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

On October 22, at the main forum of ETHShanghai 2025, Xiao Feng, Vice Chairman and Executive Director of Wanxiang Holdings, Chairman of Wanxiang Blockchain, and Chairman and CEO of HashKey Group, stated that blockchain can be roughly divided into two categories. One is represented by Bitcoin, which is mainly a currency issuance system that achieves high-speed operation through simple mathematical formulas, does not allow complex external deployment, and quickly reaches consensus globally, hence being seen as "digital gold". The other is represented by Ethereum, with applications at its core, gradually developing along the lines of the white paper's original intention, currently occupying 60%-70% of the application market share. Xiao Feng pointed out that there is no need to try to replace Ethereum because it has a first-mover advantage and is continuously improving. Other blockchain projects need to prove their strategic positioning is different from Ethereum and provide differentiated value. The possibility of challenging Ethereum is very low. Xiao Feng also emphasized the importance of not overlooking the development of DeFi, but it is necessary to balance KYC and anti-money laundering requirements. The concept of DeFi is different from traditional finance. Through zero-knowledge identity authentication (ZK ID), users can confirm their status as qualified investors globally by providing certificates, proofs, work experience, and other information, enabling secure transactions worldwide and allowing decentralized finance to better serve the global financial system.