Vitalik Buterin, the co-founder of Ethereum (ETH), the world’s largest smart contracts platform, is emphasizing the expansion of the use cases of the Ethereum network beyond the decentralized finance boom.
Going by Buterin’s account during the popular Ethereum community event, EthCC, he’s already setting his sight on more disruptive use cases for the Ethereum network.
Ethereum Should Evolve Beyond Just Making Tokens
In the course of the event, Buterin referenced the significance of decentralized finance (DeFi) in the Ethereum ecosystem but pointed out that this is the right time for expansion.
He said his suggestion for expanding beyond DeFi does not imply that DeFi is becoming obsolete. He said he thinks combining the elements of finance and non-finance will be greatly resourceful.
For example, he thinks Ethereum could help in reshaping the social media segment. He admitted that social media platforms are clearly vulnerable to censorship, coupled with a too low quality of discourse.
Buterin also mentioned decentralized governance (DeGov) as a use case that is capable of taking the Ethereum network to the next level:
Vitalik Buterin noted:
“Moving beyond defi is not about being against defi. I actually think the best applications will combine elements of finance and non-finance”
“Essentially, there are x2 ultimate goals when it comes to building on etherum; 1) it must be something that we can get behind doing 2) it must be something that is useful to do.”
“Ethereum ecosystem needs to expand beyond just making tokens that help with trading other tokens. It’s already happening to some extent, but we can do more.”
Vitalik Buterin said through this, innovative Ethereum-based applications will be able to merge the features of financial and non-financial instruments:
“I actually think the best DeFi apps will combine elements of finance and non-finance.”
In conclusion, Buterin reiterated his disappointment in the non-fungible tokens (NFTs) sector, stating that the benefit of the sector should not be limited to celebrities, but to benefit wider society.