We need more social awareness and a deeper understanding of the crypto industry in order to appreciate the value offered by Ethereum. This article is sourced from crypto KOL Ignas, and curated and translated by PANews.
(Background:
Nine consecutive wins! Ethereum’s wave giant cleared out “13 million US dollars heavy warehouse ETH” before the Fed rate cut
)
Is there still bullish sentiment for ETH in the market? ETH’s market sentiment has turned extremely pessimistic for the fourth time this year. With the decrease in ETH revenue and destruction volume, people are starting to realize that the narrative of “ultrasound money” has disappeared.
L2 does not provide more benefits
L1’s activity needs to increase, but it has been outsourced to L2s. In the community’s view, this does not have obvious benefits for ETH.
Crypto KOL DCinvestor hopes to redefine ETH as a programmable currency — this is the only important narrative.
This narrative advocates for using ETH as the original collateral, and income and destruction indicators are not that important.
Chainlink community liaison Zach Rynes argues that stablecoins have proven to be a more efficient and widely adopted programmable currency than ETH.
As more and more L2 solutions use their native tokens as Gas coins, the narrative of ETH as “digital oil” is gradually weakening. Even the builders are worried.
Ambient founder Doug Colkitt humorously and accurately compares Ethereum’s Rollup-centric plan to a pilot in flight who finds the runway too short but insists that everything will be fine — despite all evidence to the contrary.
Is it all over?
Crypto KOL MilliΞ believes that evaluating the value of ETH requires social awareness, understanding of industry missions, attention to network effects, skepticism of fiat currency, and confidence in innovative internet-native societies.
ETH is different from anything that has come before, making it difficult to fit into traditional narratives such as “digital oil” or “tech stocks.” The value of ETH lies in its potential to build an internet-native sovereign economy, without intermediaries or legacy systems. It requires visionary thinking, an understanding of network effects, and recognition of unrealized possibilities.
Ethereum will define its own future, beyond what the current framework can predict. Some may say that it is difficult for the baby boomer generation and institutions to accept this.
Crypto KOL mikeneuder provides a visionary example. His reason for being bullish on Ethereum is that it will provide a decentralized, self-custodial, permissionless system that allows for global value transfer without being confiscated or censored.
This is the core of his long-term value proposition. Decentralization is not just a bonus, but crucial. In a centralized world where governments and corporations can enforce, Ethereum’s neutral, anti-censorship design makes it a unique digital property system. Bitcoin has anti-censorship properties, but with the decrease in block rewards, Bitcoin will rely on transaction fees to incentivize miners, which may not ensure its long-term security.
This is exactly what Ethereum Foundation researchers like Justin Ðrake have mentioned in the past.
In addition, unlike the static development of Bitcoin, Ethereum’s roadmap for scalable extensions makes it more difficult to adapt.
In the short term, Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believes that based on Rollup, it can fundamentally change the incentive structure, directly affecting ETH monetization compared to the current L2 design.
This shift could potentially increase the long-term demand for ETH by 100 times.
With the transition to PoS and ETH destruction, everything seems to be progressing smoothly. However, due to the difficulty of ETH price recovery, Ethereum’s narrative is currently uncertain. Personally, for the author (Ignas), seeing the community discuss redefining the Ethereum narrative is very interesting.
Ignas agrees with crypto KOL MilliΞ’s explanation that more social awareness and a deeper understanding of the crypto industry’s mission is needed to appreciate the value offered by Ethereum. However, when greed and speculation cloud the mind, the entire industry tends to deviate from its mission. Only when the situation becomes more difficult will the original intention return.
Furthermore, seeing more active discussions between the Ethereum Foundation and L2 builders, and even Vitalik’s increased involvement in community discussions, it is clear that people are increasingly eager to get back on track.
But as Ambient founder Doug Colkitt asks, “Are you sure the runway is long enough to accommodate this plane?”
In conclusion, Ignas still firmly believes in Ethereum (or you can say bias if you’re willing).
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