🧵Why hasn't Blockchain 3.0 emerged after Bitcoin and Ethereum? One of the recent thoughts I've been having is, "Has there ever been a Blockchain 3.0?" I wanted to pose the question of why industry people feel that the market isn't progressing and feels stagnant, and why a Blockchain 3.0 that most people could agree on hasn't emerged in over a decade since Ethereum. 🧵 Blockchain 1.0: Bitcoin: A Peer-to-Peer Electronic Cash System - An innovative technology that doesn't require existing financial networks. - No identity is needed, and no intermediaries are required. - Based on trust, Bitcoin is recognized as an attractive asset in terms of value storage. - There are issues like cost and speed, but I don't think that diminishes Bitcoin's value. 🧵 Blockchain 2.0: Ethereum: A Next-Generation Smart Contract and Decentralized Application Platform - Introduced smart contract technology, pioneering new areas like token issuance and DApps that were impossible on the Bitcoin blockchain. - However, I think it is struggling to transition to a stage where ETH is recognized as an asset. (Staking ETFs seem to be key.) - The introduction of Layer 2 aimed to solve cost and speed issues, but it hasn't yet established itself. - I believe it's a choice to maintain the unique value of the mainnet, and given that there are situations where it returns from L1 to L2, I think we need to keep watching. - It's a time to prove the choice of PoS and the recognition of staking, as well as the L2 play. 🧵Does Blockchain 3.0 exist? Solana, Sui, Hyperliquid (high-performance L1?) - There are many cases that shouted Blockchain 3.0 but failed, notably EOS, Polkadot, Polygon, and Terra. Ultimately, if they can't prove themselves regardless of scale, they fade into obscurity. - So, is there really nothing after Ethereum? I think Solana, at least, has increased user satisfaction by focusing on the most basic functions of token creation and trading, calling itself a "decentralized Nasdaq." From a user experience perspective, I believe there hasn't been a chain that can beat Solana in the meme coin market. At this point, the Degen chain might be Solana. I also think that if Ethereum had chosen to enhance Layer 1 performance instead of opting for Layer 2, a different timeline might have unfolded. - The direction of Solana's decentralized Nasdaq is also raising questions and counterarguments about centralization and performance, and it's well summarized in a post by Ruth asking, "Can Solana replace Nasdaq?" Solana seems to be doing well and effectively utilizing the AI narrative, which is positive, but the question of whether it is Blockchain 3.0 still remains. - There are also chains based on the MOVE language (Sui, Aptos, Movement). I think this needs to be proven by the emergence of real builders or DApps that cannot come from other chains, as the innovation of the MOVE language is recognized. Personally, I still have doubts about whether it is truly innovative from a developer adoption perspective. - Ultimately, I think we are still proving the reasons for "why it shouldn't be Ethereum and Layer 2," and I believe we are competing somewhere that can satisfy the speed desired by users while being stable and Layer 1. The attached image is one I personally like from @0xBreadguy, indicating that the global demand for Bitcoin and Ethereum has been met, and now they are filling new demands. (The example was Solana.) It may be that we feel there is no new innovation because this demand has not yet been met? I also believe there is still an opportunity for competitors to fill this demand. - I think a representative competitor is Hyperliquid. They focus on fast trading of tokens (assets) without VC play and are successfully creating new plays, which is impressive. In some ways, it might be closer to a more decentralized Nasdaq...? Of course, Solana is in a more dominant position as the market leader, but if successes like HyperEVM and HIP-3 are achieved, who knows? - Layer 2 seems to be positioning itself as chains with clear purposes like DeFi, entertainment, and RWA after Arbitrum and Base. I feel that we haven't yet reached a stage where we truly believe Layer 2 is necessary. I wonder if high-performance Layer 1 will find opportunities when it feels the limits of demand. (I think Layer 2 needs to be sharper.) I don't know how Blockchain 3.0 will emerge or be recognized, but I hope to see teams that are genuinely excited about making innovations, in addition to teams solving existing problems, appearing more often these days 🙏 #Bitcoin #Ethereum #Solana #Innovation