Ethereum just turned 10. To mark the occasion, Vitalik Buterin joined @trustlessstate to reflect on a decade of Ethereum and chart what comes next. The two-hour episode covers core principles, predictions, and where Ethereum’s identity is heading. Here are the 3 themes shaping Ethereum’s future👇 ~~ Analysis by @JackInabinet ~~ 1️⃣ ETH Holds Real Value @VitalikButerin, typically quiet on ETH price, directly engaged on the topic in the subscriber-only Debrief. For many, ETH’s price anchors the ecosystem. Vitalik acknowledged this, suggesting it’s good that Ethereans are uniting around ETH as Ethereum’s economic center. On ETH treasury companies, he said they offer valuable ways to gain exposure, and that coordination around simply holding ETH is both “good and valuable.” 2️⃣ Privacy: Ethereum’s Next Frontier After decentralization, Ethereum’s next major push may be privacy. Vitalik outlined a pragmatic, values-driven roadmap. From privacy-by-default wallets to scalable non-custodial privacy pools, zero-knowledge tech is key. In his view, privacy must scale to the mainstream. This means pairing a “Bronze Age Mullet” approach—vibes in the front, policy in the back—to align tech and culture. 3️⃣ The Ethereum <> L2 Barbell is Working Despite L2 fragmentation concerns, Vitalik backs the barbell strategy: keep L1 lean, neutral, and secure, while L2s experiment with UX, scale, and block production. He sees L2s not as threats but as purpose-built layers serving casual users, while L1 remains the decentralized source of truth. He does call for faster withdrawals, higher blob fees, and more ETH-native assets—but sees Ethereum as a growing center of gravity for L2s. 🔓 Unlock the Interview Become a Bankless subscriber for early access to the full two-hour Vitalik interview and the Debrief episode with Ryan & David’s raw take.

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