Vitalik: ETH is of great significance as a corporate treasury asset. Beware of excessive leverage risks.

Vitalik pointed out in an interview that using Ethereum (ETH) as a corporate financial reserve asset is a meaningful social practice. He believes it is equally important to provide people with diverse channels to access ETH. This may explain why some investors prefer to buy stocks of treasury companies that hold ETH rather than directly purchasing ETH. Vitalik emphasized that providing more choices for people is beneficial, as everyone's financial situation is different, and the requirements, incentives, or restrictions for participation also vary. Therefore, these diversified options do indeed offer many valuable services.

When asked about the risks that the ETH treasury mechanism may bring, Vitalik stated that if the treasury mechanism leads to the collapse of ETH in the future, he would first consider it a problem caused by excessive leverage. He described a possible scenario: a 30% market drop triggers forced liquidations, leading to even more severe declines of 50%, 70%, or even 90%, ultimately resulting in a collapse of trust. However, Vitalik expressed confidence in the Ethereum community, believing that most financial practitioners within the community are responsible, unlike some controversial cryptocurrency project founders. He believes that as long as leverage is used properly and does not fall into a vicious cycle, ETH derivatives themselves are a robust and reasonable financial tool.

Overall, Vitalik has a positive attitude towards ETH as a corporate treasury asset and related financial innovations, but he is also wary of potential risks and calls on the community to maintain a rational and responsible attitude.