Has Ethereum Strayed from Its Vision?

Since its launch in 2015, Ethereum has evolved significantly, transforming from an ambitious concept into the foundation for thousands of decentralized applications. However, with the rise of competing blockchains like Bitcoin and Solana, Ethereum's ecosystem is beginning to lose direction and momentum. Its value has also stagnated, with the token price failing to break its all-time high of $4700 reached in 2021. This raises concerns that Ethereum may have lost its way. To get back on track, it's essential to revisit the project's original vision and priorities. As the ancient proverb goes, 'The man who chases two rabbits, catches neither.' Ethereum's pursuit of Solana's speed and Bitcoin's narrative has led it astray from its core mission of becoming a World Computer. Péter Szilágyi, an Ethereum Team Lead, has expressed similar concerns, stating that Ethereum is 'losing the plot.' The focus on 'ultrasound money' status has also been questioned, given the current inflation rate and reduced transaction activity. It's crucial to remember that Ethereum's primary goal was never about being a currency or having the fastest transaction speed, but about building a decentralized future. The co-founders, including Vitalik Buterin, envisioned Ethereum as a universal network for decentralized applications. While enhancing accessibility and interoperability is important, the ecosystem has become distracted by trends and lost focus. With the price dropping below $2500, some attribute ETH's underperformance to the applications built on the network. Many dApps gain short-term hype but struggle with clunky UI, underdeveloped platforms, and limited usage. Without usable applications, Ethereum cannot achieve its goal of becoming the World Computer. Ethereum's primary ambitions rely on robust infrastructure, not applications. Decentralized compute and secondary networks are being developed, indicating progress in Ethereum's infrastructure. Enterprises are also favoring permissionless networks like Ethereum over private corporate networks due to the reduced development costs. Despite advancements, Ethereum is improving at a slow pace, stuck in the middle of its scaling roadmap. The network needs to drop the 'ultra-sound money' narrative and focus on its core mission. Ethereum is having its 'Lightning moment,' and it's essential to adopt a long-term perspective. The upcoming upgrades, including Pectra and The Purge, will play a crucial role in Ethereum's growth and adoption. The Purge will simplify the protocol by clearing old history, reducing technical debt, and lowering participation costs. However, this upgrade also raises concerns about data centralization and the potential loss of trustlessness. Decentralized long-term data availability is essential for Ethereum to scale and fulfill its role as the World Computer. By focusing on infrastructure and directing its efforts towards decentralized compute, Ethereum can get back on track and achieve its vision of becoming a global, decentralized computer.