jakiro
Author:Martin
At the recently held ETHShanghai 2025 main forum, Dr. Xiao Feng, chairman of Wanxiang Blockchain, once again emphasizedEthereum’s core position in blockchain applications, he pointed out,Ethereum currently occupies 60%-70% of the application market share due to its first-mover advantage and continuous improvement.,The likelihood of other blockchain projects challenging Ethereum is very low.
“Don’t try to replace Ethereum.“Xiao Feng said that other projects need to prove that their strategic positioning is different from Ethereum and provide differentiated value.
Ethereum’s two-layer architecture becomes the best solution for the “digital twin” stage
Xiao Feng elaborated on the technical advantages of Ethereum at the “Ten Years of Ethereum” theme party in August this year. He believed that Ethereum’s current layered architecture is the best solution for the “digital twin” stage.Perfectly balances the needs of security, decentralization and scalability.
“Divide the ‘Impossible Triangle’ into two levels,Let the bottom layer focus more on decentralization and security, while the second layer is responsible for solving scalability and performance issues..”Xiao Feng pointed out that this is the best solution that developers around the world can currently find.
As the trend of large-scale on-chain tokenization of traditional financial assets accelerates,Xiao Feng predicts that 2026-2027 will be an explosive period for asset tokenization., and Ethereum, as the underlying system, is fully prepared for this wave.
The latest data shows thatThe total holdings of Ethereum treasury companies have reached5.7 million ETH, accounting for 4.71% of the supply; while EthereumThe total holdings of ETFs reached 6.89 million., accounting for 5.7% of supply.Total of bothPositions exceed 11 million ETH, showing strong institutional confidence in Ethereum.
According to the latest information, BitMine Immersion Technologies (NYSE: BMNR) has recently continued to increase its holdings of Ethereum (ETH). As of October 21, 2025,Its ETH holdings have risen to 3.24 million pieces,Holds a total of approximately US$13.4 billionof cryptoassets and cash, including3.24 million ETH, 192 BTC and cashetc., as the world’s largest Ethereum treasury company, its holding behavior reflects its optimism about the long-term value of Ethereum.
The application inflection point has arrived: low-risk DeFi and ZKID lead new trends
During the Token2049 Summit in Singapore, Xiao Feng’s conversation with Ethereum founder Vitalik Buterin revealed new trends in the development of Ethereum applications. Vitalik pointed out,Ethereum applications are now divided into two major categories: one is low-risk DeFi, such as stablecoins and lending platforms, which have matured; the other is innovative applications, such as decentralized prediction markets and ZKID (zero-knowledge proof identity system).
“DeFi development cannot be ignored, but KYC and anti-money laundering requirements need to be taken into account.” Xiao Feng added on ETHShanghai that through zero-knowledge identity authentication (ZK ID),Users can prove their accredited investor status without revealing all privacy, which allows decentralized finance to better serve the global financial system.
Both Xiao Feng and Vitalik believe that the combination of finance and non-finance will drive the next wave of innovation., Vitalik SpecialEmphasize the importance of ZKID,It can prove certain key information without leaking all data, such as judging the borrower’s ability to repay a mortgage loan.
“Many applications in the future will have both financial and non-financial parts.” Vitalik said that decentralized social platforms are a typical example.
Xiao Feng pointed out from a broader perspective that every industrial revolution is accompanied by a financial revolution.AI and Crypto are considered the fourth industrial revolution,A new financial service model will emerge,In the future, entrepreneurs may be able to raise startup funds from around the world through the ZK identity and token mechanism, which may replace traditional VC and become a new financial model in the digital era.
Faced with the booming development of digital asset treasury (DATs), Xiao Feng’s HashKey Group officially launched in OctoberDAT Fund Strategy, calling it “an ETF moment in the Crypto era”, this move further strengthens Ethereum’s core position in institutional asset allocation.
Despite the leverage risks behind the DATs boom, Xiao Feng is confident in the future of Ethereum.With the full arrival of the “digital twin” era, Ethereum will continue to maintain its unshakable core position with its technical architecture and application ecosystem.
