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Vitalik Buterin Says Low-Risk DeFi Can Be Ethereum’s Revenue Core Like Google Search

He frames dependable cash flows from basic financial services as the path to sustainable fees.

Overview

  • He rejects memecoins and NFT frenzies as suitable flagships, urging a shift to stable, permissionless finance.
  • DeFi activity has rebounded with TVL topping $100 billion and blue‑chip stablecoin lending yields around 5% on Aave.
  • Despite the thesis, Ethereum’s on‑chain revenue slid 44% in August as lower L2 costs after Dencun reduced base‑layer fees.
  • A prolonged unstaking queue exceeding 45 days has drawn complaints, which Buterin characterizes as a necessary security trade‑off.
  • He points to future instruments such as CPI‑linked flatcoins, basket currencies and reputation‑based lending to broaden on‑chain money.