Vitalik Buterin, the co-founder of Ethereum (ETH), was the most recent guest on Bankless. David Hoffman, the co-founder of Bankless, first asked Buterin to reflect on the previous year and all the lessons learned in 2022. Buterin responded that 2022 would be a difficult year. And it was true.
Despite several negative “blowups,” the 28-year-old programmer believes it is critical to remember the positives. Buterin cites Ethereum’s “merge” as one of the year’s highlights. The network’s transition to a Proof-of-Stake (PoS) consensus model was something the community worked on for many years. Buterin emphasized that the switch reduced Ethereum’s energy consumption by 99.9%.
Buterin also added that 2022 was the year of zkEVM. From “pipe dream” to “mainnet launch” by next year, many zkEVM projects are promising.
However, 2022 has been a difficult year for the financial sector, including cryptocurrencies. Year to date, ETH has lost nearly 60% of its value. Although the “merge” was a technological feat, it had little impact on ETH’s price movement. Instead, many called the move a “sell the news.”
Ethereum Co-founder Speaks on 2023 Opportunities
Buterin provided his predictions for the cryptocurrency market in 2023 in response to Hoffman’s fear that the “adoption wave” for decentralized apps had ended.
To begin, Buterin stated that the infrastructure for cryptocurrency wallets needs to be improved. This will make it easier for regular people to use and ensure support for onboarding billions of users.
Second, Buterin claimed that creating a globally usable stablecoin resistant to hyperinflation would revolutionize the industry. The stablecoin should hold up under any circumstance, both on-chain and in the larger macroeconomy.
Buterin stated that any technological advancements that allow Ethereum to usurp the control of user logins from Facebook, Google, Twitter, and other centralized monopolies would eventually help Ethereum gain more market share for web-based apps.
Buterin did note that, as competition increased and the market matured, the possibility of closing gaps in the market needed to be clarified.
At the time of publication, ETH was trading at $1,191.75, up 1% in the previous 24 hours. The asset has dropped 75.2% since its all-time high of $4,878.26 on November 10th, 2021.