Will Ethereum be absent from this bull market?

Original author | Ryan Sean Adams

Compilation | Golem

Ryan Sean Adams, founder of encryption information and research platform Bankless, launched a campaign on the X platform In the discussion of whether Ethereum will miss this bull market, he said that he will 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 views of missing out and not missing out, and finally asked everyone which side would they stand on? Odaily Planet Daily has compiled two opinions below. Readers can also vote.

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

Ethereum is in adolescence, going through an awkward mood swing stage like a teenager, trying to move towards adulthood but The world does not understand him.

The biggest factor is L2. Ethereum this cycle is different than it has been in the past because it’s basically telling new users: “Hey, don’t use Ethereum, we’re too expensive, but the good news is we have 100 brand new L2s and you’re going to love them. ” So countless L2s built cross-chain bridges, then dispersed liquidity, and finally ended in failure and the cycle repeats.

But in the long run, developing Ethereum L2 is the right thing to do, it is the best long-term way to achieve decentralization, and it is Vitalik's vision and so on. These things don’t have to be told repeatedly to someone who has been believing this since 2021. But the problem is, they are not new buyers of ETH.

So who should the new buyer be? It’s people who speculate in meme coins, app users, and people who come from traditional finance.

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

Although the problem of liquidity dispersion is being solved, fundamentals are also important. But this is Ethereum’s adolescence, and while some chains are taking shortcuts, Ethereum is going 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 will not pay off in this cycle.

ETH bull market is coming: the fundamentals are good, Ethereum has a dominant position

Other people will refute the first view and believe that after the BTC bull market comes, ETH will soon reach $10,000 .

Ethereum is much stronger now than it was in 2020. Not only is it a profitable blockchain, but it also has solid token economics. The world's largest exchanges are working on Ethereum L2, ZkEVMs have also been implemented, and unlimited L2 budgets are accelerating the development of Ethereum technology. Ethereum There are also upcoming ETFs, BlackRock’s tokenized treasury bonds, and more. Ethereum’s fundamentals are looking positive.

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

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

In short, it is foolish 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 an ETH bull run is coming.

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