I often get asked about Ethereum. Here's a chart to clarify what the price of Ethereum is related to. Cursing Vitalik won't change market prices, just as calling for Satoshi's return to pump Bitcoin is equally pointless.
What truly determines the value of Ethereum is the prosperity of its on-chain financial ecosystem, the expansion of RWA, the growth of stablecoins, and the development of L2. When institutions realize that most L1 competition is just a waste of resources, and that L2 is a more realistic path forward, Ethereum's future lies in the recognition from both the community and institutions, not in Vitalik. From a traditional economics perspective, he now resembles more of a puppet emperor, promoting decentralized governance concepts and exploring technology. The staking rewards of Ethereum are earned by validators, not by the foundation.
Do not attempt to understand Ethereum through traditional economic theories; its roadmap and revenue model are all publicly available information and it is currently the only public blockchain that has achieved true decentralization.
If you see Base, an L2 without even a governance token, rising and yet still fail to realize that most L1 public chains are just reinventing the wheel and wasting resources to compete within L1, it can only be said that institutions have so much money that they can’t use it all.
$BTC $ETH $LDO #btc #eth #ldo
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