Will Ethereum miss this bull market?

Original author | Ryan Sean Adams

Translation | Golem

Cryptocurrency news and research platform Bankless founder Ryan Sean Adams initiated a discussion on whether Ethereum will miss this bull market on the X platform. He stated that he would first consider this issue from the perspective of a long-term Ethereum advocate, rather than from the perspective of those who mistakenly believe that Ethereum is already dead.

He presented reasons for both missing and not missing this opportunity, and finally asked where everyone stands. Below, Odaily Planet Daily compiles the two viewpoints for readers to vote.

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

Ethereum is in its adolescence, like a teenager going through an awkward emotional phase, trying to mature but the world does not understand him.

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 build cross-chain bridges, then disperse liquidity, and ultimately end in failure and repeat the cycle.

However, in the long run, developing Ethereum L2 is the right way to achieve decentralization in the best long-term manner, as well as 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? Those who speculate on meme coins, app users, and people coming from traditional finance.

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

Although the issue of dispersed liquidity is being addressed, fundamentals are also important. But now is Ethereum's adolescence, when some chains are taking shortcuts, Ethereum must grit its teeth, take the difficult path, go through the necessary awkward phase 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: Fundamentals are good, Ethereum has a dominant position

Another group will refute the first viewpoint and believe that after the BTC bull market, ETH is about to reach $10,000.

The current Ethereum is much stronger than the 2020 stage. It is not only a profitable blockchain, but also has a solid token economy. The world's largest exchanges are working on Ethereum L2, ZkEVMs have been implemented, unlimited L2 budgets are accelerating Ethereum's technological development, Ethereum ETF is also about to be launched, BlackRock's tokenized national debt, and so on. Ethereum's fundamentals are actively improving.

Some chains may have 1 million users, but Ethereum can be the underlying infrastructure for 1000 chains, and the fees from 1 million users on each chain will return to Ethereum. The dispersed liquidity of L2 will also be integrated, as L2 chains are accumulating significant centralized debts, which they will repay to Ethereum later by paying through Gas.

For investors who focus on the new narrative of BTC, realizing and starting to value cash flow is only a matter of time.

It is foolish to think that Ethereum will miss this bull market, and the likelihood is too small to be worth considering. The market will actively vote, so the ETH bull market is coming.

These are the two different viewpoints of Ethereum long-termism: missing this cycle or the ETH bull market is coming. Where do you stand?

　　Disclaimer: Includes third-party opinions. No financial advice. See Risk Warning.