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Vitalik said on Warpcast that the growth of the application layer requires good social philosophy support and developers who believe in decentralization. Good applications include Railgun, Farcaster, Polymarket and Signal, while bad applications include Pumpfun, Terra/Luna and

Vitalik: The growth of the application layer is the period when good social philosophy is most needed In response to the statement that "Ethereum's self-update requires a generational/talent replacement. And the next generation needs to be rooted in Ethereum values (such as cypherpunks)", Vitalik Buterin replied in Warpcast: "I actually think that the growth of the application layer is the period when good social philosophy is most needed. For example: suppose C++ was developed by a totalitarian racist fascist. Would it be a worse language? Probably not. C++ is general, and there is not much room for bad social philosophy to destroy it (or for good social philosophy to improve it). Ethereum Layer-1 is not entirely like this: people who don't believe in decentralization will not add light clients, FOCIL, or (well-formed) account abstractions; people who don't mind wasting energy will not spend five years migrating to PoS... But in any case, the opcodes of the EVM are probably roughly the same. Therefore, Ethereum may be 50% general. Applications are about 80% dedicated. What kind of application you build depends largely on your idea of what Ethereum applications (and Ethereum as a whole) will do for the world. Therefore, it becomes crucial to have good ideas on this topic." In addition, Vitalik He listed some applications, including Railgun, Farcaster, Polymarket, and Signal as good ones, and Pump.fun, Terra/Luna, and FTX as bad ones. He believed that the difference in application functions stems from the different beliefs of developers about the goals they want to achieve.

Cry in Crypto: The Emotional Rollercoaster of the Digital Gold Rush The word "crypto" might evoke images of futuristic wealth, blockchain breakthroughs, and financial freedom. But peel back the first three letters—C-R-Y—and you uncover a raw truth about the cryptocurrency world: it’s a place where tears are as common as ticker charts. For every story of a Bitcoin millionaire, there are countless others of shattered dreams, lost savings, and emotional devastation. The crypto space, with its wild volatility and promise of quick riches, often leaves investors weeping. Let’s explore the "cry" in crypto through real-life evidence of heartbreak, scams, and hard lessons learned. The Highs That Lead to Lows Cryptocurrency markets are a rollercoaster, and the ride isn’t for the faint-hearted. Take Roy, a 29-year-old addiction counselor from Scotland, whose story was documented in 2022. Intrigued by a radio ad for Dogecoin, Roy dove into crypto during the 2021 bull run. His initial €2,500 investment ballooned to €525,000 as prices soared. Visions of a work-free life danced in his head. But when the market crashed, so did his portfolio—and his sobriety. Roy relapsed, checking his crypto wallets obsessively, setting alarms to monitor prices through the night. “I thought I was on top of the world,” he said, “but nobody could tell me anything.” His tears weren’t just for lost money but for the hope he’d pinned on crypto’s promise. This isn’t an isolated case. The 2021-2022 crypto boom, fueled by low interest rates and pandemic stimulus, saw millions pour money into Bitcoin, Ethereum, and altcoins. When the market collapsed, wiping out $2 trillion in value, the fallout was brutal. Forums like Reddit’s r/cryptocurrency overflowed with posts from users who’d lost life savings, taken out loans, or bet their futures on tokens like TerraUSD, which crashed spectacularly in May 2022. One user wrote, “I’m 24, and I put everything into Luna. Now I’m back at my parents’ house, and I can’t stop crying.” The crypto dream had turned into a nightmare. Scams That Steal More Than Money If market crashes are the storm, scams are the sharks circling in crypto’s waters. The FBI reported in 2024 that Americans lost $5.6 billion to crypto fraud last year alone. Scammers prey on hope, building trust through social media or dating apps before luring victims into fake trading platforms. One woman, let’s call her Sarah, shared her story on a consumer complaint board. She met a man online who convinced her to invest $10,000 in a “guaranteed” crypto fund. The platform showed fake profits, encouraging her to pour in more—$50,000 total. When she tried to withdraw, the site vanished. “I cried for weeks,” she said. “It wasn’t just the money; it was the betrayal.” Then there’s the case of TerraUSD and Luna, a $3.5 billion disaster researchers from Queen Mary University of London studied. In 2022, a handful of traders allegedly manipulated the market, causing the stablecoin’s collapse. Small investors, who thought stablecoins were safe, were left with nothing. One trader on Twitter posted, “I sold my car to buy Luna at $80. Now it’s worth pennies. I’m done.” These scams don’t just empty wallets; they shatter trust and leave emotional scars. The HODL Heartbreak Crypto culture glorifies “HODLing”—holding on for dear life through market dips. But for many, it’s a recipe for despair. In December 2024, Bitcoin hit a record $104,000, sparking euphoria. Yet, within a day, it plummeted to $92,000, liquidating $873 million in trades. Social media was flooded with anguish. One X user wrote, “I HODLed for years, sold my BTC at $100k, and now it’s tanking. I’m shaking and crying—what did I do wrong?” The pressure to time the market perfectly turns even wins into losses when prices swing. Another example: Ethereum investors faced similar whiplash. Despite record ETF inflows of $431.5 million in December 2024, Ethereum’s price lagged behind Bitcoin’s, frustrating holders who’d waited for a breakout. A Reddit user posted, “I’ve been in ETH since 2017. Every pump feels like hope, every dump feels like betrayal. I’m tired of crying over this.” The HODL mantra keeps people glued to screens, chasing highs that often end in lows. Lessons from the Tears The "cry" in crypto isn’t just about financial loss—it’s about the emotional toll of a space where hype outpaces reality. Yet, there are lessons in the tears. First, education is armor. Roy didn’t understand market cycles; Sarah didn’t spot red flags. Learning about volatility, scams, and due diligence can prevent heartbreak. Second, diversification matters. Putting everything into one coin, like Luna or Dogecoin, is a gamble, not an investment. Finally, detachment is key. Crypto’s allure lies in its promise of freedom, but tying your self-worth to its ups and downs is a recipe for pain. The crypto world isn’t all tears. Some, like early Bitcoin adopters, struck gold. But for every winner, there are many more crying over what could have been. The market’s volatility, scams, and emotional intensity make it a crucible where hope and despair collide. As one investor put it after losing $20,000 in a 2024 dip, “Crypto taught me to dream big—and to cry harder.” If you step into this space, tread carefully, because the "cry" in crypto is real, and the tears are plenty.

Ethereum briefly plummeted to $1,415 on Monday amidst a broader market bloodbath. The crypto asset has since recovered and is currently trading at $1,505. Despite this, its price was still down by 15% over the past 24 hours. This sharp decline comes as the broader cryptocurrency market reacts negatively to the Trump administration’s intensified global tariff approach. Data suggest that the $1,290 support level now marks a critical threshold for Ethereum, with whales’ average cost basis signaling potential recovery or further decline. CryptoQuant’s analysis indicates that Ethereum’s next major support level is at $1,290, where the average cost basis (realized price) of whales holding over 100,000 ETH sits. With the average cost basis for all Ethereum holders around $2,200, many are currently facing losses. Despite this, the on-chain analytic platform stated that the altcoin has shown resilience in the past, such as during the Terra-Luna crisis in June 2022, when it reached a low of $870 but quickly rebounded. This suggests potential for recovery even in challenging market conditions. Meanwhile, whale activity and market behavior indicate that there may be more challenges ahead. As the asset’s price took a massive hit, Spot On Chain reported that an Ethereum ICO whale had deposited 7,000 ETH, which is worth approximately $10.21 million, to Kraken. Despite the recent deposit, the whale still holds 23,070 ETH, worth around $34.5 million, and has been offloading tokens during sharp price declines. The latest move appears to be bearish for its price in the short term. When a whale deposits a large amount of an asset to a crypto exchange, it often signals that they may be preparing to sell, especially considering that this particular whale has been offloading tokens during price drops. On a positive note, IntoTheBlock has reported that Ether’s Market Value to Realized Value (MVRV) ratio has dropped to 0.87, representing its lowest point since December 2022. This metric indicates that the asset is currently undervalued. A low MVRV suggests potential for a price recovery, as it reflects the possibility of accumulation among investors at discounted levels.

CLS Global, a crypto market maker registered in the United Arab Emirates, has been hit with a $428,000 fine for wash trading of the FBI’s bait token NexFundAI. On April 2, a federal court in Boston sentenced CLS Global on criminal charges for manipulating trading volumes of NexFundAI token. NexFundAI is a bait token launched by FBI in March 2024 as part of a sting operation called “Operation Token Mirrors.” In October 2024, the U.S. Securities and Exchange Commission filed fraud charges against CLS Global and several other companies that had taken the bait, including ZM Quant Investment and Gotbit Consulting. MyTrade was also allegedly involved . The FBI reported that the operation led to the confiscation of $25 million in cryptocurrency, and several wash trading bots were shut down. In addition to the $428,000 fine, the court imposed a three-year probation on CLS Global, banning the company from offering services in the U.S. during this period. CLS Global had pleaded guilty to charges in January this year. According to a January report from Chainalysis , wash trading accounts for an estimated $2.57 billion in trading volumes within the crypto market. However, global efforts are underway to crack down on this practice, as well as broader market manipulation. One recent example is Galaxy Digital’s $200 million settlement last month, resolving allegations of manipulating the LUNA token following an investigation by New York regulators. Earlier, the SEC accused Justin Sun for manipulating the markets for BitTorrent ( BTT ) and Tron ( TRX ) through wash trading, giving the false impression of active trading and liquidity. However, the case has been put on hold .