In 2021, ETH grew thanks to a simple scheme: applications attracted users → those attracted liquidity and developers → all of this generated income for the protocol, investors, and users.
And then something went wrong. ETH has lost 72% against Bitcoin and 84% against Solana over the last 900 days. And this is not just volatility — the market began to perceive Ether differently.
What was the mistake?
The mistake was that Ethereum moved too early towards L2 networks. The underlying network remained somewhat on the sidelines.
It used to be simple: if you wanted to create applications or use them — go to Ethereum. There were no alternatives.
And then the network began to spread across Arbitrum, Optimism, and other zk-beasts. Liquidity became fragmented, and attention too. ETH became 'infrastructure' instead of currency.
What opportunities did Ethereum miss:
• Michael Saylor invested $35 billion in Bitcoin over the last 3 years. If Ethereum had looked strong and cohesive — part of this amount could have gone into ETH.
• Meme coins on Solana attracted hundreds of millions of dollars and a whole new generation of users during the same period, while Ethereum was discussing whether it was 'ethical at all'.
Good news: Ethereum has started to pivot.
What will change:
1. The main Ethereum network is back in the spotlight. They aim to increase its capacity by 10 times over the next two years.
2. Focus on users and products, not ideals and research.
3. Correct priorities in development: first Ethereum, then applications, and finally L2 networks.
4. More openness to the market and even... meme coins.
As a result:
ETH can only return to the status of 'money' with a strong underlying network that becomes the main attraction point for the entire Ethereum ecosystem.
Without this, it will remain just a platform.
Will the new strategy work? Let's discuss in the comments.