On October 22nd, the ETHShanghai 2025 Summit concluded successfully in Shanghai. Themed "Scaling Ethereum, Shaping an Open Future," the event was co-hosted by the Chinese-speaking developer community ETHPanda, Wanxiang Blockchain Lab, PANews, and TinTinLand. The event attracted over 40 industry leaders from around the world, who shared insights and engaged in in-depth discussions on key topics such as Ethereum's scaling, modular ecosystems, developer growth, and long-term security.
Vitalik Buterin: Prediction markets are becoming a new type of information medium, but security remains a key issue in the development of AI agents
Xiao Feng, Vice Chairman and Executive Director of Wanxiang Holdings, Chairman of Wanxiang Blockchain, and Chairman and CEO of HashKey Group, and Vitalik Buterin, co-founder of Ethereum, had an in-depth online dialogue on the three topics of AI, prediction markets, and ZK ID.
Vitalik stated that the large number of people who participated in predictions on Polymarket during the US election was a success in itself. Traditional media and social media may be unable to judge the significance of an event, but prediction markets, through price signals, more quickly reflect reality and are becoming a new information medium. Prediction markets are not only applicable to large-scale events but, with the help of AI, can also accurately predict smaller ones. In the future, the integration of AI and prediction markets will make predictions more mainstream and intelligent.
Regarding the AI sector, Vitalik suggested that blockchain defines the rules of the game, allowing AI to become a participant. With the rise of AI agents, they can independently issue tokens, participate in applications and governance, opening up a wealth of experimental space. Future research should further explore how to empower ecosystem development. However, he emphasized that AI should not replace humans but rather serve as a tool for them. Security remains a key concern, including the risk of hacking agents.
He further mentioned the potential of ZK ID (zero-knowledge identity) in preventing AI abuse. ZK ID can help distinguish between real people and robots, while protecting privacy and supporting the development of low-risk sectors such as DeFi.
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 that blockchains can be broadly divided into two categories. One, represented by Bitcoin, is primarily a currency issuance system. It achieves high-speed computation through simple mathematical formulas, prohibiting complex external deployment, allowing for rapid global consensus and thus being considered "digital gold." The other, represented by Ethereum, is application-centric and has gradually developed along the lines of the original white paper, currently holding 60%-70% of the application market share. Xiao Feng noted that there is no need to attempt to replace Ethereum, as it has a first-mover advantage and is continuously improving. Other blockchain projects need to demonstrate that their strategic positioning differs from Ethereum and that they offer differentiated value. The likelihood of challenging Ethereum is very low.
Xiao Feng also emphasized that the development of DeFi cannot be ignored, but it needs to take into account KYC and anti-money laundering requirements, as its philosophy differs from traditional finance. Through zero-knowledge identity authentication (ZK ID), users can verify their identity as qualified investors using information such as certificates, proof, and work experience, allowing them to trade securely around the world, allowing decentralized finance to better serve the global financial system.
Hsiao-Wei Wang, Co-Executive Director of the Ethereum Foundation : Large-scale adoption of Ethereum requires overcoming three major gaps: scalability, user experience, and trust.
In his keynote speech titled “Mass Adoption of Ethereum: Bridging the Chasm,” Hsiao-Wei Wang, co-executive director of the Ethereum Foundation, stated that Ethereum’s vision of achieving mass adoption can be reflected in three aspects: first, autonomous control, allowing users to truly own their own assets; second, global settlement capabilities, enabling value to transcend geographical limitations, improving overall efficiency, and having the ability to be verified globally; and third, daily utility, allowing blockchain and Ethereum to be naturally and smoothly integrated into people’s daily lives, like the Internet, such as in daily transfers.
She also pointed out that Ethereum faces three major challenges before it can bridge the chasm: high scalability and cost barriers, a user experience gap, and a trust gap. Regarding scalability, Ethereum's approach is Layer 1 + Layer 2, with its core strategy being to achieve high throughput and low-cost transactions through Layer 2 Rollups. Key upgrades include Dencun (EIP-4844), Pectra (Q1 2025), and Fusaka (Q4 2025). Regarding accounts and user experience, the concept of account abstraction has been proposed, and smart accounts have been introduced through proposals such as ERC-4337, EIP-7701, and EIP-7702. These transform user accounts into programmable contracts and support social recovery wallets, gas payment, and batch transaction functionality. Regarding infrastructure development, the emphasis is on secure and stable mainchain infrastructure and the integration of finance into everyday life.
She also stated that Ethereum's future goal is to no longer be "seen," but to be silently relied upon and trusted, just like the internet. True mass adoption comes not from Ethereum's inherent size, but from its ubiquity, transparency, and reliability. When it exists as naturally as air, blockchain will truly realize its value.
Tomasz Stanczak, Co-Executive Director of the Ethereum Foundation: ERC-8004 and x402 are key cornerstones of the Ethereum AI agent economy
Bruce Xu, co-founder of ETHPanda, and Tomasz Stanczak, co-executive director of the Ethereum Foundation, engaged in a fireside chat. Tomasz Stanczak stated that if Ethereum serves as the coordination layer for AI agents, the future Ethereum-dominated economy will become even more permissionless. Anyone can deploy AI agents to participate in the local economy and make payments by building reputation and trust, significantly reducing reliance on the traditional financial system. Agents can provide users with a set of standards for connecting to global infrastructure, facilitating project construction, supporting schools and construction, and improving global infrastructure through coordination. Without the Ethereum intermediary layer, agents still rely on traditional payment systems and institutional verification, which is a cumbersome process and centralizes control.
He revealed that emerging standards such as ERC-8004 and x402 have already garnered attention from some major institutions. ERC-8004 is a proxy functionality standard, covering identity, reputation, and claim verification, and serves as the foundation for core proxy functionality. x402 is a payment standard, defining how proxies request payments from other proxies. While these standards are still in their early stages, they present significant opportunities for exploring proxy functionality, reputation systems, and verification mechanisms, allowing for future expansion and optimization of applications. Meanwhile, payment reliability and integration with existing systems remain challenges. In the next one to two years, more infrastructure solutions will emerge, making it easier for institutions to deploy proxies and connect them to payment systems, significantly improving the user experience.
In terms of community support, the Ethereum Foundation promotes standard setting through decentralized teams and connects data, business, and developer communities. The Foundation also supports developers through summer schools and global initiatives, with a particular focus on AI and agents. It helps founders, developers, academics, and businesses connect, conduct market promotion, and coordinate communities.
Regarding the Chinese community, Tomasz Stanczak also stated that the West attaches great importance to the region's innovation potential, which presents a significant opportunity for global collaboration. He encouraged developers interested in AI and Ethereum to join community discussions and jointly promote technological development.
ETHShanghai 2025 Hackathon Main Track Winners Announced
After four days of live creation and professional judging, the winners of the ETHShanghai 2025 Hackathon's main track were officially announced at the main forum. First prize went to Yield Market (DeFi x Infra track), receiving a $2,000 prize. Second prize went to VRF using EIP 2537 (Chain for Good track) and Wandfi (DeFi x Infra track), each receiving $1,500. Third prize went to Ponymarket (DeFi x Infra track) and Foxhole (AI x ETH track), each receiving $1,000. These winning teams showcased their latest innovations in DeFi, AI, and other fields, promising to inject new vitality into the Ethereum ecosystem.
Professor Li Guoquan: Ethereum is a must-have for enterprises facing the global market
In the in-depth dialogue session between Du Yu, Executive Director of Wanxiang Blockchain/General Manager of Wanxiang Blockchain Lab, and Li Guoquan, Chairman of the Global Fintech Academy/Professor of Fintech and Blockchain at the Singapore University of Social Sciences, the focus was mainly on the application practices and development trends of Ethereum.
Professor Li Guoquan analyzed in detail Ethereum's leading position in global finance, government, and regulation, and explored its future development. Professor Li noted that Ethereum not only leads in technology but also offers significant advantages in regulatory compliance, making it the preferred infrastructure for numerous financial institutions and governments worldwide. In particular, Ethereum's robust technical support has earned widespread recognition from regulators in the application of financial products such as stablecoins and bonds.
He specifically mentioned that the Singapore government has applied Ethereum to public services such as diploma certification and international trade vouchers, ensuring transaction transparency and security, reducing costs, and providing a powerful example for other countries and regions around the world. Professor Li Guoquan believes that Ethereum's decentralized nature ensures financial transparency and anti-money laundering compliance while maintaining geopolitical neutrality, facilitating cross-border business operations.
Regarding the Chinese market, Professor Li Guoquan noted that while consortium blockchains may be more reliable in China, Ethereum is a must-have for companies looking to expand internationally. He also envisioned future breakthroughs in decentralized hardware and cloud computing technologies, believing that these innovations will further improve blockchain infrastructure and enhance its resilience to risks. Advances in hardware areas like chip design will particularly support the widespread adoption of blockchain.
Finally, Professor Li Guoquan emphasized the importance of education and government cooperation in the popularization of blockchain technology. He suggested that domestic developers actively use the Ethereum test network for experiments, promote cooperation between universities and research institutions, and are optimistic about the potential of Ethereum in emerging fields such as green finance and carbon trading, predicting that it will have a profound impact on the global economy.
Audrey Tang: Infrastructure has been gradually improved, and Ethereum should focus on application implementation in the next ten years
Audrey Tang, founder of the Ethereum Application Alliance (in preparation) / Shanhaiwu, explained that Shanhaiwu aims to create a cross-disciplinary, pop-up builder village, bringing together technology developers, AI researchers, organizational behavior experts, and governance practitioners. This community aims to promote Ethereum innovation through resource connectivity, educational systems, and a cross-disciplinary ecosystem. Each year, a month-long intensive construction project takes place at a fixed location. This not only fosters exchange between Eastern and Western blockchain communities, but also fosters real-world application scenarios, helping startups move from prototyping to market maturity and enhancing the influence of the Chinese-speaking community in the global Ethereum ecosystem.
Audrey Tang also stated that while the Ethereum ecosystem has gradually improved its infrastructure, it still faces challenges in application deployment and community sustainability. Over the past three years, we have promoted ecosystem development through community education, developer support, and public open source projects. However, overall business density remains underdeveloped, with most communities still relying on donations for operations and developers lacking experience in fundraising, commercialization, and team management. The Application Alliance, a non-profit organization operating as a public good, aims to bring together the strengths of communities, foundations, institutions, and businesses through structured financing and a global membership system to establish a long-term, sustainable funding pool to support public good development, open source tool development, and global application experimentation. The Alliance not only provides support for startups from ideation to market implementation, but also promotes the real-world implementation and implementation of emerging applications through education and training, developer community building, and cross-disciplinary collaboration. The Alliance aims to foster a sustainable and impactful Ethereum application ecosystem and accelerate the blockchain's transition from infrastructure development to application prosperity. She concluded by emphasizing that after completing infrastructure development, Ethereum should focus on application deployment in the next decade.
BitSeek co-founder: Decentralized AI helps reduce costs and enable open deployment
In his keynote speech titled "The World's First Atomic AI Model Provider," BitSeek co-founder Gordon introduced the project's operating model and core advantages. He explained that BitSeek can perform distributed deployment, execution, and governance of AI models at a near-trillion-scale without relying on centralized services. The project leverages its proprietary DeLLM protocol to decompose large language models (LLMs) into "intelligent atoms" that can run independently on each developer's node, establishing an open, verifiable, and user-controlled intelligent paradigm.
Gordon stated that BitSeek's goal is to reduce the cost of using AI, and it is expected that network expansion will reduce costs by over 80%, allowing developers and users to enjoy high-performance AI services. Furthermore, the solution, through cutting-edge privacy protection design, ensures data security and anonymity, releasing control of AI from a small number of large technology companies to developers and users around the world, bringing a new model of openness and sharing to the AI ecosystem.
Ethereum's current expansion status and ecological development trends
At the ETHShanghai 2025 main forum, a lively roundtable discussion themed "Ethereum Scaling and Future Outlook" was held. Panelists included Vaelyn, a core contributor to ETHPanda and managing partner of Plutos VC; Leo, technical developer of HashKey Chain; Tang Yi, founding partner of Enlight Capital; Bei Hai, senior advisor at PicWe; and Anthurine, co-founder of EthStorage.
Leo believes that Ethereum has achieved significant scalability and increased TPS (transaction processing capacity) over the past few years through technologies like sharding and Layer 2, achieving impressive results. However, as the network scales, the question has shifted from "can it scale" to "how to maintain consistency and trust after scaling." The fragmentation and decentralization brought about by scaling have impacted user experience, asset flows, and business operational logic, leaving room for improvement in coordination, data consistency, and user experience across different chains and layers. Furthermore, cross-chain transactions currently primarily focus on asset transfers, and the underlying trust and compliance logic has yet to be fully resolved, creating a bottleneck that urgently needs to be overcome within the ecosystem.
Tang Yi noted that the platform not only continues to iterate on technology and products, but also demonstrates positive growth in user growth, application expansion, and service experience. We've also observed this trend at the investment level: more and more users and businesses, especially B2B clients, are shifting from a single focus to a wider range of application scenarios, such as OTC business and consumer-related services, fully reflecting the diversification of user needs and changing behaviors. Meanwhile, stablecoins and more complex financial protocols are performing steadily in the market, with various products maturing and the user experience continuously improving. The company continues to invest in talent development and entrepreneurial support. By deeply understanding and meeting the real needs of diverse users, it can further promote the implementation of innovative applications and the prosperity of the ecosystem. He also expressed his hope that within the next decade, Ethereum will develop into a neutral, secure, and globally accessible settlement layer.
"The core issue facing Ethereum's scaling lies not just in increasing throughput technically, but in the overall network consensus and liquidity structure." Beihai believes that while the early white paper and upgrade designs clearly outlined scaling goals, practical implementation presents numerous challenges. For example, individual participation in node consensus may be hindered by fees or incentive mechanisms. Furthermore, a small number of nodes controlling significant assets and consensus power leads to excessive dispersion of system liquidity, creating potential risks. Scaling initiatives such as sharding have yet to be fully implemented, leaving a gap between expectations and reality. The ecosystem needs to rely on continued contributions from developers. Ethereum's early designs, such as Satoshi Nakamoto's set node capacity, were designed to allow any computer to participate in consensus. However, as the network scales and becomes more complex, rapid expansion can pose security risks. Therefore, he believes that while scaling, it's necessary to re-examine which areas have been over-scaled, focusing on addressing consensus security and liquidity issues to ensure decentralization, security, and system stability at scale, and to achieve synergistic development between technical solutions and ecosystem design.
Anthurine stated that Ethereum's current scaling hasn't completely resolved user experience issues, and there's still room for improvement in its integration with other chains and applications. She also believes that technical optimization can't be isolated; it must balance fragmentation, L1/L2 collaboration, and ecosystem diversity. EthStorage is contributing code and modular development to further improve Ethereum's performance and ecosystem. EthStorage is also exploring AI and on-chain computing. By running small and medium-sized AI models directly on-chain, it aims to achieve immutable computing and data, lower the barrier to entry for nodes, and prioritize front-end decentralization, effectively improving attack and censorship resistance.
From TradFi to Web3: Building a Bridge of Trust and Value
The roundtable discussion on "From TradFi to Web3: Building a Bridge of Trust and Value" brought together Xiao Xiao, investment partner of HashKey Capital, Z, business growth person of HashKey Capital, Nora, community leader of Synbo Labs, CJ Fong, general manager of Asia Pacific at GSR Markets, and Ryan Chen, head of research and innovation at DigiFT.
Z pointed out that the current stage of Web3 development can be compared to the early days of the internet, much like the early days of Amazon and Alibaba. Between 2000 and 2010, we saw the early development of the internet, and about a decade later, e-commerce platforms began to mature. They were fully compliant and trustworthy. By 2047, you could purchase goods on any major global platform and trust the underlying payment and banking systems, with risks appropriately managed. He believes Web3 will require a similar development path, taking about ten years, with a focus on compliance and training to help financial institutions (such as large brands or enterprises) enter this space. In terms of user coverage, we are indeed seeing growth in two areas: retail user coverage and institutional investor participation. We are currently in the so-called digital banking phase, where data transparency allows users to more easily access financial services, and institutional users are gradually shifting from traditional products to new digital financial products. For financial institutions, it's not just a question of "whether to change," but "how to change within a compliant framework."
Nora stated that in the Web3 world, we seek to use code and decentralization, rather than relying on numerous centralized institutions, to help us establish global rules. Technology is merely a tool; the real key lies in public acceptance of these concepts and rules. In other words, the participation of society and programmers is more important than the technology itself; technology companies simply help us turn dreams into reality. Concepts and vision, technology, and developers are the three core elements of Web3. Currently, the core concerns of both users and businesses are security, trust, and risk management, primarily due to the long-standing legal and regulatory framework of the financial system.
"We need technology to drive the development of Web3, just as the traditional financial system relies on institutional structures, closed-end fund management, and the technological systems built by large financial institutions such as UBS and Citi." CJ Fong pointed out that Web3 requires the formation of corresponding infrastructure. The significance of this technology is that it will make the traditional financial system more efficient, as traditional finance still uses technologies that are over 20 years old, such as the SWIFT transfer system. Through the optimization of Web3 technology, traditional financial infrastructure can be upgraded and enter a new stage. At the same time, global attention is now shifting to DATs (cryptocurrency treasury companies), and we are seeing a large number of innovative products and solutions in this field. Although to some extent reminiscent of the bubble period of 2007, it is also a sign of progress.
Regarding asset tokenization and liquidity, Ryan Chen believes that when considering RWAs, the issue comes down to a more fundamental level: how to provide liquidity. The key issue is that these are security tokens. Accessing them, trading them, and entering the market theoretically requires licensing in every jurisdiction. Furthermore, when tokens are transferred, legal ownership must be ensured. If tokens are merely receipts, the market may find them difficult to accept. Only true asset tokenization can drive market development.
A New Paradigm on Chain: The Intersection of Web3 and AI
In the roundtable discussion on "New Paradigm on Chain: The Intersection of Web3 and AI", participating guests included PANONY & PANews co-founder Bi Tongtong, HolmesAl co-founder and CTO Ky, Nora CEO Luke, KiteAl Marketing Director Cindy Shi and Chainbase Brand Director Renee, who jointly discussed the future development trends of Web3 and AI.
Ky believes that the majority of the value of personal data on internet platforms (behavioral data, personal preferences, schedule information, etc.) is captured by large platforms. Web3 can enhance individual autonomy and profitability in the internet economy, rather than relying entirely on distribution from traditional platforms. Regarding AI, he is optimistic about areas such as AI coding, AI trading, and AI forecasting.
Luke pointed out that current internet interactions rely on traditional technologies. For example, identity verification relies on human characteristics, and payment processing relies on third-party platforms. In the future, AI agents may replace humans in interactions, forming a new paradigm for internet interaction. This interaction model requires a completely new infrastructure to support it. Furthermore, when AI agents replace humans in interactions, new technologies will be needed to address issues such as identity authentication and transaction execution, in order to establish a highly trusted AI ecosystem.
Cindy Shi believes that the combination of Web3 and AI will make it easier for more people to participate in AI projects, allowing even individuals and small developers to contribute their expertise. Blockchain provides ownership confirmation and transparency, enabling participants to receive feedback and strengthening community trust. In the future, AI may replace humans in many tasks, and traditional systems will be unable to meet these new transaction demands. Similar to the evolution from offline payments to virtual payment systems like VISA, future transaction systems will require a completely new architecture to adapt to AI-driven operations. She also believes that the widespread adoption of Web3 and AI requires lowering the barrier to entry for users and building a robust payment network.
"AI agents will become an integral part of future work, helping individuals improve efficiency and creativity." Renee also pointed out that when applying AI or AI agents, users will encounter practical challenges, such as global payments and cross-border transactions, as well as the protection of personal data and information sovereignty. When these pain points arise, users will truly appreciate the value of Web3, such as decentralization, data ownership confirmation, and transparent payment mechanisms.
The Chinese community’s power in driving Ethereum’s development
Finally, in the roundtable discussion on "The Power of the Chinese Community in Driving the Development of Ethereum", representatives from major Ethereum open source communities - Ethean, brand manager of TinTinLand, Yoyo, co-founder of ETHPanda, Twone, core member of GCC, Hanbai Yan, contributor of Nantang DAO, and Marcus, contributor of LXDAO - all shared their original intentions for establishing their communities and their recognition of the Ethereum concept. They also introduced their support for Ethereum technology and funding, and especially emphasized the importance of expanding the influence of the Chinese-speaking community in the global market.
