Ethereum Founder Asserts Platform’s Readiness to Accommodate ‘Tens of Millions’ of On-Chain Users
Ethereum’s co-founder and chief scientist, Vitalik Buterin, emphasized the importance of Ethereum developers focusing on meeting the needs of both newcomers to web3 and experienced dApp users. Speaking at the BaseCamp Summit on August 1, Buterin pointed out that the growth of the Ethereum ecosystem has now reached a point where it can accommodate millions of users.
“We are transitioning from developing small-scale applications to creating products that have the potential to be adopted by tens of millions of people,” Buterin stated. He stressed the significance of building applications that are user-friendly for the general public while upholding the core principles of decentralization that underpin the crypto space.
As Ethereum’s focus shifts from Layer 1 mainnet to its expanding Layer 2 and application ecosystem, Buterin urged developers to create solutions that cater to users of varying skill levels without relying on centralized systems. He highlighted the necessity of welcoming newcomers to the crypto space while ensuring that decentralized infrastructure remains integral to the user experience.
While acknowledging the challenge of designing solutions that appeal to both beginners and advanced users, Buterin underscored the importance of striking a balance to drive mass adoption. “The goal is to create products that resonate with users across the spectrum and facilitate a smooth transition between different levels of expertise,” he explained.
Buterin also recognized the role of centralized finance (CeFi) companies like Coinbase in onboarding casual crypto users onto blockchain platforms. He emphasized the need to explore additional services that can engage the growing user base in meaningful ways beyond simple coin transactions.
In terms of enhancing cross-chain interoperability, Buterin stressed the importance of streamlining asset transfers and access to dApps across various Layer 2 networks. He advocated for the adoption of upgrades like ERC-3370 and ERC-7683 to simplify cross-chain transactions and encouraged research into improving interoperability among Layer 2 networks.
Looking ahead, Buterin called for a shift towards more decentralized architectures within Layer 2 development. He outlined the progression from Stage 0 decentralization, which involves centralized mechanisms, to Stage 2 decentralization, characterized by increased autonomy and security measures. He praised projects like Base and Optimism for their strides towards achieving higher levels of decentralization within their networks.
Base, in particular, aims to achieve Stage 1 decentralization by 2025, with recent developments such as fault proofs on testnet signaling progress towards this goal. Similarly, Optimism celebrated reaching Stage 1 decentralization in June, marking significant milestones in the journey towards a more decentralized blockchain ecosystem.
