The performance of the second child this round is really disappointing. $SOL relies on memes to take off, while big pancake $BTC relies on ETFs to boost the market, and ETH is really stuck in the middle, which is quite awkward.

The problem is that $ETH currently lacks clear positioning: if you call it a value coin, its performance is outshined by SOL; if you call it a meme platform, it lacks the simple and rough gameplay of a pump. After the POS transition, it has instead become a hybrid.

The most critical issue is the narrative gap: DeFi Summer is over, Layer2 has diverted transaction fees, and now even NFTs are no longer played on ETH. The market is this realistic; chains without new stories will be abandoned.

At least SOL still has memes as a killer feature, but ETH really can't find any exciting points. Unless there are new explosive points in the next round, the position of the second child might not even be secured.