"Creators Say" is a dialogue column launched by Foresight News . We will ask outstanding creators selected every month about hot market topics and compile the collected results into articles, draw on opinions from all sides, and discover more in-depth thinking.
Written by: Foresight News Outstanding Content Creator of October 2024
Compiled by: Foresight News
Since 2022, Ethereum's price performance has been sluggish. This old public chain that has experienced three cycles seems to be in trouble in its development. Doubts about the Ethereum Foundation, Vitalik's selling and comments on DeFi, the poor performance of the ETH ETF, and Ethereum's absence from emerging trends have emerged in an endless stream of negative information, and the comments that are bearish on Ethereum are getting more and more intense. Trapped in the FUD dilemma, is Ethereum's future still bright?
The theme of this issue of "Creators Say" is "Deep in the FUD dilemma, is the future of Ethereum still bright?" We have invited YBB Capital , TokenInsight , Coordinate Snow , WOO and "Ping Shuo" blockchain, which were listed in the Foresight News Outstanding Creators List in October 2024, to join the discussion in this issue.
Around the topic of "Ethereum's dilemma", we raised five questions: "What are the reasons for the decline in Ethereum prices?", "What is the real dilemma facing Ethereum?", "What do you think of Vitalik's future goals for Ethereum?", "What do you think of Solana's claim to challenge Ethereum's status?" and "Recharge your faith". Here are the answers we collected:
1. In the crypto market where pumping up the price is justice, Ethereum’s recent performance has been disappointing. What do you think are the reasons for the drop in Ethereum prices?
YBB Capital: I think ETFs are the primary reason for the sluggish price of Ethereum in recent months. For retail investors, ETFs are not cost-effective. Ethereum purchased through exchanges and on-chain not only does not charge high management fees, but can also achieve higher returns through staking. In this case, the liquidity of ETFs is limited, and they have to bear a lot of selling pressure from Grayscale. At the same time, Ethereum has not received the same political dividends as Bitcoin, which ultimately led to the opposite performance of ETH ETF and BTC ETF after they were passed.
There are many secondary reasons, such as the lack of fresh narratives in the application layer and the attention being snatched by heterogeneous chains. The application scenarios of Tokens have gradually shifted from on-chain currencies to collateral. This makes Ethereum unattractive to buy. In the past, whether you were an Ethereum supporter or not, you needed to buy some Ethereum if you wanted to buy mainstream NFTs, participate in project public offerings, participate in mainstream GameFi, participate in project mining and other on-chain activities. Now these narratives have long become a bubble, and after Ethereum embraces modularization, you only need 0.0 U to complete an operation on Layer2, and buying a large amount of Ethereum for on-chain activities has become a thing of the past. In short, if you don't participate in airdrops or pledge arbitrage, Ethereum is basically useless. Assuming you want to participate in some on-chain activities, you only need to buy a few dozen U of Ethereum from the exchange. From this perspective, the drop in Ethereum prices is not unexpected.
TokenInsight: Ethereum's recent poor price performance has been affected by multiple factors, the most important of which is the market's doubts about Ethereum's identity positioning, and Ethereum has an "identity crisis". Ethereum has chosen Layer2 as its core development direction. The rise of Layer2 solutions has improved scalability, but at the same time reduced the basic fee burning on the main network. The burning mechanism failed to offset the new issuance, causing Ethereum to enter a state of inflation. Ethereum's positioning as a potential value store has been questioned.
In addition, after the launch of Ethereum ETF, ETH failed to attract the interest of institutional investors like Bitcoin. Recent data shows that Ethereum spot ETF has continued to have net outflows, while BTC ETF continues to attract a large amount of net inflows. Institutional investors and traditional market investors clearly lack interest in Ethereum.
Coordinates Snow:
1) Layer2 Ecosystem Diversion
The core goal of L2 is to solve the scalability problem of the Ethereum main chain, and to reduce transaction fees and increase throughput by processing transactions outside the main chain, thereby reducing the burden on the main chain. However, the Cancun upgrade did not bring the expected prosperity of Layer2. With the rise of L2 solutions such as Arbitrum and Optimism, more and more protocols are transferring transaction processing to L2, which not only reduces transaction costs but also increases transaction speed. Although these L2 solutions do not change the core advantages of the Ethereum main chain in decentralization and security, they have taken away a large amount of transaction volume and fee income from the mainnet, directly affecting Ethereum's economic model.
2) Reduction of Blob Fees
During the upgrade process of Ethereum 2.0, the EIP-4844 proposal introduced Blob space. Blob transactions significantly reduce the cost of storage and transaction processing by compressing data. The transaction fee is lower than the previous gas fee. The direct consequence is that if Blob transactions are widely adopted, the income of miners and validators will be greatly reduced. The 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 advancement of traditional finance. We can see that the net inflow and trading volume of BTC ETF continue to hit new highs, indicating that traditional financial institutions' interest in Bitcoin has not decreased over time.
In addition, Solana has Pump Fun. The meme craze drives the entire public chain. Pump Fun can earn about 1 million US dollars a day, and the cumulative revenue exceeds 170 million US dollars.
Looking back at ETH's strongest narrative, Restaking, the growth of related token protocols has slowed down. Looking back, ETH is not as good as depositing it in Aave for lending. EigenLayer, which claims to be the leader in the restaking track, has suffered problems such as Twitter theft and investor and employee email hijacking resulting in losses after its launch;
* This refers to the performance of the coin price, and does not mean that Restaking is completely meaningless technically.
In addition, in terms of ETF preferences, traditional finance still prefers BTC. ETH is currently still under strong selling pressure from Grayscale. Once the data improves, it may be time for ETH to see the light of day.
"Ping Shuo" Blockchain: In addition to the increasing uncertainty of the macroeconomic environment, tightening regulatory policies, intensified industry competition, and the rise of competitors, I think it may also be related to the following reasons:
- Uncertainty brought about by technological upgrades: Ethereum is undergoing a series of major technological upgrades, such as The Merge, Sharding, etc. Although these upgrades will help improve performance and scalability, they also bring short-term uncertainty, the effects are not as expected, and affect market confidence.
- The game between L2 and L1: Layer2 has been developed for 4 years, but has not brought any incremental growth to the secondary market and lacks empowerment for L1. However, it has triggered a game between L2 and Ethereum L1, and ETH has changed from deflation to inflation, so much so that Vitalik called for "Ethereum alignment".
- Lack of grand narratives and phenomenal ecological applications: In the last cycle, phenomenal applications such as DeFi, NFTFi, SocialFi, and Metaverse emerged, leading the development of the entire crypto industry. However, in this cycle, there are no phenomenal applications and grand narratives in the Ethereum ecosystem, and people have turned from high hopes for Ethereum to disappointment and even FUD.
2. Putting aside the price, what is the real dilemma facing Ethereum? What are the ways to save itself?
YBB Capital: The current Ethereum gives people the feeling of internal division and confusion about the future. I mentioned in my article about Ethereum that Ethereum has not failed in promoting infrastructure in recent years, but has been very successful and rapid. But what is Layer2 used for? How to make the business model from C to B? I think Ethereum has not thought it through. In this case, interest groups have emerged on the second layer that continue to absorb the ecology and funds of the main chain, but the feedback to the main chain is pitiful. Putting aside uncertainties such as US politics and the sudden outbreak of the application layer, Ethereum's self-rescue still needs to reflect on the business model, and the entire ecosystem does need to be aligned again.
TokenInsight: Ethereum’s dilemma mainly lies in balancing scalability and the loss of mainnet value caused by Layer2 and the fragmentation between different Layer2s.
1) Layer 2 solutions lead to lower demand for ETH
Ethereum layer 2 solutions, such as Rollups, have emerged as a solution to alleviate congestion on the Ethereum mainnet. By processing transactions off-chain and then uploading them back to the mainchain in batches, these solutions provide faster and cheaper transactions, significantly improving the user experience. However, this shift poses potential challenges to Ethereum's value capture.
As more transactions are processed on layer-2 solutions, fees and economic activity that would otherwise benefit the Ethereum mainnet are increasingly redirected. This shift could lead to a reduction in demand for ETH as users interact more with layer-2 networks like Arbitrum and Optimism rather than using the Ethereum base layer. The economic incentives that drive the value of ETH could weaken, potentially affecting its price and utility as a primary asset within the ecosystem.
While Ethereum can serve as a data availability (DA) layer for these layer 2 protocols, the fees and value captured by ETH are still significantly lower than if these transactions occurred directly on layer 1. While the DA role is critical, it does not fully compensate for the reduction in value of direct transactions on Ethereum mainnet.
In July and August 2024, Ethereum experienced a significant drop in gas fees, reaching levels not seen in over five years. This trend was largely attributed to the continued impact of the Dencun upgrade and increased activity on second-layer solutions.
By mid-August, Ethereum gas fees had fallen to as low as 0.6 gwei, with low-priority transactions recorded at just 1 gwei or less. This is down more than 95% from the high of 83 gwei observed during the network’s high activity in March 2024.
The Dencun upgrade implemented in March 2024 played a key role in reducing transaction costs on the second-layer network. 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 more efficiently process second-layer (L2) transaction data. These blobs are cleared from the blockchain after a set period, significantly reducing the storage costs associated with L2 transactions.
The significant drop in gas fees also affects the amount of ETH burned, which is 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, reducing the total supply over time if the amount burned exceeds the issuance of staking rewards. However, if there is insufficient demand for ETH to pay gas fees, the issuance from staking rewards may cause the total supply of ETH to increase.
2) Layer 2 interoperability and complexity issues
Ethereum’s push toward second-layer solutions has created interoperability issues and increased complexity for developers, making it more difficult for users to have a seamless experience compared to other first-layer networks (such as Solana).
Each second-layer solution — like Arbitrum, Optimism, and ZKsync — operates as a separate environment with its own set of rules and standards. This fragmentation means that assets and data cannot move seamlessly between these different second-layer 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 error-prone.
There are now 64 Layer 2s, 18 Layer 3s, and 81 upcoming Layer 2 and Layer 3 projects on Ethereum. Since different L2s operate in isolated environments, it becomes difficult for decentralized applications (DApps) and users to interact seamlessly between these networks.
In addition, multiple second-layer solutions significantly increase the complexity of building and deploying decentralized applications (DApps). Developers must decide which second-layer network to build on, weighing factors such as user base, transaction costs, and technical specifications. Moreover, maintaining DApps on multiple second layers increases the development and maintenance workload because each second layer may have different tools, APIs, and performance characteristics.
These interoperability and complexity issues not only affect developers, but also have a knock-on effect on the user experience. Users may find it confusing to navigate between different second-layer networks, each with its own wallets, transaction processes, and fees. This fragmented experience can hinder adoption and detract from the seamless experience Ethereum is designed to provide.
3) Does ETH have a monetary premium?
A monetary premium is the additional value an asset has over and above its intrinsic or utility value, typically because it is viewed as a store of value, medium of exchange, or unit of account. Ethereum has long been considered to have a monetary premium, which has contributed to its status as the second-largest cryptocurrency by market cap.
For Ethereum, its monetary premium stems from several factors:
- Utility in the ecosystem: Ethereum is the backbone of a large number of decentralized applications (DApps), decentralized finance (DeFi) platforms, and non-fungible tokens (NFTs). The need to pay gas fees and participate in on-chain activities with ETH makes its value beyond mere technical functionality.
- 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 storage similar to Bitcoin. This perception adds a monetary premium to ETH.
- Staking and Earning Potential: ETH holders can earn rewards by staking their tokens, which further enhances its value proposition and increases its monetary premium.
However, unlike Bitcoin, which has a hard cap of 21 million, Ethereum has no fixed supply limit. Critics argue that this lack of a cap undermines ETH's ability to serve as a reliable store of value, and that its supply could increase over time, diluting its value. According to EIP-1559, when demand for ETH is high, ETH becomes a deflationary asset because part of the gas fee is burned. But when demand falls, ETH becomes an inflationary asset, which weakens its value proposition as a store of value.
Additionally, Ethereum is often seen as being more focused on being a "world computer" rather than just a monetary asset. This multifaceted role, while providing utility, may undermine its perception as a simple and reliable store of value, compared to Bitcoin's focus on being "digital gold."
The core question revolves around what exactly is Ethereum's value proposition. If Ethereum's primary goal is to operate as a world computer, it needs to move transactions to second-layer solutions to achieve faster processing and lower transaction costs. However, this shift will inevitably shift some value to second-layer protocols, weakening the value accumulation of ETH as an asset. The challenge is how to balance the need for scalability with the desire to maintain and increase the value of ETH.
In order to maintain its status as “Ultra Sound Money”, Ethereum must ensure that second-layer solutions provide users with low-cost transactions while not detracting from the value of its native asset. This delicate balance is critical for ETH to continue to maintain its monetary premium.
Coordinates Snow:
1) Although Ethereum 2.0 and multiple upgrades have significantly improved network efficiency, its scalability remains a major challenge. Ethereum's TPS is still lower than that of public chains such as Solana, especially when the network is under high load, transaction fees soar and processing speeds slow down, affecting developers and user experience.
2) Although Ethereum is still the most accepted smart contract platform, it faces huge competition from new public chains. Public chains such as Solana, Polygon and Arbitrum have attracted a large number of developers and capital inflows by providing lower transaction fees and higher throughput. In particular, Solana has become an important competitor to Ethereum with 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 are still its bottlenecks.
Secondly, promote L2 ecological diversification and cross-chain interoperability to ensure that Ethereum and other blockchain protocols can be seamlessly connected.
WOO: There is still a lack of applications.
Ethereum has built a lot of infrastructure to make this public chain faster and easier to use, but the current situation is not that the infrastructure is good, but that there are no users.
It's like building a lot of highways but without cars running on them.
To predict the future development of ETH, we can get a glimpse of clues from the leading indicator financing:
Starting from August 2024, the overall investment direction is still concentrated on infrastructure, with a total of US$660 million in financing. DeFi ranked second with US$330 million in financing. Compared with 2023, the amount of DeFi financing has increased significantly.
At present, the ETH ecosystem is the absolute leader in DeFi TVL, accounting for more than 70%. Although there are no products that have emerged, we can look forward to whether there will be more high-quality DeFi projects in 2025 when L1&L2 are further mature, which will replicate the DeFi Summer of 2020 and drive the price of Ethereum back to life.
"Ping Shuo" Blockchain: The dilemma may lie in the balance between long-term sustainable development and short-term commercial implementation. While focusing on long-term sustainable development, we need to take into account the commercial applications that can be implemented in actual development. While paying attention to technological upgrades, we also need to make each commercial application a ladder to long-termism.
Among the many smart contract public chains, Ethereum has gained wider recognition in the traditional financial world. The development of commercial applications by Ethereum can take into account both inside and outside the circle and achieve the integration of the two. For example, RWA allows real assets to be put on the chain, linking the two worlds and bringing sustainable growth to Ethereum.
3. Vitalik recently published six articles describing the future of Ethereum. What do you think of the future goals that Vitalik has designed for Ethereum?
YBB Capital: Vitalik's goal has not changed, to adapt Ethereum to large-scale applications and make encryption more than just finance. But an excellent crypto geek may not be a good businessman or a qualified crypto user. Vitalik is very idealistic in most cases, which can be seen from the pricing curve of Ethereum as a DA layer and his speeches on non-financial applications at various public events. This idealism can easily lead to the wrong direction of development. Ethereum, as a behemoth worth hundreds of billions of dollars today, cannot only talk about narrative and the future. I think the future goals designed by Vitalik for Ethereum are still too advanced. I don't see any hope of reviving Ethereum in these goals.
TokenInsight: Vitalik published a series of blog posts titled "Possible Future of Ethereum Protocol", detailing the core content of Ethereum's six major upgrade paths. Let's summarize the core goals of these six upgrades:
- The Merge: Complete the transition from Proof of Work (PoW) to Proof of Stake (PoS) in 2022, reducing energy consumption by 99% and improving network security. Future goals include reducing confirmation time to about 4 seconds and reducing the staking threshold to 1 ETH to attract more users to participate in network security maintenance.
- The Surge: Increase Ethereum’s transaction throughput to 100,000 transactions per second (TPS). Further improve network efficiency through Layer 2 expansion and data storage optimization (such as “blobs” data storage in the 2024 Dencun upgrade) and future PeerDAS technology.
- The Scourge: Mitigating centralization risks in block construction and staking. Solutions include "inclusion lists" and encrypted transaction pools to reduce the problem of transaction manipulation caused by maximum extractable value (MEV).
- The Verge (Transformation): Make Ethereum nodes lighter. Through "stateless clients" and cryptographic proofs (such as Verkle trees or STARKs), node storage requirements are reduced, and ultimately mobile phones or laptops can also verify blockchains, enhancing decentralization.
- The Purge: Simplify the protocol and reduce storage requirements. Reduce the node storage burden through the historical and state data expiration mechanism, while removing uncommon functions to improve network efficiency.
- The Splurge (Miscellaneous Improvements): Includes Ethereum Virtual Machine (EVM) optimization, account abstraction, transaction fee mechanism improvements, and experiments with future cryptographic technologies to ensure that the network adapts to evolving technical needs.
According to the "Blockchain Trilemma" theory of blockchain, blockchain networks cannot achieve security, decentralization, and scalability at the same time. If a Layer1 smart contract platform does better than other Layer1s in these three aspects, it can stand out among many Layer1 blockchains. It can be seen that Vitalik's vision for the future of Ethereum is to seek the greatest degree of optimization and balance between security, decentralization, and scalability.
Snow: Rollup, modular DA and other narratives have given Ethereum L2 great freedom and scalability. After the Cancun upgrade, the number of L2 projects has grown explosively, and the imagined L2 feeding back to the Ethereum ecosystem does not seem to have happened.
That is why Vitalik needs to redefine the requirements for L2 - homogeneous L2 will not form a synergy, and a differentiated product strategy is the optimal solution.
WOO: Recently, I saw Vitalik speak for EF, saying that the sale of coins was for research funding, etc. I think that the continuous sale of coins has little impact on the price of coins. It affects more the expectations of users and short-term trading sentiment.
Such behavior will make the community think that EF has abandoned its users, making the already low coin price even worse and causing further loss of confidence in Ethereum.
Ethereum needs to be more down-to-earth, take into account user emotions, and start from user needs, only then will it have a chance to win back the hearts of the people.
Vitalik Buterin has ambitious goals for Ethereum, but sometimes technology and coin prices are not linearly related. In addition to focusing on the narrative of ETH's technological development, ETH should also focus on:
1) The way the foundation monetizes needs to be adjusted, such as the specific donation solution proposed by Vitalik Buterin, and not directly transferred to Cex for sale (the ETH Foundation has sold a total of 11.5 million US dollars of ETH in 2024), to provide more confidence for secondary market users;
2) The positive cycle of ETH token prices. In the current situation where gas is low and it is difficult to start a positive cycle of continuous destruction on the chain, more solutions that can boost ETH prices are needed. We cannot just focus on technology. Only when Web2 and Web3 funds continue to be in the ETH ecosystem can it further stimulate effective innovation among developers. More catalysts are needed at present.
"Ping Shuo" Blockchain: Vitalik's series of articles include 6 parts: the Merge, The Surge, The Scourge, The Verge, the Purge and The Splurge, covering key directions such as consensus mechanism transformation, scalability improvement, protocol simplification, EVM optimization and account abstraction. Through these 6 articles, Vitalik Buterin shows us the Ethereum team's clear plan for future development. These plans not only involve technological upgrades, but also include the vision of Ethereum as a global computer.
I am positive about Vitalik's vision and believe that with the continuous development of Web3, the importance of Ethereum as the underlying infrastructure will become increasingly prominent; the current Ethereum ecosystem development is "far ahead" and will spawn more innovative applications in the future, and is expected to promote changes in social governance, financial systems and other aspects.
However, there are still many uncertainties in the future development of Ethereum, which is related to technical complexity, public chain competition and supervision. At the same time, "development around Vitalik's route" may also be a double-edged sword.
4. Many people believe that Solana will challenge Ethereum’s position and even surpass Ethereum in some aspects. What do you think?
YBB Capital: From multiple perspectives, Ethereum is still the center of the crypto world, but it does have a unique "arrogance". For example, various documentation is still full of high-sounding Web3 terms, and the user experience is more complicated and fragmented. In contrast, heterogeneous chains are trying their best to simplify and integrate, while Ethereum's infrastructure developers are still studying FHE and chain abstraction, and Vitalik is still calling on the entire ecosystem to stick together. From the rhythm point of view, Ethereum is indeed a bit confused. Solana and Ton are currently far ahead in user experience and attention economy gameplay, but it may be too early to challenge Ethereum. After all, these two public chains have not seen any trends in the performance of non-DeFi applications, nor have they had any major innovations worth mentioning. However, the idea of being down-to-earth, finding new ways out, and making consumer-level applications is very commendable, which I have mentioned many times in my past articles.
TokenInsight: Comparing Ethereum and Solana is one of the most controversial topics in the current cryptocurrency market. As the two most influential layer-one blockchains, they each have unique characteristics and meet the needs of different user groups in the crypto ecosystem.
Ethereum has the strongest network effect of all layer 1 blockchains. As the first smart contract platform, Ethereum has attracted the most users and a large and active developer community. Ethereum has a large 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, forming a positive feedback loop.
Ethereum also stands out among layer 1 blockchains in terms of economic security. There are over 1 million validators with over $110 billion in ETH staked. The huge amount of staked value creates a strong economic incentive for validators to act honestly. Ethereum has demonstrated remarkable maturity and stability. Compared to other blockchains, Ethereum has not experienced major network-wide outages that have completely stopped operations. This reliability is critical to developers, users, and businesses that rely on the network for a variety of applications and services.
Solana is built with scalability as a core principle, enabling it to process 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 critical for real-time applications and competitive trading environments where speed is of the utmost importance. Solana's ability to provide near-instant transaction finality improves the user experience.
Ethereum’s strong network effects, security, and maturity make it ideal for applications that require a high degree of trust and composability. In contrast, Solana’s high throughput and low transaction costs are a good fit for applications that require fast transaction processing and low fees.
Snow: Although Solana has surpassed Ethereum in transaction throughput and transaction fees, this does not mean that Solana has surpassed Ethereum.
1) Although Solana's high-speed and low-cost solutions are attractive, their degree of decentralization is low, and the network is still risky under high load. In contrast, Ethereum, as the first fully decentralized smart contract platform, remains a leader in blockchain technology with its large developer community, decentralized governance structure, and broad market recognition.
2) Although Solana can provide better performance, in the long-term ecological development, Ethereum's decentralized nature remains its irreplaceable core advantage.
WOO: Each chain has its own area of expertise. For example, we can see that Solana has won market attention in this cycle with Pump.fun. It can be said that now when we think of SOL, we will think of Meme.
But returning to the DeFi level, the Ethereum ecosystem is still the chain that accommodates the most funds, and DeFi TVL alone accounts for 70% of the total.
Solana is good, but the two have different orientations, so it’s a bit of a stretch to compare them.
"Ping Shuo" Blockchain: In the short term, Solana does have advantages in performance, marketing, and market acumen, especially this cycle has driven the "Memecoin super cycle" and won widespread attention and liquidity.
However, Ethereum’s ecosystem is more mature, its developer community is larger, and it has a complete DeFi infrastructure; in particular, the traditional financial world’s widespread recognition and priority adoption of Ethereum makes it possible for it to be the first to reap the benefits of going out of the circle, such as RWA, and its future potential cannot be underestimated.
The rise of Solana poses a certain challenge to Ethereum, but overall, both have their own advantages and disadvantages and their own ecological niches, and there is no absolute winner.
5. If you are optimistic about Ethereum, please use one sentence to recharge the faith of the Ethereum community.
YBB Capital: As the OP Alliance grows stronger, the Ethereum ecosystem does have a chance to regain the upper hand.
TokenInsight: As an investor, we may need rational beliefs and avoid confirmation bias, which is to focus only on favorable information and ignore contrary evidence. Logically, Ethereum is still the number one smart contract platform, and this status quo will not change in this bull market. So just buy when no one is interested and sell when the market is crowded.
Snow: Ethereum is the cornerstone of the blockchain financial system. Whether it is L2 or L1 application, it will maintain an unparalleled position, which is something other chains cannot do.
WOO: The more disappointed you are with the low price of Ethereum now, the more regretful you will be when it goes miss the pump.
"Ping said" blockchain: Watch the ups and downs of the currency market, don't fight for the moment. Promote the sustainable development of value, and benefit for generations to come.
