Faded' Web3 Vision

Vitalik Buterin: The 'Faded' Web3 Vision Because Transaction Fees Are Growing, According to Buterin, "Degen gamblers" are now "the only audience that remains willing to pay" as transaction costs rise.
The initial goal of Web3, which was to create a more open internet stack, has, according to Ethereum co-founder Vitalik Buterin, "faded somewhat into the background."

Although "few talk about consumer crypto payments," Buterin also asserted that when consumers do utilize cryptocurrency for savings or transactions, "they often do this through centralized means" such exchange accounts or trading Tron's stablecoin, USDT.

Buterin noted, "We can get past the false binary of "anonymous but unsafe" vs. "KYC'd hence safe" and get privacy and many kinds of authentication and verification at the same time because zero knowledge proofs are programmable." He cited applications like Zupass, an in-person authentication system that permits anonymous identification and voting.

In order for Ethereum to flourish, Buterin stated, "we need not only a vision for a technical stack, but also the social parts of the stack that make the technical stack possible to build in the first place."