The market always tends to over-exaggerate short-term risks and underestimate long-term trends. The current market FUD for ETH is more affected by factors such as short-term price depression and stagnant ecological innovation, rather than fundamental changes in its fundamentals. As long as Ethereum can find new narrative support in the future cycle, it is still possible to return to its dominant position.

"The safest chain" does not necessarily mean the "most valuable chain". Ethereum does have certain advantages in security, but if the ecological growth stagnates, even if it is safe, it cannot support long-term value.

The biggest problem of ETH at present is not security, but the lag in ecological innovation. Compared with emerging competitors such as Solana and EigenLayer, Ethereum's progress in some application scenarios is relatively slow, and the market will not wait forever.

L2 solves the scalability problem, but also diverts the value of the ETH main chain. Ethereum expands through Rollup, but the rise of L2 has caused transaction volume and applications to flow to the second layer, and the narrative logic of the main chain needs new support.

In cutting-edge fields such as AI, RWA, and games, ETH's ecological advantages have not yet been fully established. Competitive chains such as Solana are developing rapidly in high-performance applications, while the ETH ecosystem is still mainly centered around DeFi/NFT, lacking a clear "next step" direction.

If ETH can break through in areas such as AI Agent, RWA, and blockchain games, and find new paths for large-scale adoption, it is still expected to become the core infrastructure in the crypto space.

If it continues to stagnate and only relies on the "most secure chain" to maintain its position, in the long run, the market may look for alternatives with greater growth potential.