Vitalik Buterin: Ethereum is DeFi Chain as Much as Bitcoin is Digital Gold

Ethereum co-founder, Vitalik Buterin has recently asserted that aside from the numerous potential applications of Ethereum in various areas, its use as a cryptocurrency, for settlements, cannot be overlooked.

This is coming after Ryan Sean Adams, the founder of Mythos Capital, shared how Bitcoin Maximalists are trolling him about how pointless Ethereum is.

Got Maximalists trolling me about how pointless Ethereum is meanwhile I just sent a crypto backed stablecoin in a private transaction on the Ethereum mainnet peer-to-peer w/o a bank

Keep trolling

We’ll keep building the bankless future you stopped caring about in 2013

— Ryan Sean Adams – rsa.eth (@RyanSAdams) March 31, 2020

In response to the tweet, Vitalik acknowledged that the narrative of Ether (ETH), as a token to be used in the payment of computation power, had changed over the years and this shift in the narrative of ETH, which according to him, was probably brought about by a “community-wide change in mindset over time.”

He then hinted that the situation had also been the same for the renowned digital gold, Bitcoin. Vitalik stated that Bitcoin was initially designed to work first as digital cash, then, secondly as digital gold.

Ethereum is a DeFi chain

In effect, he is saying that just as Bitcoin’s narrative changed from p2p cash to digital gold, there has also been a shift in the narrative of Ethereum, since the network is currently the leading chain for decentralized finance (DeFi) apps.

Since its launch in 2015, Ethereum has emerged as a favorite choice for many decentralized applications and smart contract projects and its native cryptocurrency is currently the second largest and most valuable coin in the crypto market.

The Ethereum co-founder also shared how he used ETH to pay for his dinner in a restaurant about a month ago. He also shared how he used the coin to make an e-commerce purchase when all his credit cards failed to process the payment. “ETH worked great,” he said.

In the past, much emphasis was not placed on the fact that “Ethereum is a DeFi chain,” he added while noting that the current DeFi narrative of Ethereum could also change within the passage of time.