the five features that “excited” him the most.
Vitalik Buterin shares his favorite altcoins on the Ethereum network
In a new blog post on Dec. 5, Buterin discussed the Ethereum projects that “excited” him the most. While making his choices anonymously, he shed light on which altcoin projects have potential.
What in the Ethereum application ecosystem excites mehttps://t.co/QxCa6EoWDl
— vitalik.eth (@VitalikButerin) December 5, 2022
According to Buterin’s article, applications that center “money” were the most preferred use case on Ethereum. Vitalik now emphasizes merge escalation, which helps speed up transactions on the network and also lower fees. About scaling technologies, he adds:
Scaling technologies such as Optimistic and ZK rollups are advancing rapidly. Social recovery and multisig wallets are getting more practical with account abstraction. It will take years for these trends to emerge as technology evolves, but progress is already being made.
DeFi and digital identities
DeFi and Digital Identity were use cases that were widely adopted over the past few years. Talking about DeFi’s growing dominance in the market, Vitalik also draws attention to stablecoins. On stablecoins, “Decentralized stablecoins are the most important DeFi product. “It will probably stay that way forever.”
Vitalik is optimistic about the technology of identity platforms. But he doesn’t have the same opinion about operating platforms. In their own words, “platforms striving to achieve digital identity are the wrong way to work on such products. Instead they need decentralized tools to build from scratch”. Vitalik then praised developments surrounding ENS, SIWE, PoH, POAPs and other services built on the identity ecosystem.
Vitalik Buterin presented a new perspective on DAOs
The Ethereum founder appreciates the development in the DAOs and hybrid apps industry. It envisions more iterations and improvements to increase its productivity. In Vitalik’s own words:
“DAO” is a powerful term that captures many of the hopes and dreams that people put in the crypto space to create more democratic, flexible and efficient forms of governance.
https://twitter.com/VitalikButerin/status/1519012381581463552
Talking about DAOs later, Buterin discussed the Maker DAO, which “has $7.8 billion in collateral and is more than 17 times the market value of profit-making MKR.” Therefore, management pointed out that if it was up to MKR holders who had no securities, someone could buy half of the MKR and use it to manipulate price oravles. As you follow on Kriptokoin.com, he got an example wrong about DAOs before.
Thoughts on FTX
According to Buterin, the events around FTX are driving more people towards decentralized solutions. The Ethereum founder also discussed the charitable SBF’s donating principles. He said donations with crypto are much more affordable compared to traditional methods. Still, he acknowledges that volatile price movements remain a major barrier to crypto adoption.
Lastly, Buterin touched upon the projects that promise high profits. He argued that largely “unsustainable” yield farming programs have turned into an “overcapitalized monster.” At the end of his article, he said that non-financial applications will be more valuable to the ecosystem in the long run.
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