From a genius boy to "RATS", the crypto market's evaluation of Vitalik is too harsh.

Vitalik has been silent on social media for over 20 days.

During this period, the price of Ethereum has repeatedly hit new lows, undermining investor confidence. On March 12, the ETH/BTC exchange rate fell to 0.022676, setting a new low in nearly 5 years. ETH continues to depreciate against BTC, early large holders are fleeing, retail investors are panicking, and negative sentiment is spreading.

In February, a controversy erupted within the Ethereum community. Some people hope that Vitalik can pay attention to the current industry hotspots. In response, Vitalik expressed his disagreement with the popular PVP model being the best product of blockchain, stating that he and the Ethereum team are committed to developing higher quality products.

During Vitalik's silence, an executive from a trading platform has been active on social media, hyping the platform's token with investment news.

In the current cycle, Meme coins and PVP games are booming, and the speculative sentiment is high. However, beyond that, the crypto community is engulfed in a broader sense of confusion, as the real innovations that could drive the industry’s flourishing seem to have vanished.

The industry is desolate, and Memes have become the mainstream narrative. People are beginning to reminisce about the prosperous scene of the Ethereum DeFi summer in 2020.

From "V God" to "Little V"

Once upon a time, people referred to him as "V God" and saw him as a spiritual leader, hoping he would guide the direction of the crypto market. Now people call him "Little V" and even shout for him to "get out" of Ethereum.

Vitalik's most recent time in the spotlight was in early February. At that time, there was a flood of skepticism about Ethereum within the community. In response to various criticisms and suggestions, Vitalik eventually replied on social media: he does not agree that the current PVP model is the best product, but is pursuing better products. Regarding the calls from the outside world for the Ethereum Foundation to reform, Vitalik also expressed his helplessness towards those who make suggestions without understanding the situation.

It was hard to imagine that Vitalik would become the target of criticism, two years ago.

Groups often crave strong leaders and eagerly seek someone they can idolize, providing them with psychological support and guidance. This drives them to idolize, magnifying the merits of an individual and creating an all-powerful "god." Once this constructed "god" fails to meet the populace's excessively high expectations, the shift in group attitudes can be extremely swift and brutal. They instantly transform from blind worship to intense criticism, harshly bringing the "god" down from the pedestal, expressing their disappointment and anger through insults and slander.

Vitalik has fully experienced a process of being deified and demonized by the encryption community. Once, within the crypto market, Vitalik's statements and thoughts pointed the direction for the industry. He was eager to express various ideas, such as SBT and the concept of network nations, which, under his promotion, became a fad and were sought after and practiced by project parties.

Especially during bear markets, major projects actively lay out tracks that may explode in bull markets. At that time, Vitalik was optimistic about Web3 social, and entrepreneurs flocked in, but this wave of enthusiasm also subsided after a brief prosperity during the bear market.

The bull market is coming, but the direction "predicted" by Vitalik during the bear market has not experienced a major explosion at the application level. Chaos and confusion have become the common feelings among most project teams.

Without true innovation and a new narrative to invigorate the industry, the splendor of the DeFi Summer that once occurred on Ethereum has not been replicated in the crypto market.

The infrastructure of blockchain has basically been perfected, the highways have been built, but there are no cars to drive on them. The current core contradiction in the blockchain industry is no longer an issue of infrastructure, but rather what products blockchain can bring to the world that will change human life. What is the answer to this question?

If we talk about payment, Bitcoin provided the answer back in 2008; if we talk about DeFi, Ethereum gave the answer in 2020. The most practical application in the crypto market at the moment can be said to be stablecoins, which are truly changing the traditional world in areas such as cross-border payments.

In addition, is there still innovation in the blockchain industry? During this cycle, token issuance platforms on various public chains have become popular, but this is merely an innovation in the way assets are issued; it is essentially just a casino dressed in new clothes. Another area of great interest is the blockchain AI track, which has attracted a large amount of investment, but the bubble has been burst by the emergence of new AI companies. It is also worth noting that the main character in this track is still AI; blockchain technology merely provides identity and economic system support for AI, and is not a native encryption track.

In this desolation, speculative projects are seen as the best products in the encryption industry. In the face of numerous suggestions, it is hoped that Vitalik himself and Ethereum can participate more in these "casino" games. Vitalik declined, "If I look into my heart, I will find things worth fighting for."

Vitalik once enjoyed the feeling of being placed on a pedestal, and when he was brought down from that pedestal, people also saw his human side. This side appeared stubborn, arrogant, and unwilling to listen to others in the eyes of some. But it was precisely these traits that allowed him to create Ethereum.

Childhood passions can change the world

Jung once said: "When you were a child, what could make time fly and bring you joy, that answer is your pursuit in the earthly realm."

For Vitalik, the things worth striving for were already written in his childhood experiences. At the age of 4, his father gave him a computer, and he became obsessed with Excel software, quickly learning to write automatic calculation programs; at 7, he created a "Rabbit Encyclopedia" document filled with charts and mathematical formulas, soon confirming his talents in mathematics and programming; by 10, his mental calculation speed was already twice that of his peers; from the age of 11, he began to study subjects like mathematics, programming, and economics in a "genius class" ahead of his peers.

Programming technology itself makes Vitalik happy; changing the world with technology is his pursuit. Compared to some speculators in the crypto market, he has maintained a relatively conservative attitude.

In 2018, when the price of Ethereum plummeted and faced doubts, Vitalik warned against allowing Ethereum to become a speculative tool. At that time, he also considered leaving Ethereum, asking himself, "Should I give up Ethereum to work at Google?"

Whenever the price of coins is sluggish, doubts about Ethereum arise. In the face of criticism and abuse from the community, Vitalik often has the thought of "leaving".

Vitalik has always upheld his beliefs. His dedication to technology and vigilance against "bubbles" has never wavered. It is this persistence that has brought transformation and innovation to the crypto world.

Looking back at the history of encryption development, the important innovations that have driven industry progress have mostly occurred on Ethereum, known as the "world computer," over the past decade: the widespread adoption of smart contracts, providing a platform for innovative financial mechanisms like DeFi, developing various Layer 2 solutions such as Rollups and Plasma, and practicing DAO governance models.

Nowadays, more and more large institutions are building Web3 applications and infrastructure solutions on Ethereum. The Ethereum ecosystem is leading in terms of technical reserves, development support, on-chain capital scale, and client security.

In addition, Vitalik not only realizes his technical ideals with Ethereum but also embeds his social ideals within it. The concepts he advocates, such as decentralization, resistance to censorship, and quadratic voting, involve democratic practices, internet structures, and commercial and public welfare organizations. This extends his influence beyond the crypto community.

The future of Ethereum is still worth looking forward to

Ethereum still has things to look forward to.

In April, Ethereum will welcome the launch of the Pectra upgrade mainnet. This upgrade integrates changes to the execution layer and consensus layer, introducing 11 key improvement proposals aimed at enhancing scalability, staking flexibility, and user experience. Overall, this upgrade will improve network performance and stability at the technical level; change the staking economic model at the economic level, affecting supply and demand relationships and market prices; and attract more developers and users at the application level, promoting innovation and development of decentralized applications.

In the United States, a stakable Ethereum spot ETF may also be approved. In the first quarter of 2025, several asset management companies are applying to introduce staking features for the proposed Ethereum spot ETF.

The Pectra upgrade is expected to shorten the unbonding period for Ethereum staking, which could become a catalyst for the approval of staking ETFs.

It is widely believed in the industry that one of the main reasons for the lack of attractiveness of the current Ethereum spot ETF is the absence of staking functionality. Once the staking functionality is launched, ETF holders can obtain an annualized return of 3-3.5%. This could significantly increase capital inflow and drive up the price of Ethereum.

The above two points are substantial positives for this year's Ethereum price.

However, these changes are merely improvements along a foreseeable path, making the "highway" wider and smoother. This is not disruptive industry innovation or groundbreaking product application.

In fact, the use cases of Ethereum may have peaked. In this cycle, there have been no projects with widespread participation on the main chain, and prices have not exceeded historical highs. Its highest TVL is still at the level of 2021.

Once, Ethereum was the preferred platform for building smart contracts. Today, with the improvement of blockchain infrastructure, more convenient and low-cost public chains have emerged for selection, and Ethereum is no longer the only choice. In this cycle, public chains like Solana, Sui, and TON have developed their own distinctive ecosystems. Leading Ethereum Layer 2 solutions like Base have also achieved success.

Vitalik's decentralization is a good thing for the development of the industry. The industry is maturing, and Ethereum is no longer the sole leader; more rising stars can compete with it, which helps to stimulate a richer ecosystem. As a diversified blockchain ecosystem is established, Ethereum's importance in the industry will inevitably decline.

Vitalik once stated in an interview, "My life is to be a bridge for all things." Since 2015, the Ethereum Foundation has funded external projects exceeding its internal operational expenses. These grants have allowed Ethereum to connect more teams and promoted the development of various projects in the crypto market. Whether it is Ethereum itself or what Vitalik has done, it has laid the foundation for the encryption industry.

Ethereum and Vitalik himself should not bear the confusion and anger of people regarding the lack of innovation in the entire industry.

"If you look inside yourself, you will find things worth fighting for too." Vitalik, who knows what he is fighting for, will eventually set off again after a brief setback.

People who are confused and angry in the crypto community will also make choices after deep introspection: whether to stay and be a "builder," creating new things in a desolate land, or to leave and rush to the next opportunity to continue being a savvy "speculator."