Last week, Ethereum was in the same boat as the rest of the cryptocurrencies. The losses escalated against the backdrop of Terra’s demise. Ether is therefore more than 50% lower than its historic peak.
Recent market volatility has caused Ethereum inventor Vitalik Buterin to stop. For example, he had to confess to himself that he had benefited from innovations in the realm of digital assets that did not match his worldview.
“I have a dislike for many modern applications of blockchain finance. At the same time, I appreciate that this stuff is a big part of what makes the crypto ecosystem work and funds all my cool DAO experiments and governance. “
According to him, Ethereum should be a blockchain that can withstand any setback. The theory has clearly gained traction in light of recent events, but the reality, as Buterin stated, is quite different:
“There is a contradiction between my desire to make Ethereum an L1 capable of withstanding truly extreme circumstances.
Because at the same time, I am aware that many important apps on Ethereum already rely on much more fragile security assumptions than anything we consider acceptable in the design of the Ethereum protocol”.
In addition, Vitalik Buterin argues that the crypto industry’s progress is simply too sluggish. Many in this industry associate cryptocurrency with assets that are easier to speculate with. However, blockchain technology is capable of much more:
“There is a dichotomy between my wish to see crypto grow beyond the financial sector and my finding that the financial sector (including payments+SoV) is still by far the most successful sector for crypto-apps, especially* among Third World people, human rights activists, and vulnerable people in general.”
Thus, the inventor of Ether demonstrates that the entire business still faces several obstacles, both technically and ethically, and that it is still far from receiving the attention it deserves.
For months, the situation has continued to deteriorate. But the already mentioned crypto winter is probably far from over. 22V Research analyst John Roque expects it anyway.
According to him, ETH/USD could fall another 80 percent. As reported by Bloomberg, we would see the $420 mark before a new sustainable rally begins.
