Vitalik Buterin Blames Rising Transaction Fees for Web3’s Drift from Decentralization In a recent blog post titled
“Make Ethereum Cypherpunk Again,” Ethereum co-founder Vitalik Buterin expressed concerns about the veering trajectory of Web3 from its original vision. Buterin contends that the foundational principles of Web3
have gradually receded as various projects within the cryptocurrency space shift focus away from the core idea of decentralization. Buterin identifies a substantial ideological divide, where segments of the non-blockchain decentralization community
view the crypto world as a distraction rather than a kindred spirit and potent ally. Initially coined by Ethereum co-founder Gavin Wood,
the term Web3 was conceived not merely as ‘Bitcoin plus smart contracts’ but as part of a broader set of technologies forming the foundation
of a more open internet stack. However,
Vitalik Buterin observes that the practical use of cryptocurrency for financial transactions in many countries often relies on centralized means, such as internal transfers on centralized exchange accounts or trading
USDT on platforms like Tron. As degen gamblers become the primary users on a large scale,
Buterin argues that this reshapes public perception and internal culture within the crypto space. He emphasizes that the rise in transaction fees has played
a pivotal role in steering Web3 away from its decentralized ethos.
