L2 did not report more benefits
📌L1 activity needs to increase, but is being outsourced to L2s, which in the opinion of the community has no obvious benefit to ETH.
Crypto KOL DCinvestor wants to reintroduce ETH as a programmable currency — the only narrative that matters.
The narrative advocates that with ETH as the original collateral, revenue and burn metrics are not that important. Chainlink community liaison Zach Rynes countered that stablecoins have proven to be a more efficient and widely adopted programmable currency than ETH.
As more and more L2 solutions use its native token as gas currency, ETH’s “digital oil” narrative is gradually weakening. Even builders are worried.
Ambient founder Doug Colkitt humorously and accurately compared Ethereum’s Rollup-centric plans to a pilot mid-flight who realizes the runway is too short but insists everything will be fine — despite all evidence to the contrary.
Is it all over?
Crypto KOL MilliΞ believes that assessing the value of ETH requires social awareness, understanding of the industry's mission, attention to network effects, skepticism about legal currencies, and confidence in an innovative Internet-native society.
ETH is unlike anything that has come before, and it is difficult to fit into traditional narratives such as “digital oil” or “tech stocks.” The value of ETH lies in its potential to build a sovereign economy native to the Internet, without intermediaries or legacy systems. It requires forward thinking, understanding network effects, and recognizing possibilities that are yet to be realized.
Ethereum will define its own future beyond what current frameworks can predict. One might say that this is difficult for boomers and institutions to accept. Crypto KOL mikeneuder provides a visionary example. His rationale for being bullish on Ethereum is that it will provide a decentralized, self-hosted, permissionless system that allows value to be transferred around the world without being seized or censored. This is at the heart of its long-term value proposition.
Decentralization is not just a nice-to-have, it is crucial. In a centralized world where governments and businesses can coerce, Ethereum’s neutral, censorship-resistant design makes it a unique digital property rights system. Bitcoin is censorship-resistant, but as block rewards decrease, Bitcoin will rely on transaction fees to incentivize miners, which may not ensure its long-term security.
This is exactly what Ethereum Foundation researchers such as Justin Ðrake have mentioned in the past.
also
Unlike the Rollup roadmap for Ethereum’s scalable suite, Bitcoin’s static development makes it harder to adapt.
In the short term, Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believes that compared to the current L2 design, being based on Rollup can fundamentally change the incentive structure and directly affect the monetization of ETH.
This shift could increase long-term demand for ETH by 100x.
After the PoS conversion and ETH burning conversion, everything seems to be going smoothly. But the narrative for Ethereum is currently in limbo as ETH prices struggle to recover. Personally, it’s interesting to see community discussions redefining the Ethereum narrative.
Ignas agrees with crypto KOL MilliΞ’s explanation that more social awareness and a deep understanding of the crypto industry’s mission are needed to appreciate the value that Ethereum offers. But when greed and speculation cloud the mind, entire industries tend to deviate from their mission. Only when things get tougher will the original intention return.
In addition, we see more active discussions among the Ethereum Foundation, L2 builders, and even Vitalik participating more in community discussions. It all makes it clear that people are increasingly desperate to get back on track.
But as Ambient founder Doug Colkitt asked, “Are you sure the runway is long enough to accommodate this plane?”
In short
Ignas remains firmly bullish (biased, if you will) on Ethereum.
