ETHShanghai 2025 concluded successfully, with Vitalik, Xiao Feng and other big names discussing the future of Ethereum.

On October 22, the ETHShanghai 2025 main summit concluded successfully in Shanghai. This conference was themed “Expanding Ethereum, Shaping an Open Future” and was co-hosted by the Chinese builder community ETHPanda, Wanxiang Blockchain Laboratory, PANews, and TinTinLand. The event attracted over 40 industry leaders from around the world, who shared insightful discussions and in-depth talks on core topics such as Ethereum scaling, modular ecosystems, developer growth, and long-term security. The winners of the ETHShanghai 2025 hackathon were officially announced at the conference.

Vitalik Buterin: Predictive markets are becoming a new type of information medium, and security remains a key issue for the development of AI Agents.

The vice chairman and executive director of Wanxiang Holdings, chairman of Wanxiang Blockchain, and chairman and CEO of HashKey Group, Xiao Feng, engaged in an in-depth online dialogue with Vitalik Buterin, the co-founder of Ethereum, on three topics: AI, prediction markets, and ZK ID.

Vitalik stated that during the US elections, many people participated in predictions through Polymarket, which itself is a success. Traditional media and social media may not be able to assess the importance of events, while prediction markets reflect reality more quickly through price signals, becoming a new medium of information. Prediction markets are not only applicable to large events, but with the support of AI, they can also make accurate predictions about small events. In the future, the combination of AI and prediction markets will make predictions more mainstream and intelligent.

Regarding the AI track, Vitalik suggested that Blockchain defines the rules of the game, and AI can become a participant. With the rise of AI Agents, they can autonomously issue tokens, participate in applications and governance, and open up a large experimental space. In the future, it should be further considered how to empower ecological development. However, he emphasized that AI should not replace humans but should become a tool for humans. Security remains a key issue, including the hacking risks of 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, and while protecting privacy, it can support the development of sectors such as low-risk DeFi.

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

Xiao Feng stated that blockchain can be roughly divided into two categories. One category is represented by Bitcoin, which is mainly a currency issuance system that achieves high-speed computing through simple mathematical formulas and does not allow for complex external deployments, thus quickly reaching consensus globally and being regarded as “digital gold”; the other category is represented by Ethereum, which is application-centric and has gradually developed along the original intention of the white paper, currently occupying 60%-70% of the application market share. Xiao Feng pointed out that there is no need to try to replace Ethereum, as it has a first-mover advantage and is continuously improving. Other blockchain projects need to prove that their strategic positioning is different from Ethereum and provide differentiated value, making the possibility of challenging Ethereum very low.

Xiao Feng emphasized that the development of DeFi cannot be ignored, but it is necessary to balance KYC and anti-money laundering requirements, which is different from traditional finance. Through zero-knowledge identity verification (ZK ID), users can confirm their status as qualified investors with certificates, proofs, work experience, and other information, thereby enabling secure transactions globally and allowing decentralized finance to better serve the global financial system.

Ethereum Foundation Co-Executive Director Hsiao-Wei Wang: Large-scale adoption of Ethereum needs to bridge three major gaps: scalability, experience, and trust.

Hsiao-Wei Wang, the co-executive director of the Ethereum Foundation, stated in his keynote speech on “The Mass Adoption of Ethereum: Bridging the Gap” that the vision for Ethereum's mass adoption can be reflected in three aspects: first, self-control, allowing users to truly own their assets; second, global settlement capability, enabling value to transcend geographical limitations, improving overall efficiency, and possessing the ability for global verification; third, daily utility, allowing Blockchain and Ethereum to integrate into people's daily lives as naturally and smoothly as the Internet, such as in daily transfers.

At the same time, she pointed out that Ethereum faces three major challenges before crossing the chasm: scalability and high costs, experience gaps, and trust gaps. In terms of scalability, Ethereum's route is L1 + L2, with the core strategy being to achieve high throughput and low-cost transactions through L2 Rollups. For example, key upgrades include Dencun (EIP-4844), Pectra (2025 Q1), and Fusaka (2025 Q4). In terms of accounts and user experience, the concept of account abstraction has been proposed, introducing smart accounts through proposals such as ERC-4337, EIP-7701, and EIP-7702, turning user accounts into programmable contracts and supporting social recovery wallets, gas payments, and batch transaction functions. In terms of infrastructure construction, emphasis is placed on secure and stable main chain facilities and the daily financialization.

She also stated that Ethereum's future goal is not to be “seen”, but to be quietly relied upon and trusted like the Internet. True mass adoption will not be because Ethereum itself is huge, but because it is ubiquitous, transparent, and reliable. The moment it exists as naturally as air is when Blockchain truly realizes its value.

Ethereum Foundation Co-Executive Director Tomasz Stanczak: 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 becomes the coordinating layer for AI Agents, the system will be more permissionless in the economically ecological landscape dominated by Ethereum in the future. Everyone can deploy AI agents, significantly reducing dependence on traditional financial systems by participating in the local economy and making payments through the establishment of reputation and trust. Agents can provide users with a set of standards that connect global infrastructure, facilitating project construction, school and building work support, and improving global infrastructure through coordination. Without the intermediary layer of Ethereum, Agents would still need to rely on traditional payment systems and institutional verification, which is cumbersome and centralized.

He revealed that emerging standards such as ERC-8004 and x402 have attracted the attention of some large institutions. Among them, ERC-8004 is the proxy function standard, covering identity, reputation, and assertion verification, and serves as the foundation for core proxy functionalities; x402 is a payment standard that defines how proxies request other proxies to complete payments. These standards are still in the early stages but represent huge opportunities to explore proxy functionalities, reputation systems, and verification mechanisms, which can be expanded and optimized for applications in the future. Meanwhile, payment reliability and integration with existing systems remain challenges. In the next year or two, more infrastructure solutions will emerge, allowing institutions to easily deploy proxies and connect payment systems, significantly enhancing user experience.

In terms of community support, the Ethereum Foundation promotes standardization through decentralized teams and connects data, businesses, and developer communities. The foundation also supports developers through summer schools and global initiatives, with a particular focus on AI and agency, helping founders, developers, scholars, and businesses to connect, market, and coordinate within the community.

For the Chinese community, Tomasz Stanczak also stated that the West places great importance on the innovative potential of the region, which is an important opportunity for global cooperation. He encouraged developers interested in AI and Ethereum to join community discussions and work together to promote technological development.

The list of winners for the main track of the ETHShanghai 2025 Hackathon has been announced.

After four days of live creation and professional evaluation, the winners of the main track of the ETHShanghai 2025 Hackathon were officially announced at this main forum. The first prize went to Yield Market (DeFi x Infra track), with a cash prize of $2000. The second prize was awarded to VRF using EIP 2537 (Chain for Good track) and Wandfi (DeFi x Infra track), with each receiving a cash prize of $1500. The third prize was awarded to Ponymarket (DeFi x Infra track) and Foxhole (AI × ETH track), with each receiving a cash prize of $1000. These winning teams showcased the latest innovative achievements in tracks such as DeFi and AI, injecting new vitality into the Ethereum ecosystem.

Professor Li Guoquan: Ethereum is a must-have option for enterprises targeting the global market.

In the deep dialogue session between Du Yu, Executive Director of Wanxiang Blockchain/Wanxiang Blockchain Lab General Manager, and Li Guoquan, Chairman of the Global Fintech Institute/Professor of Fintech and Blockchain at Singapore University of Social Sciences, the main focus was on the application practices and development trends of Ethereum.

Professor Li Guoquan provided a detailed analysis of Ethereum's leading position in global finance, government, and regulation, and discussed its future development. Professor Li pointed out that Ethereum not only leads in technology but also has significant advantages in regulatory compliance, making it the preferred infrastructure for many financial institutions and governments worldwide. Especially in the application of financial products such as stablecoins and bonds, Ethereum's strong technical support has gained widespread recognition from regulatory agencies.

He specifically mentioned that the Singapore government has applied Ethereum in public service areas such as diploma certification and international trade certificates, ensuring transaction transparency and security, reducing costs, and providing a strong demonstration for other countries and regions around the world. Professor Li Guoquan believes that the decentralized nature of Ethereum ensures financial transparency and anti-money laundering compliance while maintaining geopolitical neutrality, which is beneficial for enterprises' cross-border operations.

Regarding the Chinese market, Professor Li Guoquan pointed out that while consortium chains may be more stable domestically, for companies planning to expand into international markets, Ethereum is a necessary choice for enterprises aiming at the global market. He also envisions breakthroughs in decentralized hardware and cloud computing technologies in the future, believing that these innovations will further improve blockchain infrastructure and enhance risk resistance capabilities, especially in the field of hardware such as chip design, which will provide strong support for the popularization of blockchain.

Finally, Professor Li Guoquan emphasized the importance of cooperation between education and government in the popularization of Blockchain technology, suggesting that domestic developers actively utilize the Ethereum testnet for experimentation, promote collaboration between universities and research institutions, and are optimistic about Ethereum's potential in emerging fields such as green finance and carbon trading, indicating that it will have a profound impact on the global economy.

Audrey Tang: The infrastructure has been gradually improved, and Ethereum should focus on application implementation in the next decade.

Ethereum Application Alliance ( fundraising ) / Shanhaiwu initiator Audrey Tang stated that Shanhaiwu aims to create a builder village for cross-domain and pop-up construction, gathering technology developers, AI researchers, organizational behavior experts, and governance practitioners. Through resource linkage, educational systems, and cross-domain ecological collaboration, it promotes Ethereum innovation. Every year, a month-long concentrated construction is held at a fixed location, which not only facilitates communication between Eastern and Western blockchain communities but also incubates real application scenarios, helping startup teams transition from the prototype stage to market maturity, enhancing the influence of the Chinese-speaking area in the global Ethereum ecosystem.

At the same time, Audrey Tang also stated that the Ethereum ecosystem has gradually improved in terms of infrastructure construction but still faces challenges in application implementation and community sustainability. Over the past three years, we have promoted ecological development through community education, developer support, and public open-source projects, but the overall business density has not yet been fully connected, and most communities still rely on donations to maintain operations. Developers lack experience in financing, commercialization, and team management. The Application Alliance, as a non-profit organization, operates in the form of a public goods organization, aiming to gather the strength of communities, foundations, institutions, and enterprises through structured financing and a global membership system, establishing a long-term sustainable funding pool to support public goods construction, open-source tool development, and application experiments globally. The alliance not only provides support for startup teams from idea to market implementation but also promotes the practice and implementation of emerging applications in the real world through education and training, developer community building, and cross-disciplinary collaboration. The alliance aims to promote the creation of a sustainable Ethereum application ecosystem with long-term impact, accelerating the transformation of blockchain from infrastructure construction to application prosperity. She emphasized that after the completion of infrastructure construction, Ethereum should focus on application implementation in the next decade.

BitSeek Co-Founder: Decentralized AI helps reduce costs and achieve open deployment.

The co-founder of BitSeek, Gordon, introduced the project's operational model and core advantages during a keynote speech on “the world's first atomic AI model provider.” Gordon stated that BitSeek can execute distributed deployment, execution, and governance of AI models at a scale nearing a trillion without relying on centralized services. The project splits large language models (LLM) into “smart atoms” that can run independently on various developer nodes through the proprietary protocol DeLLM, creating 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 after the network expansion, costs can be reduced by more than 80%, allowing both developers and users to enjoy high-performance AI services. At the same time, this solution ensures data security and anonymity through cutting-edge privacy protection design, releasing control of AI from the hands of a few large tech companies to global developers and users, bringing a new model of openness and sharing to the AI ecosystem.

Current Status of Ethereum Scalability and Ecological Development Trends

At the main forum of ETHShanghai 2025, a roundtable discussion themed “Ethereum Scalability and Future Perspectives” was engaging and vibrant. The guests participating in the discussion included Vaelyn, core contributor of ETHPanda and managing partner at Plutos VC, Leo, technical developer at HashKey Chain, Tang Yi, founding partner of Enlight Capital, Beihai, senior advisor at PicWe, and Anthurine, co-founder of EthStorage.

Leo believes that Ethereum has achieved significant scalability in the past few years through technologies such as sharding and Layer 2, improving TPS (transactions per second) and achieving considerable results. However, as the network scales, the issue has shifted from “whether scalability is possible” to “how to maintain consistency and trust after scalability.” The fragmentation and decentralization brought about by scalability have affected user experience, asset liquidity, and business operational logic, leaving room for improvement in coordination, data consistency, and user experience among different chains and Layers. At the same time, current cross-chain solutions are more about asset transportation, with underlying trust and compliance logic not yet fully resolved, which is a bottleneck that the ecosystem urgently needs to overcome.

Tang Yi pointed out that the platform is not only continuously iterating in terms of technology and products but is also showing a positive development trend in user growth, application expansion, and service experience. In terms of investment, we also observe this trend: an increasing number of users and enterprises, especially B-end customers, are shifting from a focus on single fields to broader application scenarios, such as OTC business and C-end related services, fully reflecting the diversification of user demands and changes in behavior. At the same time, stablecoins and more complex financial protocols are performing steadily in the market, with various products continuously maturing and user experience being continuously optimized. The company is continuously making efforts in talent development and entrepreneurial support, and by deeply understanding and meeting the real needs of different users, it can further promote the landing of innovative applications and the prosperous development of the ecosystem. He also stated that he hopes Ethereum can develop into a neutral, secure settlement layer for global common use within the next decade.

“The core issue facing Ethereum's scalability is not just the technical layer's throughput enhancement, but rather the entire network's consensus and liquidity structure.” According to Beihai, while the early white papers and upgrade designs clearly outlined scalability goals, there are numerous challenges in actual operation. For instance, when individuals want to participate in node consensus, they may not be able to do so effectively due to costs or incentive mechanism limitations. Additionally, a small number of nodes holding a large amount of assets and consensus power leads to excessive decentralization of system liquidity, creating potential risks. Solutions like sharding for scalability have yet to be fully implemented, and there remains a gap between the expectations and reality of network expansion, requiring continuous contributions from developers to complete the ecosystem. The early design of Ethereum, such as the node capacity set by Satoshi Nakamoto, was intended to allow any computer to join the consensus, but with a significant increase in the scale and complexity of the network, rapid expansion may bring security risks. Therefore, he believes that while promoting scalability, it is necessary to reassess which parts may be overly expanded, focusing on resolving consensus security and liquidity issues to ensure decentralization, security, and system stability in a large-scale network, achieving the collaborative development of technical solutions and ecosystem design.

Anthurine stated that the current Ethereum scaling has not fully resolved the experience issues, and there is still room for improvement in Ethereum's integration with other chains or applications. At the same time, she believes that technological optimization cannot be isolated; it must consider fragmentation, L1/L2 collaboration, and ecological diversity. EthStorage is contributing code and modular development to further enhance Ethereum's performance and ecology. Additionally, it is exploring AI and on-chain computing by directly running medium and small AI models on-chain, achieving immutability of computation and data, while lowering the entry barriers for nodes and emphasizing the decentralization of the front end, thereby effectively enhancing resistance to attacks and censorship.

From TradFi to Web3: Building Bridges of Trust and Value

During the roundtable discussion “From TradFi to Web3: Building Bridges of Trust and Value,” it brought together HashKey Capital investment partner Xiao Xiao, HashKey Capital business growth personnel Z, Synbo Labs community leader Nora, GSR Markets Asia-Pacific General Manager CJ Fong, and DigiFT research and innovation head Ryan Chen.

Z pointed out that the current stage of Web3 development can be compared to the early internet, similar to the early situations of Amazon and Alibaba. Between 2000 and 2010, we saw the initial development of the internet, and about a decade later, e-commerce platforms began to mature. They became fully compliant and trustworthy, and by 2047, you could purchase goods on any major platform globally, trusting the payment and banking systems behind the platforms, while risks are reasonably controlled. He believes that Web3 also needs a similar development path, which will take about ten years, focusing on compliance and training to help financial institutions (like large brands or enterprises) enter this field. From the perspective of user coverage, we indeed see growth in two aspects. On one hand, there is the coverage of retail users, and on the other hand, the participation of institutional investors. Currently, we are in the so-called digital banking stage, where data transparency allows users to access financial services more conveniently, with institutional users gradually shifting from traditional products to new digital financial products. For financial institutions, it's not just about “whether to change,” but “how to change within a compliance framework.”

Nora stated that in the Web3 world, we try to use code and decentralized methods, rather than relying on a large number of centralized institutions, to help us establish global rules. Technology is just a tool; the real key is whether the public can accept these ideas and rules. In other words, the participation of society and programmers is more important than the technology itself; tech companies are just helping us turn our dreams into reality. Ideas and vision, technology, and developers are the three core factors of Web3. Currently, whether users or enterprises, the core issues they care about are security, trust, and risk management, mainly because the financial system has long-standing legal and regulatory frameworks.

“We need technology to drive the development of Web3, just as the traditional financial system relies on institutional structures, closed fund management, and the technology systems built by large financial institutions (such as UBS and Citigroup).” CJ Fong pointed out that Web3 needs to form corresponding infrastructure, and the significance of this technology is that it will make the traditional financial system more efficient, as the traditional finance is still using technology from over 20 years ago, such as the SWIFT transfer system. Through the optimization of Web3 technology, the traditional financial infrastructure can be upgraded, moving towards a new stage. At the same time, the global focus is now shifting towards DATs (Decentralized Autonomous Trusts), and we are seeing a large number of innovative products and solutions emerging in this field, which, to some extent, reminds us of the bubble phase of 2007, but it is also a sign of progress.

Regarding asset tokenization and liquidity, in Ryan Chen's view, when we consider RWA, the issue returns to a more fundamental level: how to provide liquidity. The key question is that these are all security tokens. To be able to access them, trade them, and enter the market, theoretically, licensing is required in every jurisdiction. At the same time, when tokens are transferred, it should ensure the legal transfer of ownership; if the tokens only serve as receipts, the market may find it difficult to accept, and only true asset tokenization can drive market development.

New Paradigm on the Chain: The Intersection of Web3 and AI

In the roundtable discussion “On-chain New Paradigms: The Intersection of Web3 and AI,” the guests participating in the discussion include Bitongtong, co-founder of PANONY & PANews, Ky, co-founder & CTO of HolmesAl, Luke, CEO of Nora, Cindy Shi, marketing head of KiteAl, and Renee, brand director of Chainbase, who together explore the future development trends of Web3 and AI.

In Ky's view, most of the value of individuals' data (behavior data, personal preferences, schedule information, etc.) on internet platforms is acquired by large platforms. Web3 can enhance individuals' autonomy and earning potential in the internet economy, rather than completely relying on the distribution of traditional platforms. Regarding AI, he is optimistic about fields like AI Coding, AI Trading, and AI prediction.

Luke pointed out that current internet interactions rely on traditional technologies, such as authentication depending on human characteristics and payment actions depending on third-party platforms. In the future, AI Agents may replace humans in interactions, forming a new paradigm of internet interaction, which requires a completely new infrastructure to support it. At the same time, when AI Agents replace humans in interactions, new technologies are needed to solve issues such as identity verification and transaction execution to establish a highly trusted AI ecosystem.

Cindy Shi believes that the combination of Web3 and AI allows more people to easily participate in AI projects, enabling individuals or small developers to contribute their capabilities. Blockchain can provide rights confirmation and transparency mechanisms, allowing participants to receive benefits feedback and strengthen community trust. In the future, AI may replace humans in completing many tasks, as traditional systems cannot meet new transaction demands, similar to the evolution from offline payments to virtual payment systems like VISA in the past. The future transaction system will also require a completely new architecture to adapt to AI-driven operational modes. At the same time, she believes that the widespread promotion of Web3 and AI cannot be separated from the reduction of user entry barriers and the construction of a robust payment network.

“AI Agents will become an indispensable part of future work, helping individuals enhance efficiency and creativity.” Renee also pointed out that during the application process of AI or AI Agents, users will encounter practical issues 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 feel the value of Web3, such as decentralization, data ownership, and transparent payment mechanisms.

The power of the Chinese community in promoting the development of Ethereum.

Finally, at the roundtable discussion on “Promoting the Power of the Chinese Community in the Development of Ethereum”, representatives from major Ethereum open-source communities – Ethean, the brand leader of TinTinLand, Yoyo, co-founder of ETHPanda, Twone, a core member of GCC, Hanbai Yan, a contributor of Nantang DAO, and Marcus, a contributor of LXDAO – shared their original intentions for founding their communities and their recognition of Ethereum's philosophy. They also introduced their support for Ethereum's technology and funding, emphasizing the importance of expanding the influence of the Chinese-speaking community in the global market.