Ethereum gives itself up for death, yet no killer emerges

This is comedy, one you can't get no more from Hollywood.

How ironic is it that numerous projects over the years have run campaigns for being the “Ethereum Killer” and now that they literally have all the leverage in the world to take Ethereum's users, investors and developers, not a single one can steal the spotlight.

This is peak comedy.

Billions of VC capital has flowed into Ethereum based projects over the years only for the parent chain itself to have its native asset, ETH, underperform during the most crucial times.

So many projects running on Ethereum are considered to be operating below expectations. One that caught my attention today is Eigen Layer.

Did you know that the EIGEN token currently trades below $200 million market capitalization? How crazy is that?

This is a project that was worth over $1.2 billion at launch and received $164.50M in VC funding. Eigen Layer is literally now trading below its pre-launch valuation of $500 million, according to data from Cryptorank.

Sure, the project still has about $6.87 billion is TVL but the VCs are pretty much fucked right now as it ranks #184 despite how much has been blown up to make it a thing.

The fall of Ethereum or once in a lifetime discount?

I am no ETH bull but if I saw Ethereum come to this point of weakness as an investor yet no alternative chain could capitalize on it I'd be giga bullish and buy as much ETH as I could.

The signal the industry has indirectly sent is that Ethereum has no capable competitors, as such, VCs are expected to go full ape on this.

You read it here first.

ETH is selling at a discount. People who previously capitalized on Ethereum's consistent development growths are now shitting on it, yet, no killer chain anywhere to replace it.

Bankless is fudding ETH, and that's weird to watch.

I personally think a blockchain that would have captured developers would have been TON if Ethereum's weakness came at the time the TON ecosystem had a lot of hype.

I say this because TON did something different when it came to how they treated developers. Ethereum has been said to alienate developers while TON was more of an open supporter of everything that integrated with its ecosystem.

Unfortunately, the scams that flooded the ecosystem have left a bad taste in people's mouths that users have moved away.

The cryptocurrency ecosystem will likely never see Ethereum in this much of a weak state again, frankly speaking, this is now looking like the “Apple struggles to explosive growth” moment.

Okay, okay, I am literally bull posting now, I'll have to look for something to shit on Ethereum tomorrow to counter this praise.

I wonder what Avalanche(AVAX) is up to these days, it's the name that keeps popping in my head whenever I think of Ethereum killers.

Looking at Avalanche TVL is embarrassing in comparison to even Eigen Layer. Its on-chain stats is also very disappointing with barely 220k active addresses.

This awful silence and lack of takeover actions from Ethereum competitors will likely be spoken of in the history of crypto and blockchain technology.

You read it here first.

Posted Using INLEO