As a seasoned researcher with a deep-rooted passion for blockchain technology and Ethereum in particular, I find myself increasingly intrigued by these ongoing skirmishes between Ethereum advocates and their critics. Having closely followed the crypto space since its inception, I’ve grown accustomed to the ebb and flow of market cycles, tribalism, and FUD (Fear, Uncertainty, and Doubt).
Supporters of Ethereum are counteracting a surge of false information and fear, uncertainty, and doubt (FUD) aimed at their ecosystem. The assaults occur when Ethereum’s performance has not matched other Layer 1 blockchain token competitors, leading to increased crypto rivalry.
On October 17th, independent educator Anthony Sassano, who specializes in Ethereum and also acts as an angel investor, criticized Kyle Samani, a co-founder of Multicoin Capital, for sharing incorrect information.
Ethereum FUD Escalates
Previously, Samani responded to a remark made by Matt Hougan, the Chief Investment Officer at Bitwise. He stated that Ethereum presents the most compelling counterargument in the current cryptocurrency market.
Samani, who has been on the Ethereum warpath, recently objected to this, claiming that it is a “$300 billion asset without a roadmap or value accrual model.”
In a clear and concise manner, Sassano emphasized that the given statement was entirely untrue. He further supported his claim by sharing an extensively circulated Ethereum roadmap which stated that Samani was “incapable of speaking truthfully.
I’ve just shared a tweet moments ago, and it seems there might be some confusion. The information presented appears to be misleading as Ethereum indeed has a well-defined roadmap, as the attached document illustrates.
You are completely incapable of telling the truth, aren’t you?
— sassal.eth/acc (@sassal0x) October 17, 2024
Previously, in a post dated October 16, Sassano criticized Samani and various venture capitalists, pointing out potential sources of bitterness they might harbor towards the Ethereum environment.
Kyle Samani and other venture capitalists express skepticism towards Ethereum and Layer 2 solutions as they missed out on participating in the different funding rounds.
People should study this interaction & keep it top of mind whenever you see VCs fudding Ethereum
Kyle Samani, along with other venture capitalists, are expressing skepticism about Ethereum and Layer 2 solutions due to their absence in the numerous financing rounds.
That’s why their Ethereum fud often makes 0 sense
— sassal.eth/acc (@sassal0x) October 15, 2024
Simultaneously, Ethereum user Ryan Sean Adams also dismissed the FUD regarding Ethereum transaction fees and revenue generation, pointing out that the demand for layer-2 solutions is still growing, thus making transactions more affordable and user-friendly by reducing costs.
On no Ethereum fees are going down!
Ethereum is doomed!
Hold on a moment… Is it possible that the value tied up in Ethereum (ETH) is rising, almost as though ETH is serving as currency within a rapidly expanding layer-two economy? This could be due to the fact that transaction fees have dropped by 99%.
Couldn’t be.
Twitter told me ETH is dead.
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) October 16, 2024
This past week, the founder of Layer2Roundup, named “Liam”, expressed, “Does it seem like only I’m noticing that the level of misinformation about Ethereum is decreasing significantly,” followed by another statement:
It’s common knowledge that the Ethereum network boasts a greater number of developers, applications, and users than any other platform in its class.
ETH vs Rivals
Many concerns about Ethereum (ETH) originate from its modest growth this year, with the asset gaining just 14% compared to Bitcoin‘s impressive 60% increase since the start of 2024. This performance difference has fueled skepticism towards ETH.
In the last day, Ethereum (ETH) has remained relatively stable, currently priced at approximately $2,636. Yet, over the past seven days, it’s experienced a roughly 10% increase, coinciding with the broader market surge.
Despite Ethereum being 46% below its record peak, comparable cryptocurrencies like Solana (SOL) have also dropped by approximately 41%.
In simpler terms, Cardano (ADA), initially known as a potential rival to Ethereum, has dropped by 89%. Similarly, Avalanche (AVAX) has decreased by 81%, while Aptos (APT) is currently 49% below its highest recorded value. However, in spite of the negative news and uncertainty (FUD), Ethereum has managed to outperform all three.
Among the cryptocurrencies, Sui (SUI) reached an unprecedented peak of $2.35 on October 13. Yet, its popularity mainly stems from meme coin enthusiasts rather than large banks and financial institutions who are adopting Ethereum as a monetary software base.
It has been reported this week by CryptoPotato that Ethereum continues to lead in terms of DeFi (Decentralized Finance) and DEX (Decentralized Exchange) activity, making it the predominant chain for these activities.
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2024-10-17 09:37