ETHEREUM “is a” narrative crisis “, with its community to propose the basic value of ETH.
Once it was welcomed as a basis for WEB3, the ethereum ecological system continues to withstand the shade, which gradually puts the edge of the market.
Ethereum coding leaders discuss the narration crisis
Zach Reigns, community contact with ChainLink, argues that Ethereum lacks a unified economic narration. He cited a gap that left Ethereum vulnerable to continuous narration. This, says Reigns, weakens the investor’s conviction.
“We still have two camps. Those who think revenue are the most important story (ultrasound money or a story about the return) and those who believe SOV [store of value] It is the most important story (programmed money), “Reigns He said.
Each side argues as if it was true, and the other is wrong. However, according to the connection of the Sainlink series, this threatens the long -term ETHEREUM call in intense competition.
Ultrasound money novel was dominant during peak revenues in Ethereum in 2021. However, since then, with layer 2 (L2) networks such as expression and optimism that absorbs an increasing share of gas fees and MEV (maximum extract).
This ethereum has left with a decrease in layer -1 (L1) revenues and low economic hegemony.
“Ethereum has lost the most valuable part of stack to L2S with improvement for the lower value part. It now needs a crazy size on the chain only to make the economy work,” Renz hints.
On the other side of the discussion, the ETHEREUM teacher and an angel investor confirmed that ETH must adopt its role completely as SOV, not only the evaluation measures based on fees.
“If ETH is only estimated at the created revenues, it will not be much.” He said.
Ethereum as a value store
Sasal argues that a sustainable value -state store depends on a large -scale narration, which is a common belief similar to the digital gold of Bitcoin. However, the ETHEREUM mode is severely contrasting with the bitcoin consistent brand.
Critics such as Planb, the Ethiopian Crocate Plot, called Ethereum to the centralization and its origins in advance.
Beincrypto mentioned that Planb described Ethereum as “technocratic governance” instead of decentralized solid assets.
“Pre -Mine is a big red flag, but I think some people do not care,” Planb Express.
At the same time, the inner developers tensions amplify these concerns. A recent dispute over the Ethereum road map and L2 design philosophies highlighting the continuous governance breed. Completely, this cloud is more ethereum story.
In contrast, competing chains such as Solana (Sol) and BNB series are advancing with unified novels. Speed, cost efficiency, and developer experience cast shades on Ethereum.
As long as Ethereum lacks a clear economic identity, it risks the loss of its importance to competitors with simpler and more coherent messages.
You may need to design a narration to maintain market dominance and intellectual leadership in Web3. This may be the way to go to integrate programming, security, and decentralization without being strongly tending to defective comparisons or revenue delusions.
“ETH should be out of its origin with her own story and no one has discovered exactly what it is yet,” Rains said.
Can Ethereum solve its identity crisis before the market moves to simpler or faster or more ideological chains?
The answer may be determined if ETH is still the second largest altcoin in the market capitalization or an example of broken innovation.
Disintegration
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