I once had high hopes for Ethereum (ETH), believing that relying solely on Bitcoin (BTC) as a decentralized currency was far from enough; a decentralized financial system (DeFi) was the milestone progress that could change human society.

I have a dream. I dream of a DeFi where not only can we achieve efficient and low-cost transfers, but we can also free ourselves from the exploitation of big banks, the constraints of regulatory agencies, and the oppression of global taxation, thus realizing the fair ideal of private property being sacred and inviolable. I even envision that any company can issue stocks on Ethereum without bribing the SEC (excluding China); people can achieve P2P lending, collateral financing, and wealth management through Ethereum, completely reshaping the financial landscape.

However, when I truly immersed myself in the practice of DeFi on Ethereum, I found that the high transaction fees deterred ordinary retail investors—Ethereum had seemingly become a "noble chain." Those teams who spent a decade developing DeFi projects found it difficult to sustain themselves solely on venture capital (VC) support. Early DeFi applications on Ethereum were more driven by sentiment, and the project teams hadn't even figured out a profit model. The reluctantly issued governance tokens (used for voting) also struggled to support long-term development. While sentiment is beautiful, it is hard to last; the ideals of DeFi gradually shattered in the face of high costs and security vulnerabilities, leading to an inevitable series of DeFi theft incidents.

After 2021, I completely withdrew from DeFi investments. I gradually understood that Ethereum, as a financial platform, should maintain low costs. Especially after transitioning to a PoS (Proof of Stake) mechanism, the price of ETH being thousands of dollars is unreasonable. A reasonable ETH price should be in the double digits; only in this way can we truly support the popularization and development of a decentralized financial system.

Recently, the price of ETH has risen, but this is merely a common herd effect; the temporary hype will eventually return to value. This is true throughout history and across cultures. Those who expect ETH to rise to ten thousand dollars may have never engaged in financial practices on Ethereum, nor even experienced a simple transfer or Uniswap transaction.

Today, Wall Street's visions for Ethereum are strikingly similar to my aspirations in 2019. However, these financial moguls have never truly used Ethereum for transfers, let alone participated in DeFi. Once they experience it themselves, they will likely feel the same disappointment and desolation.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。