As long as ETH doesn't collapse, there will be no crazy bull market for copycats.

The 519 that made the old leeks in the currency circle tremble with fear was spent in a depressed market sentiment. The good news is that the big drop of that year has not been repeated this year. The bad news is that the market sentiment is not optimistic: BTC is weak in rising, and new coins are all falling. The whole market seems to be stagnant. Many friends around me have lamented in recent casual chats that it is difficult to make money this year. The core reason is very simple: there is no copycat season in this round, and there is no grand occasion of copycats flying all over the place with ten times or a hundred times the previous bull market.

If you ask me, there is no copycat crazy bull market, because as long as ETH, the largest public chain bubble group in the currency circle, does not spit out its excess market value, the copycat will not have a crazy bull market!

To put it bluntly, Ethereum, as the largest copycat, has sucked the "blood" of the copycats in this cycle, which has led to the current situation where the copycats cannot usher in a crazy bull market.

I know this sentence may offend too many Ethereum believers, but this is the fact: compared with the last round of "Defi Bull", Ethereum has too many Layer2s around it, resulting in its market value in this cycle being much higher than many people imagine.

Take the most famous "Four Heavenly Kings" among ETH's more than 60 Layer2s as an example: ARB and OP occupy a circulating market value of 2.6 billion US dollars and 2.7 billion US dollars respectively, and the fully released market value (FDV) of both is more than 10 billion US dollars. Although STRK, which was just listed this year, has a market value of only 1.2 billion US dollars, its fully diluted market value is also 10 billion US dollars.

Zksync, the only one of the four heavenly kings that has not issued a coin, is a project benchmarked against STRK. Its valuation in the last round of financing was also 8 billion, so it is still a 10 billion project.

The FDV of the four heavenly kings alone is equivalent to three avalanche chains (AVAX) added together.

Here we do not count other Layer2s that are already circulating in the market, such as IMX (current market value of 3.3 billion US dollars, FDV4.5 billion), which is the same project as STRK and was listed in the last cycle, Manta (current market value of 360 million US dollars, FDV1.4 billion), which was launched three years ago and just listed this year, and Metis (current market value), whose mother V God is an advisor.

Each of them is an "Ethereum Layer2" with a high valuation, unit price and FDV. After the emergence of these Layer2s, while increasing the ETH consumption scenarios and pushing up the ETH price, they also sucked away the liquidity in the market. However, except for STRK, which can be used as an ETH replacement token on the main network for consumption, the other tokens are "governance tokens", which means they are useless.

In the last cycle, ETH has been developing from Defi to domain names to NFT to pledge, and the concepts and gameplays are endless. However, in this cycle, ETH has long lost its ability to tell stories, and uses the narrative of "Restaking" to support its huge and inflated market value. What is Restaking? It is pledging on the surface, but it is actually a revolving loan. The arrogant ETH project has abandoned the huge number of ordinary users and embraced various ETH big players. The continuous issuance of more than 60 Layer2s has sucked away the liquidity that could have belonged to the copycats, adding to the huge and bloated empire. This is a bloody fact.

Therefore, friends who are still waiting for the copycats to go crazy in this cycle, go to bed. In the market situation where there is no large capital entering the market and the internal PVP is serious, Ethereum will not go crazy unless it completely bleeds. I hope everyone will hold on to the BTC and SOL in their hands, don't buy some empty copycats without authorization, and wait for market changes.

Finally, those who can still read my articles on 520 should be single dogs like me, right? Hahahahahahaha! #ETH🔥🔥🔥🔥🔥🔥 #ARB， #以太坊ETF批准预期