It's undeniable that:
ETH changed its roadmap away from onchain scaling and towards things that specifically favor L2s.
Revenue on the ETH chain is down.
Almost every major L2 is centralized and not censorship resistant.
You can say that 1 was necessary, and 2 and 3 are just temporary problems on the road to glory. But you can't ignore their reality.
Me? I think 1 happened to profit certain economic actors (L2s), and 2 and 3 are a permanent consequence.
Here's Justin's whole thread
going to go watch this
He's a very smart and thorough researcher and a good friend. Very honest to a fault (maybe because he's Dutch), rarely makes mistakes but publicly posts about them when he does.
I would agree with this.
I have said building on ETH is a waste of resources for a long time.
I don't think Khal will like that.
Well EVM is great, and the greater ETH ecosystem is building all the time.
I'm just personally bearish on the Ethereum chain itself, for the reasons outlind there.
Got ya, thank you :)
It is what it is, whether someone likes it or not. Ethereum really shot itself in the foot a while back when it really didn't do anything to address gas fees, then chains like BSC were created (which is NOT an Ethereum layer2).
going to be interesting to see how it all plays out.
Ethereum is not going anywhere anytime soon though. I honestly stopped using it when the ETH Foundation got serious about proof of stake and started treating their mining community like crap, I saw where it was going then.
What do you say about this @khaleelkazi? Didnt ypu say you move into $ETH ?
Who knows what the price will do under which conditions. Also I think EVM and EVM-based chains will continue to grow explosively.
I'm just bearish on the actual Ethereum network itself, for many of the same reasons Justin outlined.
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