Consensys CEO Speaks Out About Ethereum's Pivot

Consensys CEO Joseph Lubin recently spoke out about Ethereum's pivot in a social media post on X

Lubin has admitted that competition from Bitcoin and Solana made the Ethereum ecosystem re-prioritize

"It took a breakout from big brother Bitcoin and some nipping at our heels from little bro Solana to alert and orient the massive Ethereum ecosystem to re-prioritize, return to firing on all cylinders, and kick in the afterburners," Lubin.

Lubin claims that the Ethereum ecosystem is "on fire like never before."

He has added that Consensys is working on onboarding traditional finance (TradFi) to the Ethereum-based decentralized finance (DeFi)

In his post, Lubin has drawn an analogy between OpenAI's effort to push AI into the mainstream and Solana's influence on Ethereum's budding momentum. He noted that Google, despite having massive resources, was rather slow-moving when it came to AI. At the same time, OpenAI forced the broader field to move forward at a much faster pace

The intense competition is also forcing Ethereum to recalibrate and accelerate after the Ethereum ecosystem was focused on building for years

"The Ethereum ecosystem has been heads down building layer after layer of enabling tech and scaling it for an epic decentralized future," he said

As reported by U.Today, Joseph Lubin recently became the board chairman of SharpLink Gaming, the public company that is launching a $425 million Ethereum treasury after securing investment from Consensys, Pantera Capital, and other major players

During a recent podcast appearance, Lubin revealed that Consensys was having discussions with sovereign wealth funds to build out infrastructure within the Ethereum ecosystem.