Reasons for ETH's garbage performance:

1. After the Cancun upgrade, Ethereum's gas was reduced too much, resulting in insufficient repurchase and destruction, reversing Ethereum's 3-year Eip-1559 economic flywheel;

2. Strk and Zk, two zk-based projects, killed the big and retail investors by backstabbing the community, and also killed the confidence of the most active users on the chain in the returns of the Ethereum system;

3. More than one hundred Layer2s have unlimitedly divided Ethereum's originally more concentrated liquidity, and the unlimited secondary absorption of liquidity by Eigenlayer has overdrawn the rising potential of ETH new projects;

4. Sol's strong rise and MeMe's obvious wealth-making effect;

5. Highly valued VCs are greedy