Ethereum founder Vitalik Buterin recently reflected on more than a decade of the network’s evolution and reached a notable conclusion: Ethereum has now achieved the original Web3 vision it set out to realize back in 2014.

In a post on X, Buterin explained that the transition to proof-of-stake, together with the rise of scaling layers and side projects, has finally brought Ethereum to the state its creators initially imagined. Rather than relying solely on changes to the core protocol, Ethereum matured through a broader ecosystem built around it.

Web3 as an Alternative Internet

Buterin reminded readers that Ethereum’s early ambition extended far beyond finance:

“In 2014, there was a vision: you could have permissionless, decentralized applications supporting finance, social media, ride sharing, governance, crowdfunding—potentially creating an entire alternative web,” he wrote.

In practice, however, most activity initially took place directly on Ethereum’s Layer 1, leading to congestion, high fees, and storage bloat. This was never the long-term plan. The original architecture envisioned:

  • L1 as a settlement layer,

  • a separate data layer (Whisper),

  • and an independent storage layer (Swarm).

Side Projects Brought the Vision to Life

According to Buterin, hype cycles and value-extraction narratives often overshadowed this early blueprint. Yet the vision was ultimately realized—not through constant changes to Ethereum’s core, but via side projects and third-party developers.

Ethereum’s most significant core change was the move to proof-of-stake, which made the network more efficient. Scaling, meanwhile, has been delivered by:

  • Layer 2 networks and ZK-EVM projects, effectively fulfilling the original sharding concept,

  • Waku, which Buterin highlighted as the de facto successor to the Whisper off-chain messaging layer,

  • IPFS, now widely used for decentralized storage, even if long-term archiving remains an open challenge.

Taken together, Buterin believes the foundation is now firmly in place:

“All of the prerequisites for the original Web3 vision are here, in full force, and they will continue to grow stronger over the next few years.”

Open, Pseudonymous, and Financially Central

Despite its expansion, Ethereum has preserved its core properties. The network remains pseudonymous, independent of Web2 identities or centralized logins. It has also developed a growing privacy layer, including tools like Railgun, which operate with selective blacklists while maintaining open access.

At the same time, Buterin has recently advocated for a more “ossified” Ethereum—a version that can operate long term without frequent, disruptive upgrades. Recent hard forks have therefore focused more on improving Layer 2 efficiency, rather than overhauling the base layer.

Network Activity Remains Near Highs

Ethereum continues to see strong on-chain activity, with roughly 890,000 daily active wallets, close to recent monthly peaks. The network remains the backbone of:

  • DeFi and on-chain lending,

  • stablecoin issuance and settlement,

  • and decentralized trading.

Liquidity is deep, supported by a growing base of long-term holders and validators. While Layer 2 networks are still working to solve liquidity fragmentation, Ethereum remains the primary financial layer of the crypto ecosystem.

With ETH trading above $3,328, confidence is returning, and on-chain lending and DeFi activity may continue to expand. From Buterin’s perspective, however, the key point is already clear: Ethereum has arrived where it was meant to be—serving as a functional foundation for a decentralized Web3 internet.

#ETH , #Ethereum , #VitalikButerin , #Web3 , #blockchain

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