Has Ethereum lost its way trying to be everything to everyone? In its race to compete with Bitcoin as a store of value and keep up with Solana's speed, has Ethereum forgotten its core mission—to be the world's decentralized computer? Ganesh Swami, co-founder of Covalent, believes Ethereum needs to return to its roots to truly succeed.
From its ambitious beginnings as the foundation of countless decentralized applications, Ethereum has grown immensely. But in trying to balance multiple roles, it may have lost its clear direction. How can Ethereum return to its core purpose and truly become a global, decentralized computing platform?
Short-term hype and rapid growth of trending apps may have derailed Ethereum. Many apps focus only on short-term user numbers instead of meaningful utility. As Confucius once said, "A person who chases two rabbits catches neither." Ethereum's attempt to juggle multiple narratives has clouded its original vision.
The real challenge lies in the infrastructure. Ethereum's mission isn't about competing for the "ultrasound money" title or achieving peak transactions per second. It's about building a solid foundation for a decentralized future. It's about being the global computer—an open, borderless computing platform—instead of a market that constantly chases trends.
Ethereum is in a challenging mid-phase of its scaling journey—progress may be slow, but it isn't hopeless. The upcoming Pectra upgrade in late 2024, along with the "clear" upgrade, aims to advance Ethereum toward true decentralized computing. However, these upgrades also bring challenges, like long-term data availability. Without careful planning, Ethereum risks becoming data-centralized, betraying its founding vision.
Yet, there is a clear path for Ethereum's correction. It must shift away from short-term thinking, discard fleeting narratives, and refocus on its original mission: becoming the global decentralized computer. By doing so, Ethereum can find its "lightning moment"—moving beyond confusion and rediscovering its direction.
Let's witness Ethereum's return to form. Let's emphasize building the infrastructure needed to make the dream of a global, decentralized computer a reality!
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