Discussing Eth's midlife crisis Today I saw that ETH's 24-hour income was only 180000 yuan, dropping out of the top 20. This is really surprising, because silly guys have been playing DeFi for 20 years, and sometimes they have to spend 10000 RMB to grab a gas. The current recession in ETH is truly lamentable. Where does ETH's midlife crisis manifest itself? 1. The sharp decline in expense income is easy to understand. 2. There is less innovation at the application layer: Previously, native innovation at the application layer came from ETH, but now, the ETH ecosystem cannot even copy others. 3. Lack of vitality in operation: Foundations like Solana support AliExpress, but ETH cannot come up with it. 4. Layer 2 strategy failure: eth discounts wholesale block space to Layer 2 But there is no retail behind this wholesale, and retail investors do not use it, so this wholesale is meaningless. The liquidity fragmentation of layer 2 is just a result. The fundamental reason is that so many Layer 2 innovations at the application layer have all failed, and only the base can play slightly with the support of the university. 5. Deflation failure: Due to low on chain activity, ETH deflation failed and became an inflationary asset. 6. Governance failure: Currently, EF has long been detached from the first tier market and resistant to change. Or in other words, when it comes to the results of operational failure, finding fault with EF is their lack of grounding and slow turning speed. Why do so many bad things happen in ETH? What did ETH do wrong? Silly brother doesn't think eth did anything wrong. The core reason for blending into this bear like appearance is: 1. Positioning: Positioned as a highly decentralized chain, sacrificing TPS. Resulting in only patching layer 2, causing some class troubles. But it cannot be said that this positioning is wrong as ETH has obtained the fattest meat and thickest faith in the world of public chains. 2. Competition: The game of selling block space cannot always be exclusive. EOS has fallen in the competition, and Eth has lost its luster in the competition. 3. Lack of moat: The moat of the public chain business model is insufficient, much worse than imagined. Any public chain's ecosystem will experience a decline of around 95% in bear market activity. Once a new trend such as meme is not captured, it is easy to lose the first mover advantage. This is the experience of this foolish brother. Sha Ge went to play with Sha Bao, and that's all he wrote hastily.