Ethereum co-founder Vitalik Buterin has claimed that the original vision of Web3 as a more open internet stack has “faded somewhat into the background.”

In a lengthy blog post, Buterin identified rising transaction fees as the “number one culprit” for a shift away from Web3’s ideals. He argued that ENS is the only non-financial application being used at scale, while an “ideological rift” has opened between the crypto world and non-blockchain advocates of decentralization, who now see crypto as a “distraction.”

Buterin also claimed that “few talk about consumer crypto payments,” and that where people do use crypto to transact or save money, “they often do this through centralized means” such as exchange accounts or trading the stablecoin USDT on Tron.

Rising transaction fees have, Buterin said, excluded all but “degen gamblers” from using blockchains, as they are “the only audience that remains willing to pay” when transaction fees soar. When that niche community of degens dominates a blockchain’s user base, he said, “this adjusts the public perception and the crypto space’s internal culture,” leading to negative outcomes.

It’s not all bad news, though. Buterin pointed to positive develop

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Author: Stephen Graves

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