Xiao Feng: Ethereum remains the core of applications and is hard to replace due to its first-mover advantage and ongoing optimization

At the ETHShanghai 2025 main forum, Xiao Feng categorized blockchains into currency issuance systems like Bitcoin and application-focused systems like Ethereum.

With a significant market share, Ethereum benefits from its initial advantage and ongoing enhancements, making it challenging for new projects to compete.