The 'Creator's Voice' is a dialogue column launched by Foresight News, where we ask outstanding creators selected each month about hot topics in the market and compile the results into written form to gather diverse opinions and explore deeper thoughts.
Written by: Foresight News 2024's outstanding content creators
整理：Foresight News
Since 2022, Ethereum's price performance has been sluggish, and this veteran public chain, which has gone through three cycles, seems to be trapped in a dilemma. Questions about the Ethereum Foundation, Vitalik's sell-off, and negative comments about DeFi, poor performance of ETH ETFs, and Ethereum's absence in emerging trends have emerged continuously, intensifying the pessimistic discourse around Ethereum. Deeply mired in FUD, is Ethereum's future still bright?
This edition of 'Creator's Voice' focuses on the theme 'Deeply mired in FUD, is Ethereum's future still bright?' We invited YBB Capital, TokenInsight, Location Snow, WOO, and 'Ping Talk' Blockchain, who are on the list of outstanding creators from Foresight News in October 2024, to join this discussion.
Regarding the topic of 'Ethereum's dilemma,' we raised five questions: 'What are the reasons for Ethereum's price slump?', 'What is the real dilemma facing Ethereum?', 'How do you view Vitalik's future goals for Ethereum?', 'What do you think about the claim that Solana will challenge Ethereum's status?', and 'Recharge faith.' Here are the answers we collected:
1. In a crypto market where pulling up prices is seen as justice, Ethereum's recent performance has been unsatisfactory. What do you think are the reasons for Ethereum's price slump?
YBB Capital: I believe ETFs are the primary reason for Ethereum's lackluster price performance in recent months. For retail investors, ETFs offer no cost-effectiveness. Buying Ethereum through exchanges and on-chain not only avoids high management fees but can also achieve higher returns through staking. In this situation, the liquidity of ETFs is limited, facing substantial selling pressure from Grayscale. Meanwhile, Ethereum has not received the political dividends that Bitcoin has, ultimately leading to a stark contrast in performance between ETH ETFs and BTC ETFs after approval.
The secondary reasons are numerous, such as the lack of fresh narratives at the application layer and attention being diverted by heterogeneous chains. The application scenario of tokens has gradually shifted from being on-chain currencies to collateral. This has made Ethereum less attractive to purchase. In the past, regardless of whether you were a supporter of Ethereum or not, to purchase mainstream NFTs, participate in project public offerings, engage in mainstream GameFi, or partake in project mining and other on-chain activities, you needed to buy some Ethereum. Now, these narratives have become mere illusions, and after embracing modularity, you can even complete an operation on Layer 2 for just a few U, making the large-scale purchase of Ethereum for on-chain activities a thing of the past. In short, if you do not participate in airdrops or staking arbitrage, Ethereum is essentially useless. If you want to engage in some on-chain activities, you only need to buy tens of U of Ethereum from an exchange. From this perspective, the drop in Ethereum's price is not unexpected.
TokenInsight: Ethereum's recent poor price performance has been influenced by multiple factors, with the most significant being the market's questioning of Ethereum's identity positioning, leading to an 'identity crisis' for Ethereum. Ethereum has chosen Layer 2 as its core development direction; though the rise of Layer 2 solutions has improved scalability, it has simultaneously reduced the burning of base fees on the mainnet. The burning mechanism has failed to offset the new issuance, causing Ethereum to enter an inflationary state. Ethereum's positioning as a potential store of value has come under scrutiny.
Additionally, after the launch of the Ethereum ETF, ETH failed to attract institutional investor interest like Bitcoin did. Recent data shows that there has been a continuous net outflow from Ethereum spot ETFs, while BTC ETFs continue to attract significant net inflows. Institutional investors and traditional market investors clearly lack interest in Ethereum.
Location Snow:
1) The ecological fragmentation of Layer 2
The core goal of Layer 2 is to address the scalability issues of Ethereum's main chain by processing transactions off-chain, reducing transaction costs and increasing throughput, thereby alleviating the burden on the main chain. However, the Cancun upgrade did not bring about the anticipated Layer 2 boom. With the rise of Layer 2 solutions like Arbitrum and Optimism, more protocols are shifting transaction processing to Layer 2, which not only reduces transaction costs but also increases transaction speed. While these Layer 2 solutions do not change the main chain's core advantages in decentralization and security, they have diverted a significant amount of transaction volume and fee income away from the main network, directly impacting Ethereum's economic model.
2) Reduction of blob fees
During the Ethereum 2.0 upgrade process, the EIP-4844 proposal introduced Blob space. Blob transactions significantly reduce storage and transaction processing costs by compressing data. The fees for these transactions are lower than previous gas fees. The direct consequence is that if blob transactions are widely adopted, the income of miners and validators will decrease sharply. This decline in income may affect the security and operation of the network.
WOO: Ethereum lacks a killer narrative, that is, it lacks a wealth effect.
The main narrative of Bitcoin lies in the entry of traditional finance, as evidenced by the increasing net inflows and trading volumes of BTC ETFs, showing that traditional financial institutions' interest in Bitcoin has not diminished over time.
Additionally, Solana has Pump Fun, which has driven the entire public chain through a meme craze, earning about $1 million daily and accumulating over $170 million in revenue.
Looking back at Ethereum's strongest narrative, Restaking, related token protocols have seen substantial declines. In hindsight, ETH is not as favorable as storing in Aave for lending; EigenLayer, touted as the leader in the restaking track, has encountered issues post-launch, including Twitter hacks and employee emails being compromised, leading to losses.
* This refers to the price performance and does not imply that Restaking is technically meaningless.
Additionally, regarding ETF preferences, traditional finance still favors BTC more, and ETH currently suffers from strong selling pressure from Grayscale. Once the data improves, it may be the time for ETH to see the light.
'Ping Talk' Blockchain: Aside from the increased uncertainty in the macroeconomic environment, tightening regulatory policies, intensified industry competition, and the rise of competitors diverting attention, I believe it may also relate to the following reasons:
Uncertainties brought about by technical upgrades: Ethereum is undergoing a series of significant technical upgrades, such as The Merge and Sharding. While these upgrades help improve performance and scalability, they also bring short-term uncertainties, which may not meet expectations and affect market confidence.
The game between Layer 2 and Layer 1: The Layer 2 grand strategy has developed for four years without bringing incremental growth to the secondary market, lacking empowerment for Layer 1, but has triggered competition between Layer 2 and Ethereum Layer 1, leading to ETH changing from deflationary to inflationary, prompting Vitalik to call for 'Ethereum alignment.'
Lack of grand narratives and phenomenal ecological applications: The last cycle saw the emergence of phenomenal applications like DeFi, NFTFi, SocialFi, and the metaverse, leading the entire crypto industry forward. However, in this cycle, there have been no phenomenal applications or grand narratives emerging from the Ethereum ecosystem, causing people's expectations for Ethereum to shift from high hopes to disappointment, even FUD.
2. Aside from the price, what is the real dilemma facing Ethereum? What are the self-rescue methods?
YBB Capital: Currently, Ethereum feels internally fragmented and uncertain about the future. I have mentioned in my articles about Ethereum that its infrastructure progress in recent years has not been a failure but rather very successful and rapid. However, what exactly is Layer 2 meant to do? How should the business model of transferring from C to B be executed? I feel that Ethereum has not figured this out. In this context, Layer 2 has seen various interest groups continually siphoning off the main chain's ecosystem and funds, with little feedback to the main chain. Excluding uncertainties like U.S. politics and sudden explosions at the application layer, Ethereum's self-rescue still requires reflection on its business model, and the entire ecosystem indeed needs realignment.
TokenInsight: The dilemma of Ethereum primarily lies in balancing scalability and the value loss of the mainnet caused by Layer 2, as well as the fragmentation between different Layer 2 solutions.
1) Layer 2 solutions lead to decreased ETH demand
Ethereum's Layer 2 solutions, such as Rollups, emerged as solutions to alleviate congestion on the Ethereum mainnet. By processing transactions off-chain and then batch-uploading them back to the main chain, these solutions offer faster and cheaper transactions, significantly enhancing the user experience. However, this shift poses potential challenges for Ethereum's value capture.
As more transactions are processed on Layer 2 solutions, the fees and economic activities that would originally benefit Ethereum's mainnet are increasingly being redirected. This shift may lead to a decrease in ETH demand, as users interact more with Layer 2 networks like Arbitrum and Optimism rather than using the Ethereum base layer. The economic incentives driving ETH value may weaken, potentially impacting its price and utility as the primary asset within the ecosystem.
Although Ethereum can serve as the data availability (DA) layer for these Layer 2 protocols, the fees and value captured by ETH remain significantly lower than if these transactions were to occur directly on Layer 1. While the DA role is crucial, it cannot fully compensate for the reduction in direct transaction value on the Ethereum mainnet.
In July and August 2024, Ethereum experienced a significant decline in gas fees, reaching levels not seen in over five years. This trend is mainly attributed to the ongoing impact of the Dencun upgrade and the increase in interaction activity on Layer 2 solutions.
By mid-August, Ethereum's gas fees had dropped to as low as 0.6 gwei, with low-priority transaction records at just 1 gwei or lower. This represents a decrease of over 95% from the peak of 83 gwei observed during the network's active period in March 2024.
The Dencun upgrade implemented in March 2024 played a key role in reducing transaction costs on Layer 2 networks. The most notable aspect of the Dencun upgrade is the introduction of proto-danksharding. This mechanism allows Ethereum to utilize a new type of temporary data called 'blobs' to process Layer 2 (L2) transaction data more efficiently. These blobs are cleared from the blockchain after a set period, significantly reducing the storage costs associated with L2 transactions.
The significant decrease in gas fees has also affected the amount of ETH burned, as determined by the EIP-1559 mechanism. EIP-1559 establishes a base fee for each transaction, which is the minimum gas price required for a transaction to be included in a block. This base fee is dynamically adjusted based on the network's demand for block space, increasing when blocks are full and decreasing when blocks are underutilized. The base fee is burned, permanently removing ETH from circulation. This mechanism introduces deflationary pressure on ETH, and if the amount burned exceeds the issuance from staking rewards, the total supply will decrease over time. However, if the demand for paying gas fees with ETH is insufficient, the issuance from staking rewards may lead to an increase in the total supply of ETH.
2) The interoperability and complexity issues of Layer 2
The push towards Layer 2 solutions has created interoperability issues for Ethereum and increased complexity for developers, making it more difficult for users to achieve a seamless experience compared to other Layer 1 networks (like Solana).
Each Layer 2 solution—such as Arbitrum, Optimism, and ZKsync—operates as an independent environment with its own set of rules and standards. This decentralization means that assets and data cannot move seamlessly between these different Layer 2 networks, creating silos within the Ethereum ecosystem. Developers must build or integrate complex cross-chain mechanisms to achieve interoperability between these layers, which can be time-consuming and prone to errors.
There are currently 64 Layer 2s, 18 Layer 3s, and 81 upcoming Layer 2 and Layer 3 projects entering Ethereum. Due to the isolation of different L2s, seamless interaction between decentralized applications (DApps) and users across these networks has become challenging.
In addition, multiple Layer 2 solutions have significantly increased the complexity of building and deploying decentralized applications (DApps). Developers must decide which Layer 2 network to build on, weighing factors such as user base, transaction costs, and technical specifications. Moreover, maintaining DApps across multiple Layer 2s increases the development and maintenance workload, as each Layer 2 may have different tools, APIs, and performance characteristics.
These interoperability and complexity issues not only affect developers but also trigger a chain reaction on user experience. Users may find navigating between different Layer 2 networks confusing, as each network has its own wallets, transaction processes, and fees. This fragmented experience hinders adoption and diminishes the seamless experience Ethereum aims to provide.
3) Does ETH have a currency premium?
Currency premium refers to the additional value of an asset beyond its intrinsic value or utility value, usually because it is seen as a store of value, medium of exchange, or unit of account. For a long time, Ethereum has been perceived to have a currency premium, contributing to its status as the second-largest cryptocurrency by market capitalization.
For Ethereum, its currency premium stems from several factors:
Utility within the ecosystem: Ethereum is the backbone of numerous decentralized applications (DApps), decentralized finance (DeFi) platforms, and non-fungible tokens (NFTs). The demand to pay gas fees with ETH and participate in on-chain activities gives it value beyond merely technical functions.
Perception of value storage: Due to Ethereum's widespread use, large market capitalization, and belief in the long-term growth of the Ethereum network, some investors view ETH as a value store similar to Bitcoin. This perception adds a currency premium to ETH.
Staking and earning potential: ETH holders can earn rewards by staking their tokens, further enhancing its value proposition and increasing its currency premium.
However, unlike Bitcoin, which has a hard cap of 21 million, Ethereum does not have a fixed supply limit. Critics argue that this lack of an upper limit undermines ETH's ability to serve as a reliable store of value, as its supply may increase over time, leading to value dilution. According to EIP-1559, when demand for ETH is high, ETH becomes a deflationary asset as some gas fees are burned. But when demand decreases, ETH turns into an inflationary asset, weakening its value proposition as a store of value.
Additionally, Ethereum is often viewed as more focused on becoming a 'world computer' rather than merely a monetary asset. While this multifaceted role provides utility, it may undermine its perception as a simple and reliable store of value. In contrast, Bitcoin focuses on being 'digital gold.'
The core question revolves around what Ethereum's value proposition really is. If Ethereum's main goal is to operate as a world computer, it needs to shift transactions to Layer 2 solutions to achieve faster processing and lower transaction costs. However, this transition inevitably transfers some value to the Layer 2 protocols, weakening ETH's value accumulation as an asset. The challenge lies in balancing the need for scalability with the desire to maintain and enhance ETH's value.
To maintain its status as 'Ultra Sound Money,' Ethereum must ensure that Layer 2 solutions provide low-cost transactions for users while not diminishing the value of its native asset. This delicate balance is crucial for ETH to continue maintaining its currency premium.
Location Snow:
1) Although Ethereum 2.0 and multiple upgrades have significantly enhanced network efficiency, its scalability issues remain a major challenge. Ethereum's TPS is still lower compared to public chains like Solana, especially under high network load, where transaction fees soar, and processing speed slows down, affecting the developer and user experience.
2) Although Ethereum remains the most widely accepted smart contract platform, it faces significant competition from new public chains. Chains like Solana, Polygon, and Arbitrum attract substantial developer and capital inflows by offering lower transaction fees and higher throughput, with Solana, in particular, becoming an important competitor to Ethereum due to its unique consensus mechanism and high-performance architecture.
Method:
Ethereum first needs to optimize user experience and developer friendliness. Although Ethereum has advantages in security and decentralization, its development complexity and high transaction fees remain bottlenecks.
Secondly, promoting the diversification of the Layer 2 ecosystem and cross-chain interoperability to ensure seamless integration of Ethereum with other blockchain protocols.
WOO: Currently, there is still a lack of applications.
Ethereum has built a lot of infrastructure to make this public chain faster and more usable, but the current situation is not that the infrastructure works, but that there are no users.
It's like building a lot of highways, but there are no cars on them.
By predicting Ethereum's future development, we can glimpse a clue from leading indicators of financing:
From August 2024, the overall investment direction remains focused on infrastructure, completing a total financing of $660 million, with DeFi ranking second with $330 million in financing, indicating a significant increase in DeFi financing compared to 2023.
Currently, the ETH ecosystem holds an absolute dominance in DeFi TVL, accounting for over 70%. Although there haven't been any breakout products, we can look forward to whether more quality DeFi projects can replicate the DeFi Summer of 2020 in 2025, as Layer 1 & Layer 2 mature further, potentially reviving the price of Ether.
'Ping Talk' Blockchain: The dilemma may lie in balancing long-term sustainable development with short-term commercial landing. Based on the focus on long-term sustainability, we need to also consider feasible commercial applications in real development, ensuring that each commercial application becomes a stepping stone towards long-termism while emphasizing technological upgrades.
Among many smart contract public chains, Ethereum has gained broader recognition in the traditional financial world. Ethereum's development of commercial applications can balance both internal and external circles, achieving integration, such as RWA, connecting real assets to the chain, linking two worlds, and bringing sustainable increments to Ethereum.
3. Vitalik recently published six articles outlining the future of Ethereum, how do you view the future goals designed by Vitalik for Ethereum?
YBB Capital: Vitalik's goal has always been unchanged: to adapt Ethereum for large-scale applications and make crypto more than just finance. However, an excellent crypto geek may not be a good businessman or a competent crypto user. In most cases, Vitalik is rather idealistic, which can be seen from Ethereum's pricing curve as a DA layer and his comments on non-financial applications at various public events. This idealism can lead to incorrect development paths. Ethereum today, as a multi-billion-dollar giant, cannot solely focus on narratives and the future; I feel that Vitalik's design for Ethereum's future goals is still overly ambitious, and I do not see hope for reviving Ethereum in these goals.
TokenInsight: Vitalik published a series of blog posts (the possible future of the Ethereum protocol), detailing the core content of Ethereum's six upgrade paths. Let's summarize the core goals of these six upgrades:
The Merge: Completed the transition from Proof of Work (PoW) to Proof of Stake (PoS) in 2022, reducing energy consumption by 99% and enhancing network security. Future goals include shortening confirmation time to about 4 seconds and lowering the staking threshold to 1 ETH to attract more users to participate in network security maintenance.
The Surge: To improve Ethereum's transaction throughput to 100,000 transactions per second (TPS). Through Layer 2 scaling and data storage optimization (such as the 'blobs' data storage in the 2024 Dencun upgrade) and future PeerDAS technology, further enhance network efficiency.
The Scourge: Mitigating centralization risks in block building and staking. Solutions include 'inclusion lists' and encrypted trading pools to reduce transaction manipulation issues caused by Maximal Extractable Value (MEV).
The Verge: Making Ethereum nodes run lighter. By utilizing 'stateless clients' and cryptographic proofs (such as Verkle trees or STARKs), reduce the storage requirements for nodes, ultimately enabling mobile phones or laptops to verify the blockchain, enhancing decentralization.
The Purge: Simplifying protocols and reducing storage requirements. By implementing expiration mechanisms for historical and state data, alleviate the storage burden on nodes, while removing infrequently used functionalities to enhance network efficiency.
The Splurge: Miscellaneous improvements, including Ethereum Virtual Machine (EVM) optimizations, account abstraction, enhancements to transaction fee mechanisms, and future experiments with cryptographic technologies to ensure the network adapts to evolving technological demands.
According to the blockchain's 'impossible triangle' theory, a blockchain network cannot simultaneously achieve security, decentralization, and scalability. If a Layer 1 smart contract platform performs better in these three aspects than other Layer 1s, it can stand out among many Layer 1 blockchains. It can be seen that Vitalik's vision for Ethereum's future is to seek maximum optimization and balance between security, decentralization, and scalability.
Location Snow: Rollups, modular DA, and other narratives have given Ethereum L2 great freedom and scalability. After the Cancun upgrade, the number of L2 projects has seen explosive growth; however, the imagined scenario of L2 giving back to the Ethereum ecosystem seems not to have occurred.
This is why Vitalik needs to redefine the requirements for Layer 2—homogeneous Layer 2 solutions will not form a synergy, and a differentiated product strategy is the optimal solution.
WOO: Recently, I saw Vitalik speaking up for the Ethereum Foundation, claiming that selling coins is for research funding, etc. I believe that continuously selling coins does not significantly impact the price; it affects more the users' expectations and short-term trading sentiment.
Such behavior can lead the community to believe that the Ethereum Foundation has abandoned users, exacerbating the already sluggish token price and causing a loss of confidence in Ethereum.
Ethereum needs to be more down-to-earth, take user emotions into account, and start from user needs to have a chance to win back public trust.
Vitalik's goal for Ethereum is grand, but sometimes technology and token prices do not show a linear relationship. Besides focusing on the narrative of ETH's technological development, ETH should also pay attention to:
1) The foundation's monetization methods need to be adjusted, such as specific donation solutions proposed by Vitalik, to avoid directly selling into Cex (the Ethereum Foundation has cumulatively sold $11.5 million in ETH by 2024), providing more confidence for secondary market users.
2) The positive cycle of ETH token prices requires more solutions that can boost ETH prices in the current low gas environment, instead of solely focusing on technology. Only with continuous capital from Web2 and Web3 within the ETH ecosystem can we further stimulate effective innovation from developers; more catalysts are needed currently.
'Ping Talk' Blockchain: Vitalik's series of articles includes six parts: The Merge, The Surge, The Scourge, The Verge, The Purge, and The Splurge, covering key directions such as the transition of consensus mechanisms, enhancement of scalability, simplification of protocols, optimization of EVM, and account abstraction. Through these six articles, Vitalik Buterin shows us the clear planning of the Ethereum team for future development, which involves not only technological upgrades but also the vision of Ethereum as a global computer.
I hold a positive attitude towards Vitalik's vision, believing that as Web3 continues to develop, Ethereum's importance as underlying infrastructure will become increasingly prominent; the current development of the Ethereum ecosystem is 'far ahead,' which will also give rise to more innovative applications in the future and is expected to drive changes in social governance, financial systems, and more.
However, there are still many uncertainties regarding Ethereum's future development, which are related to technological complexity, competition from public chains, and regulation. Meanwhile, the 'development route around Vitalik' may also be a double-edged sword.
4. Many believe that Solana will challenge Ethereum's status, and has even surpassed Ethereum in some aspects. What do you think?
YBB Capital: From multiple dimensions, Ethereum remains the center of the crypto world, but it does have a unique sense of 'arrogance.' For example, various documentation is still filled with lofty Web3 terminology, making the user experience appear more complex and fragmented. In contrast, heterogeneous chains are trying to simplify and integrate, while Ethereum's infrastructure developers are still researching FHE and chain abstraction, and Vitalik is calling for the entire ecosystem to unite. From a rhythm perspective, Ethereum is indeed a bit disorganized. Solana and Ton are currently leading in user experience and attention economy strategies, but it may still be too early to say they challenge Ethereum. After all, these two public chains have not yet shown any significant trends in non-DeFi applications, nor have they brought any noteworthy major innovations. However, the ideas of being down-to-earth, finding new paths, and creating consumer-level applications are highly commendable, as I have mentioned in my previous articles.
TokenInsight: Comparing Ethereum and Solana is one of the most controversial topics in the current cryptocurrency market. As two of the most influential Layer 1 blockchains, they each have unique characteristics and meet the needs of different user groups within the crypto ecosystem.
Ethereum possesses the strongest network effects among all Layer 1 blockchains. As the first smart contract platform, Ethereum attracts the most users and boasts a large and active developer community. Ethereum has a vast ecosystem of decentralized applications (DApps), tools, and resources that make it easier for new projects to build and grow. As more projects and developers choose to build on Ethereum, the network becomes more valuable, which further attracts more users and projects, creating a positive feedback loop.
In terms of economic security, Ethereum stands out among Layer 1 blockchains. Over a million validators hold over $110 billion in staked ETH. This immense amount of staked value creates strong economic incentives for validators to act honestly. Ethereum demonstrates significant maturity and stability. Compared to other blockchains, Ethereum has not experienced any major network-wide outages that would completely halt operations. This reliability is crucial for developers, users, and businesses that rely on the network for various applications and services.
Solana, on the other hand, is centered around scalability principles, allowing it to handle up to 65,000 transactions per second. Solana offers low transaction latency, with transactions being processed and confirmed within seconds. The network achieves a block time of approximately 400 milliseconds, ensuring fast transaction finality. Solana's low latency is crucial for real-time applications and competitive trading environments where speed is paramount. Solana's ability to provide near-instant transaction finality enhances the user experience.
Ethereum's strong network effects, security, and maturity make it an ideal choice for applications requiring high trust and composability. In contrast, Solana's high throughput and low transaction costs are very suitable for applications that require fast transaction processing and low fees.
Location Snow: Although Solana has surpassed Ethereum in transaction throughput and transaction fees, this does not mean Solana has surpassed Ethereum.
1) While Solana's high-speed and low-cost solutions are attractive, its level of decentralization is relatively low, and the network still poses risks under high load. In contrast, Ethereum, as the first fully decentralized smart contract platform, remains the leader in blockchain technology with its large developer community, decentralized governance structure, and broad market acceptance.
2) Although Solana can provide better performance, Ethereum's decentralization characteristics remain its irreplaceable core advantage in the long run.
WOO: Each chain has its strengths. For example, Solana gained market attention during this cycle through Pump.fun; one could say that now when thinking of SOL, one thinks of memes.
But returning to the DeFi level, the Ethereum ecosystem still accommodates the most funds among chains, with DeFi TVL alone accounting for 70% of the total.
Solana is good, but the two have different orientations, making comparisons somewhat forced.
'Ping Talk' Blockchain: In the short term, Solana indeed has advantages in performance, marketing, and market sensitivity, especially this cycle has propelled the 'Memecoin super cycle,' garnering widespread attention and liquidity.
However, Ethereum's ecosystem is more mature, with a larger developer community and a well-established DeFi infrastructure; particularly, the broad recognition and preference for Ethereum in the traditional financial world give it the potential to first capture the benefits of going mainstream, such as RWA, and its future potential should not be underestimated.
The rise of Solana poses a definite challenge to Ethereum, but overall, both have their strengths and weaknesses, each occupying its ecological niche, with no absolute winner.
5. If you are optimistic about Ethereum, please recharge the faith of the Ethereum community in one sentence.
YBB Capital: In the context of the growing OP alliance, the Ethereum ecosystem indeed has an opportunity to reclaim the high ground.
TokenInsight: As an investor, we may need rational faith and avoid confirmation bias, focusing only on favorable information while ignoring contrary evidence. Logically, Ethereum remains the first smart contract platform, and this status will not change in this bull market. Therefore, buying when no one is paying attention and selling when the crowds are roaring is the way to go.
Location Snow: Ethereum is the cornerstone of the blockchain financial system, whether for L2 or L1 applications, it will maintain an unparalleled position that other chains cannot achieve.
WOO: The disappointment with Ethereum's low price now will lead to regret when it rises later.
'Ping Talk' Blockchain: Observe the ebb and flow of cryptocurrencies, not fighting for a moment. Promoting sustainable value development benefits the future.
