Will Ethereum miss out on this bull run?

Original author: Ryan Sean Adams, founder of Bankless

Original translation: Golem, Odaily Planet Daily

 

Ryan Sean Adams, founder of the crypto information and research platform Bankless, initiated a discussion on the X platform about whether Ethereum will miss this bull market. He said that he would first think about this matter from the perspective of Ethereum long-termists, rather than from the perspective of those who mistakenly believe that Ethereum is dead.

 

He stated the reasons for both missing and not missing, and finally asked everyone which side they would stand on? Below Odaily Planet Daily compiles the two views as follows, and readers can vote.

 

Ethereum will miss this bull market: New users do not choose Ethereum

 

Ethereum is in adolescence, and like a teenager, it is experiencing an awkward emotional fluctuation stage, trying to move towards adulthood but the world does not understand it.

 

The biggest factor is L2. Ethereum in this cycle is different from the past because it basically tells new users: "Hey, don't use Ethereum, we're too expensive, but the good news is that we have 100 brand new L2s and you're going to like them." So countless L2s build cross-chain bridges, then disperse liquidity, and finally fail and repeat the cycle.

 

But in the long run, developing Ethereum L2 is the right thing to do, the best long-term way to achieve decentralization, Vitalik's vision, etc. These things don't need to be told repeatedly to someone who has believed this since 2021. But the problem is that they are not new buyers of ETH.

 

So who should the new buyers be? Those who speculate on meme coins, app users, and people from traditional finance.

 

But the former two are busy buying tokens on the chains they are using, and the L2 beat shows that there are 96 chains to choose from. Finally, people from traditional finance are buying Bitcoin, and they don't care how much real cash flow there is on the chain.

 

While the problem of dispersed liquidity is being solved, fundamentals are also important. But now is Ethereum's adolescence, and while some chains are taking shortcuts, Ethereum has to bite the bullet, take the hard road, and go through the necessary awkward stages in order to become a mature and well-functioning chain.

 

This is a long-term thing, but it won't pay off in this cycle.

 

ETH Bull Market is Coming: Fundamentals are Good, Ethereum is Dominant

 

Another group of people will refute the first view and believe that ETH will reach $10,000 after the BTC bull market.

 

Ethereum is much stronger now than it was in 2020. It is not only a profitable blockchain, but also has solid token economics. The world's largest exchanges are doing Ethereum L2, ZkEVMs have also been realized, unlimited L2 budgets are accelerating the development of Ethereum technology, Ethereum ETF is about to be launched, BlackRock's tokenized treasury bonds, etc. Ethereum's fundamentals are positive.

 

Some chains may have 1 million users, but Ethereum can be the underlying infrastructure of 1,000 chains, and the fees of 1 million users on each chain will return to Ethereum. L2 decentralized liquidity will also be integrated, because L2 chains are accumulating huge centralized debts, which they will later pay back to Ethereum and pay Ethereum through Gas.

 

For those investors who are interested in the new narrative of BTC, it is only a matter of time before they wake up and start to pay attention to cash flow.

 

In short, it is stupid to think that Ethereum will miss this bull market, and the possibility is so small that it is almost not worth considering. The market will actively vote, so the ETH bull market is coming.

 

The above are two different views on Ethereum long-termism. Will it miss this cycle or is the ETH bull market coming? Which side are you on?