"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 collected results into written form, gathering diverse opinions to explore deeper thoughts.

Written by: Outstanding Content Creators of Foresight News, October 2024

Compiled by: Foresight News

Since 2022, Ethereum's price performance has been lackluster, and this veteran public chain, which has experienced three cycles, seems to be stuck in a developmental rut. Questions about the Ethereum Foundation, Vitalik's sell-offs, comments on DeFi, poor performance of ETH ETFs, and Ethereum's absence in emerging trends have led to a flood of negative information, intensifying the bearish sentiment towards Ethereum. Is there still a bright future for Ethereum amidst this FUD predicament?

This issue of "Creator's Voice" is themed "Is there still a bright future for Ethereum amidst the FUD predicament?" We invited YBB Capital, TokenInsight, Coordinate Snow, WOO, and Blockchain "Ping Talk", all of whom are listed in the October 2024 Outstanding Creators List, to join this discussion.

Around the topic of "Ethereum's Predicament," we posed five questions: "What are the reasons for Ethereum's price decline?", "What is the real predicament 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 price surges are seen as justice, Ethereum's recent performance has been disappointing. What do you think are the reasons for Ethereum's price decline?

YBB Capital: I believe the primary reason for Ethereum's sluggish price in recent months is the ETF. For retail investors, ETFs offer no cost-effectiveness. Purchasing Ethereum through exchanges or on-chain not only avoids high management fees but also allows for higher yields through staking. In this context, the liquidity of ETFs is already limited and must also bear the significant selling pressure from Grayscale. At the same time, Ethereum has not received the political benefits that Bitcoin has, ultimately leading to a stark contrast in performance between ETH ETFs and BTC ETFs after their approval.

There are many secondary reasons, such as a lack of fresh narratives at the application layer and attention being diverted to heterogeneous chains. The application scenarios for tokens have gradually shifted from being on-chain currencies to collateral. This has made Ethereum less attractive for purchase. In the past, whether you were an Ethereum supporter or not, if you wanted to buy mainstream NFTs, participate in project public offerings, engage in mainstream GameFi, or take part in on-chain mining activities, you needed to purchase some Ethereum. Now, these narratives have become illusions, and after Ethereum embraced modularity, you can complete a transaction on Layer 2 with just a fraction of a U. The need to purchase large amounts of Ethereum for on-chain activities has become a thing of the past. In short, if you are not participating in airdrops or staking arbitrage, Ethereum is basically useless. If you want to engage in some on-chain activities, you only need to buy a few U of Ethereum from an exchange. From this perspective, the decline in Ethereum's price is not surprising.

TokenInsight: Ethereum's recent poor price performance is influenced by multiple factors, the most important of which is the market's questioning of Ethereum's identity, leading to an "identity crisis." Ethereum has chosen Layer 2 as its core development direction. The rise of Layer 2 solutions has improved scalability but simultaneously reduced the base fee burning on the mainnet. The burning mechanism has failed to offset the new issuance, resulting in Ethereum entering a state of inflation. The positioning of Ethereum as a potential store of value has come under scrutiny.

Additionally, after the launch of the Ethereum ETF, ETH has failed to attract institutional investors' interest like Bitcoin has. Recent data shows a continuous net outflow from Ethereum spot ETFs, while BTC ETFs continue to attract significant net inflows. Institutional and traditional market investors clearly lack interest in Ethereum.

Coordinate Snow:

1) Layer 2 Ecosystem Diversion

The core goal of Layer 2 is to solve the scalability issues of the Ethereum main chain by processing transactions outside the main chain, reducing transaction costs and increasing throughput, thereby alleviating the burden on the main chain. However, the Cancun upgrade did not bring about the expected Layer 2 prosperity. With the rise of L2 solutions like Arbitrum and Optimism, more and more protocols are shifting transaction processing to L2, which not only lowers transaction costs but also increases transaction speed. Although these L2 solutions do not change the core advantages of the Ethereum main chain in terms of decentralization and security, they have diverted a significant amount of transaction volume and fee income from the mainnet, directly impacting Ethereum's economic model.

2) Reduction in Blob Fees

During the Ethereum 2.0 upgrade, the EIP-4844 proposal introduced Blob space. Blob transactions significantly reduce storage and transaction processing costs by compressing data. The transaction fees are lower than the previous gas fees. The direct consequence is that if Blob transactions are widely adopted, the income of miners and validators will decrease significantly. A decline in income may affect the network's security and operation.

WOO: Ethereum lacks a killer narrative, meaning it lacks a wealth effect.

The main narrative for Bitcoin is the entry of traditional finance, as evidenced by the continuous net inflows and record trading volumes of BTC ETFs, showing that traditional financial institutions' interest in Bitcoin has not diminished over time.

Additionally, Solana has Pump Fun, with meme frenzy driving the entire public chain, generating about $1 million daily, with cumulative revenue exceeding $170 million.

Looking back, Ethereum's strongest narrative, Restaking, has seen related token protocols underperform. In hindsight, Ethereum is not as beneficial as lending on Aave; EigenLayer, which claims to be the leader in the restaking sector, has faced issues such as Twitter hacks and employee email hijacking leading to losses after its launch.

* This refers to price performance and does not imply that Restaking is technically meaningless.

Moreover, in terms of ETF preferences, traditional finance still favors BTC, while ETH is currently under significant 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 increasing uncertainty in the macroeconomic environment, tightening regulatory policies, intensified industry competition, and the rise of competitors diverting attention, I believe there are additional reasons related to:

• Uncertainty brought by technological upgrades: Ethereum is undergoing a series of significant technological upgrades, such as The Merge and Sharding. While these upgrades help improve performance and scalability, they also bring short-term uncertainty, with results falling short of expectations, affecting market confidence.
• The game between L2 and L1: The Layer 2 grand strategy has developed for four years without bringing incremental benefits to the secondary market, lacking empowerment for L1, but has triggered a game between L2 and Ethereum L1, leading to ETH shifting from deflation to inflation, 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's development. 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 leading to FUD.

2. Aside from price, what is the real predicament facing Ethereum? What are the self-rescue methods?

YBB Capital: The current perception of Ethereum is one of internal division and confusion about the future. I mentioned in an article about Ethereum that Ethereum has not been unsuccessful in advancing infrastructure in recent years; rather, it has been very successful and rapid. But what exactly is Layer 2 meant to do? How should the business model of shifting from C to B be executed? I feel that Ethereum has not figured this out. In this situation, Layer 2 has seen various interest groups operating independently, continuously extracting from the main chain's ecosystem and funds, with very little feedback to the main chain. Setting aside uncertainties like U.S. politics and sudden explosions at the application layer, Ethereum's self-rescue still needs to reflect on its business model, and the entire ecosystem indeed needs to realign.

TokenInsight: Ethereum's predicament mainly lies in balancing scalability with the value loss of the mainnet caused by Layer 2 and the fragmentation between different Layer 2s.

1) Layer 2 solutions lead to reduced ETH demand

Ethereum's Layer 2 solutions, such as Rollups, have emerged as a way to alleviate congestion on the Ethereum mainnet. By processing transactions off-chain and then batch uploading them back to the main chain, these solutions provide faster and cheaper transactions, significantly enhancing user experience. However, this shift poses potential challenges to Ethereum's value capture.

As more transactions are processed on Layer 2 solutions, the fees and economic activities that would benefit the Ethereum mainnet are increasingly 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's 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 occurred 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 drop in gas fees, reaching levels not seen in over five years. This trend is primarily attributed to the ongoing effects of the Dencun upgrade and increased 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 decline 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 significant aspect of the Dencun upgrade was 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 substantial decrease in gas fees has also impacted the amount of ETH being 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 dynamically adjusts 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 from staking rewards. However, if demand for paying gas fees in ETH is insufficient, the issuance from staking rewards may lead to an increase in the total supply of ETH.

2) Interoperability and Complexity Issues of Layer 2

Ethereum's push towards Layer 2 solutions has created interoperability issues and increased complexity for developers, making it more challenging 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 error-prone.

Currently, there are 64 Layer 2s, 18 Layer 3s, and 81 upcoming Layer 2 and Layer 3 projects entering Ethereum. Due to the isolated environments in which different L2s operate, decentralized applications (DApps) and users find it difficult to interact seamlessly across these networks.

Moreover, multiple Layer 2 solutions significantly increase 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. Additionally, maintaining DApps across multiple Layer 2s increases the workload for development and maintenance, as each Layer 2 may have different tools, APIs, and performance characteristics.

These interoperability and complexity issues not only affect developers but also create a ripple effect on user experience. Users may find navigating between different Layer 2 networks confusing, with each network having its own wallets, transaction processes, and fees. This fragmented experience hinders adoption and diminishes the seamless experience that Ethereum aims to provide.

3) Does ETH Have a Monetary Premium?

A monetary premium refers to the additional value of an asset beyond its intrinsic or utility value, often because it is viewed as a store of value, medium of exchange, or unit of account. For a long time, Ethereum has been considered to have a monetary premium, contributing to its status as the second-largest cryptocurrency by market capitalization.

For Ethereum, its monetary premium stems from several factors:

• Utility in 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 in ETH and participate in on-chain activities adds value beyond its mere technical functionality.
• Perception as a Store of Value: 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 store of value similar to Bitcoin. This perception adds to ETH's monetary premium.
• Staking and Earning Potential: ETH holders can earn rewards by staking their tokens, further enhancing its value proposition and increasing its monetary premium.

However, unlike Bitcoin, which has a hard cap of 21 million coins, Ethereum does not have a fixed supply limit. Critics argue that this lack of a cap undermines ETH's ability to serve as a reliable store of value, as its supply may increase over time, leading to dilution of value. According to EIP-1559, when demand for ETH is high, ETH becomes a deflationary asset because a portion of gas fees is burned. But when demand decreases, ETH turns into an inflationary asset, weakening its value proposition as a store of value.

Additionally, Ethereum is often seen as more focused on becoming a "world computer" rather than just a monetary asset. This multifaceted role, while providing utility, may dilute its perception as a simple and reliable store of value, especially in contrast to Bitcoin's focus on being "digital gold."

The core issue revolves around what Ethereum's value proposition truly is. If Ethereum's primary goal is to operate as a world computer, it needs to shift transactions to Layer 2 solutions for faster processing and lower transaction costs. However, this transition inevitably transfers some value to 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 users with low-cost transactions while not diminishing the value of its native asset. This delicate balance is crucial for ETH to continue retaining its monetary premium.

Coordinate Snow:

1) Despite Ethereum 2.0 and multiple upgrades significantly improving network efficiency, its scalability issues remain a major challenge. Ethereum's TPS is still lower compared to public chains like Solana, especially during high network load, where transaction fees surge and processing speeds slow down, affecting both developer and user experience.

2) While Ethereum remains the most widely accepted smart contract platform, it faces significant competition from new public chains. Chains like Solana, Polygon, and Arbitrum attract a large influx of developers and capital by offering lower transaction fees and higher throughput, with Solana, in particular, becoming a significant competitor to Ethereum due to its unique consensus mechanism and high-performance architecture.

Methods:

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, it should promote the diversification of the L2 ecosystem and cross-chain interoperability to ensure seamless integration 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 user-friendly, but the current situation is not about infrastructure; it is about the absence of users.

It's like building many highways but having no cars on them.

To predict the future development of ETH, we can glimpse some clues from leading indicators in financing:

Starting from August 2024, the overall investment direction is still concentrated on infrastructure, with a total of $660 million raised, while DeFi ranks second with $330 million raised, showing a significant increase in DeFi financing compared to 2023.

Currently, the ETH ecosystem dominates in terms of DeFi TVL, accounting for over 70%. Although no breakout products have emerged yet, we can look forward to whether more quality DeFi projects can replicate the DeFi Summer of 2020 in the further matured L1 & L2 landscape of 2025, thereby reviving the price of Ether.

"Ping Talk" Blockchain: The dilemma may lie in balancing long-term sustainability with short-term commercial viability. While focusing on long-term sustainability, it is essential to also consider commercially viable applications in real-world development, ensuring that each commercial application serves as a stepping stone toward long-termism.

Among many smart contract public chains, Ethereum has gained broader recognition in the traditional financial world. Developing commercial applications on Ethereum can bridge the gap between the inside and outside, achieving integration of both, such as RWA, which brings real assets on-chain, linking the two worlds and providing sustainable incremental growth for Ethereum.

3. Vitalik recently published six articles outlining the future of Ethereum. How do you view Vitalik's future goals for Ethereum?

YBB Capital: Vitalik's goal has always been to adapt Ethereum for large-scale applications, making crypto more than just finance. However, an excellent crypto geek may not necessarily be a good businessman or a qualified crypto user. In most cases, Vitalik tends to be quite idealistic, as seen from the pricing curve of Ethereum as a DA layer and his statements about non-financial applications in various public events. This idealism can easily lead to incorrect development paths. Today, Ethereum, as a multi-billion dollar giant, cannot solely focus on narratives and the future. I feel that Vitalik's future goals for Ethereum are still too advanced, and I do not see hope for reviving Ethereum within these goals.

TokenInsight: Vitalik has released a series of blog posts titled "Possible Futures for the Ethereum Protocol," detailing the core content of six major upgrade paths for Ethereum. Here’s a summary of 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 times to about 4 seconds and lowering 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 enhance network efficiency through Layer 2 scaling and data storage optimization (such as the "blobs" data storage in the 2024 Dencun upgrade) and future PeerDAS technology.
• The Scourge: Mitigate centralization risks in block building and staking. Solutions include "inclusion lists" and encrypted transaction pools to reduce transaction manipulation issues caused by maximum extractable value (MEV).
• The Verge: Make Ethereum nodes run more lightweight. By implementing "stateless clients" and cryptographic proofs (such as Verkle trees or STARKs), reduce node storage requirements, ultimately allowing mobile phones or laptops to validate the blockchain, enhancing decentralization.
• The Purge: Simplify the protocol and reduce storage requirements. Alleviate node storage burdens through expiration mechanisms for historical and state data while removing infrequently used features to improve network efficiency.
• The Splurge: Miscellaneous improvements, including Ethereum Virtual Machine (EVM) optimizations, account abstraction, transaction fee mechanism improvements, and future cryptographic technology experiments to ensure the network adapts to evolving technological demands.

According to the "impossible triangle" theory of blockchain, 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 numerous Layer 1 blockchains. It is evident that Vitalik's vision for the future of Ethereum seeks to maximize optimization and balance among security, decentralization, and scalability.

Coordinate Snow: The narratives around Rollup, modular DA, etc., have given Ethereum L2 significant freedom and scalability. After the Cancun upgrade, the number of L2 projects has surged, but the anticipated scenario of L2 feeding back into the Ethereum ecosystem seems not to have occurred.

This is why Vitalik needs to redefine the requirements for L2—homogeneous L2s will not form a synergy; a differentiated product strategy is the optimal solution.

WOO: Recently, I saw Vitalik speaking on behalf of the EF, stating that selling tokens is for research funding, etc. I believe that continuously selling tokens does not significantly impact the token price; rather, it affects user expectations and short-term trading sentiment more.

Such behavior may lead the community to believe that the EF has betrayed users, exacerbating the already sluggish token price and further eroding confidence in Ethereum.

Ethereum needs to be more grounded, consider user sentiment, and start from user needs to have a chance to win back public trust.

Vitalik's design for Ethereum's goals is ambitious, but sometimes technology and token prices do not have a linear relationship. In addition to focusing on the narrative of ETH's technological development, ETH should also pay attention to:

1) Adjusting the foundation's monetization methods, such as the specific donation solutions proposed by Vitalik, avoiding direct transfers to Cex for selling (the ETH Foundation has already sold $11.5 million worth of ETH in 2024), providing more confidence to secondary market users;

2) Establishing a positive cycle for ETH token prices. In the current low gas environment, it is difficult to initiate a continuous on-chain burning cycle, so more solutions that can boost ETH prices need to be provided. The focus cannot solely be on technology; only with continuous Web2 and Web3 funding in the ETH ecosystem can effective innovation by developers be further stimulated. Currently, more catalysts are needed.

"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 consensus mechanism transformation, scalability enhancement, protocol simplification, EVM optimization, and account abstraction. Through these six articles, Vitalik Buterin has shown us the Ethereum team's clear planning 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, the importance of Ethereum as underlying infrastructure will become increasingly prominent. Currently, Ethereum's ecosystem is "far ahead," and in the future, it will give rise to more innovative applications, potentially driving changes in social governance, financial systems, and more.

However, there are still many uncertainties regarding Ethereum's future development, related to technical complexity, public chain competition, and regulation. At the same time, "developing around Vitalik's roadmap" may also be a double-edged sword.

4. Many believe that Solana will challenge Ethereum's position 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 exhibit a unique "arrogance." For example, various documentation is still filled with lofty Web3 terminology, and the user experience appears more complex and fragmented. In contrast, heterogeneous chains are striving to simplify and integrate, while Ethereum's infrastructure developers are still researching FHE and chain abstraction. Vitalik is also calling for the entire ecosystem to unite, and from a rhythm perspective, Ethereum does seem to be somewhat disorganized. Solana and Ton currently lead in user experience and attention economy strategies, but it may still be too early to say they are challenging Ethereum. After all, these two public chains have not yet shown any trends in non-DeFi applications, nor have there been any significant innovations worth mentioning. However, the ideas of being grounded, finding new paths, and creating consumer-grade applications are highly commendable, as I have mentioned multiple times in my past 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 has the strongest network effect among all Layer 1 blockchains. As the first smart contract platform, Ethereum attracts the most users and has a large and active developer community. Ethereum boasts a vast ecosystem of decentralized applications (DApps), tools, and resources, making it easier for new projects to build and grow. As more projects and developers choose to build on Ethereum, the network becomes more valuable, further attracting more users and projects, creating a positive feedback loop.

In terms of economic security, Ethereum also stands out among Layer 1 blockchains. Over one million validators hold more than $110 billion in staked ETH. This massive 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 disruptions that would lead to a complete halt in 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, focuses on scalability as its core principle, enabling it to handle up to 65,000 transactions per second. Solana offers low transaction latency, with transactions processed and confirmed within seconds. The network achieves block times of around 400 milliseconds, ensuring fast transaction finality. Solana's low latency is critical 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 that require high trust and composability. In contrast, Solana's high throughput and low transaction costs are well-suited for applications that require fast transaction processing and low fees.

Coordinate Snow: Although Solana surpasses Ethereum in transaction throughput and transaction costs, this does not mean Solana has already surpassed Ethereum.

1) While Solana's high-speed and low-cost solutions are attractive, its level of decentralization is lower, and the network still faces risks under high load. In contrast, Ethereum, as the first fully decentralized smart contract platform, remains a leader in blockchain technology due to its large developer community, decentralized governance structure, and broad market recognition.

2) Although Solana can provide better performance, Ethereum's decentralization characteristics remain its irreplaceable core advantage in the long-term ecological development.

WOO: Every chain has its own strengths. For instance, Solana has gained market attention through Pump.fun during this cycle, and one could say that now when thinking of SOL, one thinks of memes.

However, returning to the DeFi level, the Ethereum ecosystem still accommodates the most funds, 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 does have advantages in performance, marketing, and market sensitivity, especially as this cycle has propelled the "Memecoin Super Cycle," gaining widespread attention and liquidity.

However, Ethereum's ecosystem is more mature, its developer community is larger, and it has a well-established DeFi infrastructure. Particularly, the traditional financial world's broad recognition and priority adoption of Ethereum may allow it to capture out-of-circle dividends first, such as RWA, and its future potential should not be underestimated.

Solana's rise poses a certain challenge to Ethereum, but overall, both have their strengths and weaknesses, each occupying its own 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: With the OP alliance growing stronger, the Ethereum ecosystem indeed has a chance to reclaim the high ground.

TokenInsight: As an investor, we may need rational faith and avoid confirmation bias, which is 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, buy when no one is paying attention and sell when there is a lot of noise.

Coordinate 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 over Ethereum's low token price now will lead to regret when it rises later.

"Ping Talk" Blockchain: Observing the fluctuations in the cryptocurrency market without rushing to conclusions. Promoting the continuous development of value benefits future generations.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。