Navigating Ethereum's Gas Fee Challenges

Vitalik Buterin, co-founder of Ethereum, shares his thoughts on the five-year anniversary of Ethereum, challenges with ETH 2.0 and criticisms about DeFi. We discuss:

• his thoughts and feelings ahead of Ethereum’s five-year anniversary
• how to address the high gas fees on the Ethereum network
• whether the complexity of Ethereum 2.0 creates a risk for the security of the network
• whether staking will lead to a higher focus on ETH price and issues such as monetary policy 
• how he looks at the ETH price with its significance for security in Ethereum 2.0
• how proof of stake systems can be more democratic
• whether staking lends itself to the kind of securitization that looks similar to mortgage-backed securities
• his concerns about DeFi
• the most optimal way for DeFi projects to distribute their tokens
• his thoughts about Bitcoin on Ethereum
• inherent risks to Ethereum users connected to China’s Blockchain Service Network (BSN)
• his views on DCEP, other CBDCs and Libra
• the indictment of Ethereum Foundation staff member Virgil Griffith for allegedly helping North Korea to circumvent sanctions
• how he plans to make the Ethereum Foundation more transparent
• whether lack of diversity would impact the success of Ethereum in the long term
• where he would like to see Ethereum in the next five years

Thank you to our sponsors! 

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Episode links: 

Vitalik Buterin: https://twitter.com/VitalikButerin

Ethereum: https://ethereum.org/en/

Vitalik’s blog: https://vitalik.ca

Median gas price: https://blockchair.com/ethereum/charts/median-gas-price

Average gas price: https://blockchair.com/ethereum/charts/average-gas-price

Solutions to gas price problem: https://www.coindesk.com/ethereum-developers-consider-new-fee-model-as-gas-costs-climb

Reddit AMA with the Ethereum 2.0 Research team, including Vitalik: https://old.reddit.com/r/ethereum/comments/ho2zpt/ama_we_are_the_efs_eth_20_research_team_pt_4_10/

Paper on how DeFi lending could undermine security in a POS system: https://arxiv.org/abs/2001.00919

Vitalik tweet on yield farming: https://twitter.com/VitalikButerin/status/1278337657194655744

Abra settlement with SEC and CFTC: https://www.coindesk.com/sec-cftc-hit-crypto-app-abra-with-300k-in-penalties-over-illegal-swaps

Maya Zehavi’s comments on what this could mean for DeFi: https://twitter.com/mayazi/status/1282696180741414918

China’s BSN using public chains, including Ethereum: https://www.coindesk.com/chinas-blockchain-infrastructure-to-extend-global-reach-with-six-public-chains

Unchained interview about DCEP: https://unchainedpodcast.com/why-china-aims-to-replace-cash-with-the-digital-yuan/

Charges against Virgil Griffith: https://www.justice.gov/usao-sdny/pr/manhattan-us-attorney-announces-arrest-united-states-citizen-assisting-north-korea

More on Virgil Griffith case: https://www.coindesk.com/usa-v-virgil-griffith-what-we-know-and-dont-in-the-bombshell-crypto-sanctions-case

Unchained interview with human rights activist Yeonmi Park on what life is like in North Korea: https://unchainedpodcast.com/yeonmi-park-on-why-doing-business-with-north-korea-is-like-buying-a-ticket-to-a-concentration-camp/

Unchained interview on why North Korea is interested in cryptocurrency: https://unchainedpodcast.com/why-north-korea-is-interested-in-cryptocurrency/

Case against Steven Nerayoff: https://www.justice.gov/usao-edny/pr/two-arrested-extortion-startup-cryptocurrency-company

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