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 a strong foundation 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 issue 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 stand on. The following is a compilation 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, like a teenager going through an awkward emotional fluctuation phase, trying to mature but the world does not understand it.
The biggest factor is 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 cross-chain bridges, then distribute liquidity, and ultimately end up in failure, repeating this cycle.
But in the long run, developing Ethereum L2 is correct, it is the best long-term way to achieve decentralization, and it is Vitalik’s vision, and so on. These things do not need to be repeated to someone who has believed in this since 2021. But the problem is, they are not new buyers of ETH.
So who should the new buyers be? They are those who speculate on meme coins, app users, and people 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 from traditional finance are buying Bitcoin, they don’t care how much real cash flow there is on the chain.
Although the issue of decentralized liquidity is being resolved, fundamentals are also important. But now is Ethereum’s adolescence, when some chains take shortcuts, Ethereum needs to grit its teeth, take the difficult path, go through the necessary awkward stage, in order to become a mature and well-functioning chain.
This is a long-term matter, but there will be no returns 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 ETH is about to reach $10,000 after the BTC bull market arrives.
The current Ethereum is much stronger than it was in 2020. It is not only a profitable blockchain, but also has a solid token economy. The world’s largest exchanges are doing Ethereum L2, zkEVMs have also been implemented, unlimited L2 budgets are accelerating the development of Ethereum technology, Ethereum ETF is also about to be launched, and BlackRock’s tokenized government bonds, and so on. The fundamentals of Ethereum are positive.
Certain chains may have 1 million users, but Ethereum can be the underlying infrastructure for 1,000 chains, and transaction fees from 1 million users on each chain will flow back to Ethereum. The decentralized liquidity of L2 will also be integrated because L2 chains are accumulating massive centralized debt, which they will repay to Ethereum in the future, paying through Gas.
For investors who focus on the new narrative of BTC, it is only a matter of time before they wake up and start valuing cash flow.
In short, it is foolish to believe that Ethereum will miss this bull market, and the possibility is too small to consider. The market will vote actively, so the ETH bull market is coming.
These are the two different perspectives of long-term Ethereum believers: missing this cycle or an ETH bull market is coming. Which side are you on?
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