When Shift Happens Podcast

E124: Ethereum Founder reveals why ETH has FAILED (and his solution to it)

Jun 6, 2025
Gavin Wood, co-founder of Ethereum and creator of Polkadot, candidly discusses why he believes cryptocurrency has faltered in its mission. He critiques Ethereum's Layer 2 approach and the proliferation of meme coins as distractions. Wood emphasizes the importance of self-custody and accountability in decentralized systems. He explores innovative governance models in blockchain and reflects on the need for fresh ideas to avert past mistakes. Lastly, he shares insights on balancing happiness with curiosity in both life and the crypto industry.
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INSIGHT

Polkadot vs Ethereum Vision

  • Polkadot's parachains were designed to outperform Ethereum by focusing on utility and sovereignty of chains.
  • Ethereum turning into mainly a Layer 1 roll-up host compromises its original product vision.
INSIGHT

Crypto Assimilation Problem

  • Crypto has partially failed by assimilating into the establishment it was meant to challenge.
  • This transition signals a loss of original cypherpunk ideals and decentralization.
ADVICE

Value Utility Over Free Incentives

  • Pay fees willingly if the crypto product makes your financial life significantly simpler.
  • Ease of use and utility outweigh token farming and zero fees in user value.
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