Why Ethereum Lost The Plot [Su Zhu]

Listen: https://www.youtube.com/watch?v=m_2fDTuh5aU (start at 25min mark)Crypto villain of the year https://cryptobriefing.com/2021-review-the-top-10-crypto-villains-year/Transcripti would be curious to learn inwhat sense has ether over optimized forbeing money so what at what points didit make a trade-off like a consciencetrade-off to saywewe designed the chain to be better moneyand worse as let's say an executionlayersurei think a good broad way to understandit is if you look at antonio the founderof do idx's tweets about it afterwardand he he said you knowthe ethereum user experience on on layerone has basically not even 10xed overfive yearsum and at that time the roadmapwas very much to to figure out how tocater to users and developers right umand and so i think just like if you justzoom out that far it's pretty easy tosee that we're we're in a very differentplace todayon ethereum than it was uha couple years ago and i think theanother easy way to see this is justwith d5 itself right where if you lookat the d5 that's kind of really takenoff and done well it's been crosstrainedit's been non-ethereum right so you knowluna versus snx but then also you knowumsort of projects on avalanche versusprojects on ethereum the you know thesame exact project but they'll do betteron avalanche um and then you know youyou you kind of get a sense that umi think ethereum rightfully says thatthey're the bedrock or kind of the uhbirthplace of defy innovation right butwhat that also means is that if that'sthemain claim to to to umsort of power that that that becomesquiteit becomes quite nostalgic like in a wayright uh whereum what about the new users or whatabout the new developers where do theygo and and you know what we're seeing isthat new developers are just multi-evmright so theydeploy where the users are because theirgoal is tohave their product be used you know soan example is we back tranches which isaquite quite uh novel mechanism for doingrisk sharing across um longs and shortsand it's got one of the highest tbls ind5 right but they started off on bsc andthe the founders love ethereum but theyjustsaid if i launched on l1uh there's no way and i'm not gonnalaunch on matic becauseif i'm gonna launch on another chainanyways i might as well launch where theactual users areright souh okaythis is what kind of work this is kindof what we're seeing on the app side andthen you look at the performance of d5coins too right you know when we havethat part let's take note with theperformance let's let's stick with thesort of the tech for a second becauseyeah sure sure soumif we i think if we look at blockchainsfromactually first principlesit's really just you know it's a shareddatabase where anyone can can verify orwhere anybody can see that the thecomputation that was done whether it's atransfer or a smart contract executionthat was done withintegrity so that was that was donecorrectly rightand you can have variouskindsof such uhdatabase basically so being the mostcentralized would be just binance rightthe centralized exchange nobody has anyinsight into their database but it has alot of reputation at stake um so youjust trust it to you know perform allthe other updates correctly pretty muchand on the other extremeyou have something like bitcoin andethereum where they say oh we throttlethe network um really hard to sort ofkeep umthis verification cost this cost forpeople to actually do the accountingthemselves to to to to walk throughevery step that was done and say oh ican i can verifywithout making any trust assumptionsthat all of this computation was donecorrectlyright and in the middle between thesetwo extremes centralized exchange andthe completely decentralized blockchainyou have a pretty wide trade of spaceright and um that's where you find bscthat's where you find avalanche andsolana at some points across thesespectrums rightbutsort of what i'm wondering isi meanare these other chains really gonna youknowdevelop in in in any other way i meanthan ethereum and bitcoin so theirdatabases are always so yeahi guess my answer would be they alreadyhave and they will continuebecause they are attracting all the newusers i think this is the just thereality of the space right and i thinkyou know when i told you that half ofmetamask users are bsc users and itunder shocked youit's because a lot ofyou know a lot of ether ogs and biblicalenergies they don't usechains because they don't need thatmoney right like you don't need to makea thousand dollars you don't need tomake ten thousand dollars right you'retoo wealthy to carebut that says more about you than itsays about other people right soit's kind of my point which is that um ii find that a lot of ethiopians they'rein the mindset now where they're likei'm already rich and you have tounderstand why what i've done is so goodand also what i why what i'm preservingis so valuable and valuableas it mayum you have given very few outlets fornew users to come and participatein what you've done and and so you knowthat's the reality of the space and andyou know having matic is not is not ananswer right because if you have maticthen they say what is the differencebetween matic and any other l1 right andthen and then you open up that door andthenyeah of course of course there's noneright so so i think that that's kind ofthe reality of the space and i agreewith you a hundred percent on you knowthere is ayou know a decentralization trade-off uhbetween each of these and i think whatthe novel sort ofunderstanding that i have or or that umi think the market has as well is thatumwhere ethereum is on the trade-off scaleum[Music]itit is optimized for a worldthat umit's struggling to maintain its networkeffect for evm itselfwhere evm developers are immediatelydeploying to every chainand then users are using wherethey find it most convenientsoi would say in april or march i wouldhave said that ether itself uh willbenefit a lot from this multi evm ibelieve i said that in a thesis um andhe did and i think in part ether hasright it has outperformed bitcoin quitea bit uh since then because etherbenefits from being able to be portedaround on evm just much easier right soyou can bring your you know y...