Xiao Feng: Ethereum is still the core of applications and is difficult to replace due to its first-mover advantage and continuous optimization

Xiao Feng stated at ETHShanghai 2025: Blockchains are divided into two categories: Bitcoin (digital gold) and Ethereum (application-focused, accounting for 60%-70% of the market). The likelihood of challenging Ethereum is low, and other projects must provide differentiated value. DeFi must also address KYC and anti-money laundering, using ZK ID to achieve secure global transactions.