{"id":1840,"date":"2024-10-29T19:32:09","date_gmt":"2024-10-29T19:32:09","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=1840"},"modified":"2024-10-29T19:32:09","modified_gmt":"2024-10-29T19:32:09","slug":"is-ethereum-finished-expert-says-no-hope-left-for-ether-anymore","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=1840","title":{"rendered":"Is Ethereum Finished? Expert Says \u2018No Hope Left\u2019 For Ether Anymore"},"content":{"rendered":"
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For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as \u2018digital gold,\u2019 Ethereum<\/a> would be \u2018digital silver.\u2019 However, just like Bitcoin, Ethereum has been the subject of many criticisms and attacks, and many have claimed that its popularity will end. The latest is Justin Bon\u2019s post on Twitter\/X, which says that Ethereum \u201cis cooked.\u201d<\/p>\n

Cyber Capital\u2019s founder and CIO, Justin Bons, has ignited lively debates on social media with his views on Ethereum\u2019s future, the role of Layer 2 venture funding, and token dynamics. His outspoken critiques on issues like self-interest and centralization have sparked questions about Ethereum\u2019s long-term reputation.<\/p>\n

Bons\u2019 take on Ethereum on Twitter\/X was met with dozens of comments from crypto enthusiasts, some supporting his side and others challenging his take.<\/p>\n

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1\/9) Ethereum is cooked<\/p>\n

Corrupted by L2 VC funding & tokens, nobody is scaling ETH\u2019s L1 anymore; they will not allow it!<\/p>\n

That is why there is no hope left for ETH anymore<\/p>\n

Following the bitcoiners into irrelevance with quasi-religious word salads justifying their mediocrity: \"\ud83e\uddf5\"<\/p>\n

\u2014 Justin Bons (@Justin_Bons) October 28, 2024<\/a><\/p>\n<\/blockquote>\n

Ethereum Is Now \u2018Irrelevant,\u2019 Claims Bons<\/h2>\n

In a Twitter\/X thread, Bons offers several reasons why the Ethereum blockchain is \u201ccooked\u201d and going down the path of irrelevance. He stated that the primary reason for its downfall is self-interest, which prioritizes the development of Layer 2 (L2) chains instead of scaling its base layer (L1).<\/p>\n

Bons further shared that Ethereum started as a beautiful blockchain, but recent developments may push it to oblivion. He specifically highlighted the chain\u2019s L2s, which he said can censor, steal, and freeze users\u2019 funds. According to Bons, these L2s are fragmented and centralized, which impacts the users\u2019 experience, making the Solana blockchain a better option.<\/p>\n

<\/p>\n

Uniswap Moving To Unichain<\/h2>\n

Ethereum is also facing another crucial problem, with Uniswap, as it migrates<\/a> to its own blockchain, the \u201cUnichain.\u201d Last October 10th, UniSwap Labs, UniSwap\u2019s parent company, announced that it will launch its blockchain. This newest blockchain or rollup is built on the Ethereum blockchain and intends to share its revenues with users who stake their UNI tokens.<\/p>\n

\"\"<\/p>\n

Ethereum is expected to lose a substantial revenue stream with this new arrangement. Traditionally, the bulk of Uniswap\u2019s revenues from fees are collected by ETH holders. According to Michael Nadeau, Uniswap earned around $1.3 billion from settlement and trading fees across five blockchains.<\/p>\n

However, Uniswap and its token holders earned \u201czero\u201d from this revenue. Instead, Ethereum validators were paid over $368 million for posting ETH to secure the blockchain. With the launch of Unichain, Uniswap will capture this value and filter it to its token holders.<\/p>\n

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If you think L2s are bearish for $ETH<\/a>, then you should at least recognize that they are mega bearish for alt L1s.<\/p>\n

At least L2s will have to pay for blobs once targets are reached, and they are all using $ETH<\/a> as their primary onchain currency.<\/p>\n

L2s are also the fastest growing\u2026<\/p>\n

\u2014 AdrianoFeria.eth \"\ud83e\udd87\"\"\ud83d\udd0a\" \"\ud83d\udee1\" (@AdrianoFeria) October 28, 2024<\/a><\/p>\n<\/blockquote>\n

Ethereum Gets Community Support<\/p>\n

Bons\u2019 tirades may have attracted a few supporters, but many users on Twitter\/X defended the Ethereum blockchain. For example, AdrianoFeria.eth hit Bons for living in a different universe. He defended the Ethereum blockchain, arguing that L2 chains can\u2019t be bearish on ETH L1 but should be for all L1s.<\/p>\n

He added that Solana isn\u2019t the fastest-growing chain and continued that Ethereum is still thriving thanks to institutional partnerships. Others commented that Bons is biased and will always take a hostile approach to crypto.<\/p>\n

Some insiders say that Uniswap\u2019s announcement makes predicting what will happen next tricky. According to Sasha Ivanov of Waves, the migration will not be completed by at least year-end. If it happens, the effect depends on whether Uniswap will bridge to the Ethereum blockchain or other smart contract-ready chains.<\/p>\n

Featured image from Token Metrics, chart from TradingView<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as \u2018digital gold,\u2019 Ethereum would be \u2018digital silver.\u2019 However, just like Bitcoin, Ethereum has been the subject of many criticisms and attacks, and many have claimed that its popularity will end. The latest […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-1840","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1840"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/1840\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}