Author: fangjun, Developer DAO Source: @fjun99
Ethereum seems to be actively constructing its future, with new upgrade plans incorporating numerous innovations (albeit lacking the exhilaration of Blink). Ethereum also boasts several impressive Layer 2 solutions. However, it’s undeniable that Ethereum Gas prices are at 1 Gwei. What exactly is going on with Ethereum?
Has Ethereum encountered issues?
Overall, Ethereum is not flawed. It stands as the most powerful smart contract platform, the most decentralized, and harbors the most thriving ecosystem, be it through EVM applications or Layer 2 chains. Its technical roadmap remains solid, with Vitalik’s year-end 2023 roadmap update still guiding Ethereum’s potential development over the next three to five years. Vitalik has authored numerous crucial articles this year.
Could the problem with Ethereum be the lack of memes?
I don’t believe so. Solana’s recent celebrity meme surge makes it somewhat resemble Las Vegas. Ethereum has always been akin to Wall Street, and transforming Wall Street skyscrapers into Las Vegas is not a logical choice. At most, it could consider creating a Atlantic City nearby.
What is Ethereum’s problem then?
Firstly, Ethereum continuously tackles technical challenges, but what are these challenges ultimately aiming for? For example, Vitalik’s discussion today highlighted the significance of final settlement speed. Ethereum currently resembles Xerox PARC, from where Jobs “borrowed” a lot. The vision should ideally focus on creating usable products like Apple or Microsoft.
The problem with Ethereum, as constantly emphasized by @eawosikaa, is not the lack of marketing. In my view, it’s not a lack of marketing, but rather a lack of fundamental vision and positioning. Questions like: What is Ethereum’s vision? What products does Ethereum offer? What are Ethereum’s upcoming products? Ethereum is currently akin to Bell Labs. Do you know what its current name is? — Nokia Bell Labs.
Will the rise of ETH and the approval of ETFs solve Ethereum’s issues?
No. In the previous cycle, Ethereum saw a significant “speculative” boom, largely driven by NFTs. In hindsight, does it not seem a bit comical how suddenly so many NFTs emerged? Of course, there were also non-NFT gems back then, such as Vault 4626 and AA 4337.
Ethereum’s L2 currently seems to be in a rather unhealthy state. While it’s true