Any ETH bulls here?
ETH sentiment turns super-bearish for the fourth time this year.
Realization kicked in that "Ultrasound money" narrative is dead, as ETH revenue and burning are down.
Activity on the L1 needs to increase, but instead, it's being outsourced to L2s without clear benefits to ETH in the community's eyes.
@iamDCinvestor wants to move back to ETH as programmable money - the only narrative that matters.
It's based on ETH as pristine collateral to which revenue and burn metrics don't matter that much.
@ChainLinkGod counters that stablecoins have proven to be a more effective and widely adopted version of programmable money than ETH.
The 'digital oil' narrative, too, for ETH is weakening as more Layer 2 solutions use their native tokens for gas.
Even builders are concerned.
@0xdoug, founder of @ambient_finance, humorously but accurately compares Ethereum's rollup-centric plan to a pilot mid-flight discovering the runway is too short but insisting it'll be fine—despite all evidence to the contrary.
Oh, and the pilot is drunk.
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All is lost?
@llamaonthebrink thinks valuing ETH needs social awareness, understanding the industry's mission, appreciating network effects, skepticism of fiat money, and belief in innovative internet-native societies.
ETH is unlike anything seen before, making it hard to fit into traditional narratives like "digital oil" or "tech equity."
ETH's value lies in its potential to build an internet-native, sovereign economy without intermediaries or legacy systems.
It requires visionary thinking, understanding network effects, and recognizing possibilities not yet realized.
ETH will define its own future, beyond what current frameworks can predict.
One could argue it's too hard for boomers and institutions to digest.
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One of the visionary examples are offered by @mikeneuder
His bullish case rest on Ethereum offering a decentralized, self-custodied, permissionless system, allowing global transmission of value that can't be seized or censored.
This is the core of its long-term value proposition.
Decentralization isn’t just a nice-to-have, it’s critical.
In a world where governments and corporations can coerce centralized systems, Ethereum's neutral, censorship-resistant design makes it a unique digital property rights system.
BTC is censorship-resistant, but as block rewards shrink, Bitcoin will rely on transaction fees for miner incentives, which may not ensure long-term security.
This is what notable Ethereum Foundation researchers like @drakefjustin has mentioned in the past.
Plus, unlike Ethereum’s scalable rollup roadmap, Bitcoin’s static development makes it harder to adapt.
In the short term, @adamscochran argues that Based Rollups, compared to the current L2 design, can directly impact the monetization of ETH by fundamentally changing incentive structures.
This shift could potentially increase long-term demand for ETH by 100x
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After the PoS transition and ETH burn switch, ETH felt like it had everything going great for it.
But Ethereum's narrative is currently in limbo as ETH price struggles to pick up.
Personally, it's been fascinating to see community discussions to redefine the narrative.
I connect with the explanation by @llamaonthebrink that ETH requires more social awareness and deep understanding of our industry's mission to appreciate what Ethereum has to offer.
But industry as a whole often drifts away from the mission when greed and speculation blinds our minds. Only for it to come back when times ger harder.
We also see more active discussions among the Ethereum Foundation, L2 builders, and even Vitalik is engaging more with the community.
It's a clear sign of a growing urgency to get back on track.
But as @0xdoug asks, “Are you sure the runway is long enough for this jet?”
I remain bullish (bag bias, if you will).
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