Recently, the ETH Foundation and Vitalik Buterin himself have faced a collective backlash from veteran figures in the crypto industry from both the East and West. The responses given by Vitalik and the ETH official team have been, quite frankly, unsatisfactory. In no time, the number of people criticizing ETH has surged, with reasons being varied and numerous. However, in my view, there are two main issues that stand out:

- Poor price performance: The price trend of ETH has been quite terrible, falling far short of everyone's expectations, which has left investors in the crypto circle deeply disappointed.

- Being overshadowed by SOL: Whether in terms of public chain performance or the development of the ecosystem, SOL has outperformed ETH in this round, stealing the spotlight.

But I believe these are merely surface phenomena. We must delve into the root of the problem. I have repeatedly emphasized that ETH's issues are essentially shared problems within the blockchain industry. We need to return to the value aspect and contemplate the intrinsic value of blockchain itself, the value of blockchain applications, and where the value of smart contracts truly lies.

Specifically regarding ETH, the core issue is: during this development cycle, ETH failed to propose a sufficiently imaginative and innovative narrative! Looking back at the history of cryptocurrency development, in every round of altcoin bull markets, ETH has been at the forefront, leading the wave of innovation and showcasing its leading position, sparking global enthusiasm for technological innovation in the crypto field. Just like in 2017, when the new models of smart contracts and ICOs emerged, ushering in a completely new crypto era; in 2020, the concept of DeFi arose, which subsequently extended into the new paradigm of Web3. At that time, these were all highly impactful narratives of technological innovation, demonstrating the potential of the crypto world to change the traditional internet landscape.

However, this time, ETH has neither launched an innovative narrative that could trigger industry transformation nor presented any eye-catching innovative products. This has led to a sense of indifference among long-time investors.

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