🔹 Key points from Alex Gluchowski's statements:

  1. Competition is not against Ethereum, but to enhance it:

    • Gluchowski confirms that Ethereum still possesses "Product-Market Fit" as a foundational layer for applications like:

      • "Decentralized NASDAQ" (DeFi trading platforms like Uniswap).

      • "Decentralized SWIFT" (cross-chain payment solutions like Circle or USDC).

    • The credible neutrality of Ethereum is what makes it a "fortress" against competitors.

  2. ETH as the primary beneficiary of network growth:

    • If Ethereum maintains its position as the "world computer", value will flow directly or indirectly to the ETH currency (through gas fees, staking, and demand as an investment asset).

    • This is similar to the growth in internet value with increased reliance on servers (though ETH is not a centralized server).

  3. His vision for a multi-chain future:

    • Just as the internet does not run on a single server, the infrastructure of global transactions will not rely on a single chain (even if it is Ethereum).

    • This is where ZKsync and solutions based on Zero-Knowledge Proofs (ZKP) come in as a Layer 2 scaling solution to enhance Ethereum's efficiency without sacrificing its security.

🔍 Analysis of statements and their impact on the crypto market:

1. Why is Ethereum still the strongest fortress?

  • Institutional adoption:

    • Most institutions prefer to develop their solutions on Ethereum (like JPMorgan’s Onyx or BlackRock’s BUIDL).

  • Unmatched security:

    • Even with slow development (like the delay of EIP-4844), Ethereum remains the most secure chain for large amounts.

2. Challenges Ethereum faces against competitors:

  • Transaction costs:

    • High gas fees push projects to migrate to Layer 2s like ZKsync or competing chains like Solana.

  • Scalability vs Decentralization:

    • Ethereum favors decentralization, but average users want higher speeds at lower costs (which ZK-Rollups provide).

3. The future of ETH as an investment asset:

  • Vulnerable to market fluctuations:

    • If Ethereum fails to deliver real scalability (such as through the Dencun Upgrade), it may lose market share to Layer 2s or other chains.

  • Long-term growth opportunity:

    • As Ethereum transitions to a Proof of Stake (PoS) system and increases ETH burning, it may become scarcer than Bitcoin over time.