According to BlockBeats, Ryan Sean Adams, the founder of crypto news and research platform Bankless, initiated a discussion on whether Ethereum will miss the current bull market. Adams presented arguments from two perspectives, those who believe Ethereum will miss the bull market and those who believe it will dominate.
Adams argued that Ethereum is currently in its 'adolescent' phase, experiencing emotional fluctuations like a teenager. One of the main factors is Layer 2 (L2). Ethereum is different in this cycle because it is essentially telling new users not to use Ethereum due to its high cost, but instead to use one of the 100 new L2s. However, this has resulted in numerous L2s building cross-chain bridges, dispersing liquidity, and ultimately failing.
Despite this, Adams believes that developing Ethereum's L2 is the right long-term strategy for achieving decentralization. The problem, however, is that these are not the new buyers of Ethereum. The new buyers are those trading meme coins, app users, and people from traditional finance.
On the other hand, some argue that Ethereum is set to dominate. They believe that after the Bitcoin bull market, Ethereum will reach $10,000. Compared to its state in 2020, Ethereum is now much stronger. It is not only a profitable blockchain but also has a solid token economy. The world's largest exchanges are working on Ethereum L2, and Ethereum ETFs are about to be launched.
While some chains may have a million users, Ethereum can be the underlying infrastructure for a thousand chains, with the fees from a million users on each chain returning to Ethereum. The liquidity dispersed by L2 will also be consolidated, as L2 chains are accumulating massive centralized debt that they will eventually pay back to Ethereum through gas fees.
In conclusion, Adams believes that it is foolish to think that Ethereum will miss this bull market, and the likelihood is so small that it is almost not worth considering. The market will vote, so the Ethereum bull market is coming.
