Xiaofeng: Ethereum is still the core of the application, and it is difficult to replace it with first-mover advantage and continuous optimization

On October 22nd, at the main forum of ETHShanghai 2025, Xiao Feng, vice chairperson and executive director of Wanxiang Holdings, chairperson of Wanxiang Blockchain, and chairperson and CEO of HashKey Group, said that blockchain can be roughly divided into two categories, one is represented by Bitcoin, mainly the currency issuance system, which realizes high-speed operation through simple mathematical formulas and does not allow complex external deployment, so as to quickly reach consensus on a global scale, so it is regarded as "digital gold"; the other is represented by Ethereum, which is application-centered and gradually develops along the original intention of the white paper, and currently accounts for 60% -70% of the app store share. Xiaofeng pointed out that there is no need to try to replace Ethereum because it has a first-mover advantage and continues to improve. Other blockchain projects need to prove their strategic positioning is different from Ethereum and provide differentiated value, and the possibility of challenging Ethereum is very low.
Xiaofeng also stressed that the development of DeFi cannot be ignored, but it needs to take into account KYC and anti-money laundering requirements, and its concept is different from traditional finance. Through zero-knowledge identity authentication (ZK ID), users can confirm their identity as qualified investors with certificates, certificates, work experience and other information, so as to trade securely on a global scale, so that decentralized finance can better serve the global financial system.