Original author | Ryan Sean Adams

Compile | Golem

Ryan Sean Adams, founder of Bankless, an encryption information and research platform, initiated a discussion on platform X about whether Ethereum will miss this bull market, saying that he will first think about the matter from the perspective of Ethereum long-termists, rather than those who mistakenly believe that Ethereum is dead.

He stated the reasons for missing and not missing both views, and finally asked which side would everyone be on? The following Odaily Planet has compiled the two views below, and readers should vote too.

Ethereum will miss this Bull Market: New users are not choosing Ethereum

Ethereum is in adolescence and is going through an awkward phase of mood Fluctuation like a teenager, trying to move towards adulthood but the world doesn't understand him.

The biggest factor is L2. This cycle of Ethereum is different from the past because it's basically telling new users, "Hey, don't use Ethereum, we're too expensive, but the good news is that we have 100 brand new L2s and you're going to love them." So countless L2s built cross-chain bridges, then dispersed liquidity, and finally ended in failure and so on.

But in the long run, developing Ethereum L2 is the right thing to do, the best long-term way to achieve Decentralization, and Vitalik's vision and so on. These things don't have to be told over and over again to someone who has been believing in this since 2021. But the problem is that they are not new buyers of ETH.

So who should the new buyer be? It's those who speculate on meme coins, app users, and people from TradFi.

But the first two are busy buying tokens on the on-chain they are using, while L2 beat shows 96 chains to choose from. Lastly, people from TradFi are buying Bitcoin and they won't care if on-chain have long less real cash flow.

While the issue of fragmented liquidity is being addressed, fundamentals are also important. But now is the adolescent of Ethereum, and when some chains are taking shortcuts, Ethereum has to grit its teeth and take the difficult road and go through the necessary awkward phases in order to become a mature and well-functioning chain.

It's a long-term thing, but it won't pay off in this cycle.

ETH Bull Market is coming: the fundamentals are good and Ethereum dominant

Others will disagree with the first argument and argue that the ETH will reach $10,000 when the BTC Bull Market comes.

The current Ethereum is too strong long compared to the 2020 stage. Not only is it a profitable Blockchain, but it also has a solid tokenomics, with the world's largest exchange doing Ethereum L2, ZkEVMs already happening, unlimited L2 budgets are accelerating the development of Ethereum technologies, Ethereum ETF is also coming soon, BlackRock's tokenization Treasuries, and more. Ethereum's fundamentals are positive.

Some chains may have 1 million users, but Ethereum can be the underlying infrastructure of 1000 chains, and the fees of 1 million users on each on-chain will be returned to Ethereum. L2 decentralized liquidity will also be fused because L2 chains are accumulating huge centralized debt, which they will later pay back to Ethereum and pay Ethereum through gas.

For investors who are eyeing BTC's new narrative, it's only a matter of time before they wake up and start valuing cash flow.

In conclusion, it is foolish to think that Ethereum will miss this bull market, and the odds are too small to be considered. The market will actively vote, so ETH Bull Market is coming.

These are the two different views of Ethereum long-termism, will you miss this cycle or will ETH Bull Market coming, which side are you on?