Ethereum is trying to improve its image as it loses traction. In 2025, the Ethereum Foundation launched a campaign called the "Trillion Dollar Security Initiative" to promote blockchain technology as the only serious option for ensuring real value.
But these efforts come at a time when the project is declining on all levels, from price performance to user interest and developer support, while Solana is rapidly gaining momentum.
The message from Ethereum's leadership focuses on stability, uptime, and security. However, Ether, the cryptocurrency it runs on, has lagged behind Bitcoin since the launch of the merge upgrade in 2022. The gap between the two has widened.
The Ethereum-to-Bitcoin price ratio has been steadily declining since then, and Ethereum has struggled to attract new interest even with the addition of new technical upgrades. Instead of regaining momentum, it has seen the departure of core users and key developers.
Solana Gains Momentum While Ethereum Loses Ground
In 2024, the number of active developers on Solana increased by 83%, while the number of active developers on Ethereum decreased by 17%, according to data from Electric Capital. Solana's lower fees and better user experience attracted a younger audience, more focused on speed, meme coins, and new ideas than on Ethereum's long-term vision.
This same crowd drove Solana's price to an all-time high earlier this year, while Ethereum's price has remained mostly stable. The Ethereum ecosystem has become highly fragmented, and developers are abandoning layer-2 aggregators like Base and Arbitrum to simply run core dApps.
Even the Ethereum Foundation's move to enhance security has come under question. Katie Talati, head of research at Arca, said the new initiative was less of a major achievement than a branding effort. She added, "This feels more like a marketing repositioning by the Ethereum Foundation than a genuine technical innovation."
I don't think this announcement alone is enough to restore the trust of developers and users. However, in the long run, a greater focus on security guarantees through improvements to the user experience and user interface will attract more developers. However, users only turn to it when there is something interesting.
Part of Ethereum's current struggles stem from its progress in scaling. Following last year's Dencon upgrade, Ethereum has made progress in moving activity off the main chain. However, most of this activity has been focused on Layer 2.
The main network failed to maintain this momentum, and as a result, the rate of ether consumption declined. This weakened the currency's previous deflation, which was one of the main reasons investors held onto it in the first place.
Wall Street's efforts to generate interest in Ether ETFs fail
Ethereum leaders are now seeking attention in Washington and Wall Street. A group called Etherealize, formed with the support of Ethereum co-founder Vitalik Buterin and led by researcher Vivek Raman, is lobbying for the future of blockchain technology in the traditional financial sector.
Vivek explained the strategy in an email, saying, "We engage with traditional finance leaders and Wall Street experts all day long, and ultimately, blockchain security is the most important attribute to ensure trust." He added that Ethereum's role will serve as "digital oil" to complement Bitcoin's role as "digital gold."
This narrative has not worked so far. In 2025, US-based Ether ETFs saw net outflows of $42 million. Meanwhile, Bitcoin ETFs generated $8 billion across twelve funds. Institutions appear to be more interested in returns and yields than in promoting Ethereum as a security. Ethereum's roadmap has not been convincing enough to attract significant capital from the Bitcoin orbit.
Meanwhile, Michael Saylor's MicroStrategy is reinvesting in Bitcoin. His company recently announced it would sell $2.1 billion in preferred stock, with a 10% yield, in the "perpetual conflict" category to buy more Bitcoin. This type of address doesn't strengthen Ethereum's position.
When one chain attracts billions of dollars through aggressive acquisition strategies, and another launches new brands to chase institutional money that hasn't even arrived, the contrast is stark.
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