Lately, many have been asking: Is Ethereum hopeless after its poor performance? Should we consider other chains? Despite the disappointment, a lot of us still hold on to Ethereum. Why do we keep complaining but still believe in it?
To evaluate a blockchain project, I look at three factors: decentralization, community strength, and team execution. By these measures, Ethereum is still the king of public chains.
Ethereum's decentralization is unmatched; its community remains cohesive; and its team continues to push the project forward, though progress has slowed as responsibilities grow. The more they take on, the more challenges arise—a natural consequence of ambition.
Some say Ethereum doesn't focus enough on applications. But that's part of its design: Ethereum aims to create neutral, censorship-resistant infrastructure. It leaves room for global developers to innovate, rather than controlling everything like some other chains.
There's also concern that layer-2 solutions are reducing Ethereum's value capture. But these worries are misplaced—layer-2 security still depends on Ethereum, meaning the value eventually flows back to the main chain.
True, Ethereum's price has underperformed compared to Bitcoin during this bear market. This is largely due to a lack of innovation in crypto applications, especially as institutional investors stick to low-risk assets like Bitcoin. However, long-term, application innovation—likely to happen in the Ethereum ecosystem—is what will truly transform the crypto space. Change takes time and patience.
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Disclaimer: This content is for informational purposes only and is not investment advice. Investments carry risks—be cautious.
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