There are two perspectives on whether Ethereum will miss this bull market: supporters believe that Ethereum is not suitable for new users, while opponents believe that Ethereum has excellent fundamentals and dominance, and therefore have confidence in its future development.
Cryptocurrency information and research platform Bankless founder Ryan Sean Adams initiated a discussion on the X platform about whether Ethereum will miss this bull market. He stated that he would first consider this matter from the perspective of a long-term Ethereum believer, rather than from the perspective of those who mistakenly believe that Ethereum is already dead.
He presented the reasons for both perspectives of missing or not missing out, and finally asked everyone which side they would choose. The following is a translation of the two perspectives by Odaily Star Daily, and readers are also invited to vote.
Ethereum will miss this bull market: new users do not choose Ethereum
Ethereum is currently in its adolescence, going through an awkward emotional fluctuation phase like a teenager trying to grow up but not being understood by the world.
The biggest factor is Layer 2 (L2). This cycle of Ethereum is different from the past because it is essentially telling new users, “Hey, don’t use Ethereum, we are too expensive, but the good news is we have 100 brand new L2s that you will like.” So countless L2s are bridging across chains, then dispersing liquidity, and ultimately ending in failure and repeating the cycle.
However, in the long run, developing Ethereum L2 is correct and the best long-term way to achieve decentralization, as well as Vitalik’s vision, and so on. These things don’t need to be repeated to someone who has believed in this since 2021. But the problem is that they are not new buyers of ETH.
So who should the new buyers be? They are the people who speculate on meme coins, app users, and those from traditional finance.
But the first two are busy buying tokens on the chains they are using, and L2 Beat shows that there are 96 chains to choose from. Finally, people coming from traditional finance are buying Bitcoin, and they don’t care about how much real cash flow there is on the chain.
Although the issue of dispersed liquidity is being solved, fundamentals are also important. But now is Ethereum’s adolescence, where Ethereum needs to grit its teeth and take the difficult path while some chains take shortcuts, experiencing the necessary awkward phase in order to become a mature and well-functioning chain.
This is a long-term matter, but there will be no return in this cycle.
ETH bull market is coming: good fundamentals, Ethereum has dominance
Another group of people will refute the first perspective and believe that after the BTC bull market, Ethereum will reach $10,000.
The current Ethereum is much stronger compared to the 2020 phase. It is not only a profitable blockchain but also has a solid token economics. The world’s largest exchanges are implementing Ethereum L2, zkEVMs have also been realized, unlimited L2 budgets are accelerating Ethereum’s technological development, Ethereum ETF is also about to be launched, and BlackRock’s tokenized government bonds, and so on. The fundamentals of Ethereum are positive.
Some chains may have one million users, but Ethereum can be the underlying infrastructure for a thousand chains, and the fees from one million users on each chain will flow back to Ethereum. The liquidity dispersed by L2 will also be integrated because L2 chains are accumulating massive centralized debts, which they will pay back to Ethereum in the future by paying through gas.
For investors who are interested in the new BTC narrative, they will realize and start to value cash flow, it’s just a matter of time.
In conclusion, it is foolish to think that Ethereum will miss this bull market, and the possibility is too small to be considered. The market will vote actively, so the ETH bull market is coming.
The above are the two different perspectives of Ethereum long-term believers: whether it will miss this cycle or the ETH bull market is coming. Which side are you on?
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