Ethereum Co-Founder: Why Crypto Has Failed | Gavin Wood

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Apr 7, 2025

Gavin Wood, Co-founder of Ethereum and Polkadot, reveals the promise and pitfalls of the crypto world. He critiques the hype that often clouds genuine innovation and argues for more utility in blockchain technologies. Discussing the slow shift from Web2 to Web3, he emphasizes the need for patience in adoption. Wood highlights the importance of economic sovereignty and social impact in decentralized applications, comparing Polkadot's growth to Ethereum’s evolution while advocating for grassroots education in crypto.

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INSIGHT

Underwhelmed by Crypto's Progress

Gavin Wood expresses disappointment with the current state of crypto, observing a focus on hype over genuine progress.
He believes the industry is prioritizing marketing breakthroughs over technological advancements.

INSIGHT

Hype-Driven Development

Wood argues that hype, while potentially beneficial, leads to inefficient capital allocation in crypto.
He emphasizes the need for genuine utility and technological improvement over mere promotion.

ANECDOTE

Mythical Games and Utility

Wood cites Mythical Games' use of Polkadot for in-game asset ownership as an example of true utility.
He contrasts this with meme coin trading, which he views as a form of unlicensed, often unfair, gambling.

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