In the past two days, I have seen more news about Ethereum on Twitter, and the community's hesitation towards Ethereum is still fermenting.

Among the many messages, one is about the well-known overseas Ethereum media Bankless.

Bankless has undergone significant layoffs, and one of the founders, David Hoffman, publicly stated that he sold all his remaining Ethereum holdings.

This move has caused a huge controversy in the overseas Ethereum community, becoming the last straw for many.

Bankless can be said to be the most well-known social media in the overseas crypto community that fully supports Ethereum, apart from the Ethereum Foundation and media closely related to the foundation.

I used to frequently watch their interviews and articles in my early years. The quality of the content they produced was very high.

However, especially in recent years, I have rarely followed them, not because of the quality of the content, but because they mainly focus on the DeFi ecosystem, while paying much less attention to other ecosystems. My interest in DeFi has long faded, and I am more eager to see the development and current state of the Ethereum ecosystem in other emerging fields (such as AI + Crypto, prediction markets, etc.).

Despite this, this media has left a very deep impression on me.

Seeing such a good media lay off staff and one of the founders leave, I still feel a bit regretful.

However, in contrast to David Hoffman, Bankless's other founder, Ryan Adams, is clearly different—his love for Ethereum is evident from his words and actions.

Regarding the recent actions of the Ethereum Foundation, enthusiasts in the Ethereum community and some media (such as Reference Link 1) have provided another perspective (in essence):

The Ethereum Foundation should not be expected to drive Ethereum's market performance, as the foundation has always focused solely on technical excellence and maintaining credible neutrality.

Therefore, they believe that the Ethereum Foundation's actions are not problematic, and their indifference to price and market performance is their true nature.

This perspective is the first time I have encountered it.

My impression has always been that the Ethereum Foundation is a headquarters that coordinates the Ethereum ecosystem and promotes comprehensive development across all fields, not only in technical research but also in collaborative promotion and even economic layout.

If this perspective reflects reality, then to some extent, I can slightly understand the actions of the Ethereum Foundation.

However, I still worry whether such a "decentralized" foundation, after its power has weakened, can play its proper balancing role in countering potential centralization trends in Ethereum and whether it can continue to lead Ethereum in absorbing new technologies and undergoing new iterations.

Therefore, I will continue to observe.

A former senior Ethereum researcher, Dankrad Feist, proposed that in order to solve Ethereum's market performance issues, a new organization should be established. This new organization must have at least $1 billion in initial funding. Only an organization with such strength can promote Ethereum's development on the economic level comprehensively.

This proposal quickly resonated in the Ethereum community.

Soon, Ethereum's largest treasury company, BMNR, interacted with this news.

Following that, Ryan Adams, the other founder of Bankless mentioned earlier, also interacted with BMNR through an image. In the picture, one hand passes a torch to another hand.

The meaning of this is self-evident.

Regarding BMNR and especially its founder, my impression is a mix of good and bad, making it hard to sum up.

On the positive side, I think some of his views are insightful, able to see the underlying colors and essence of the crypto ecosystem, and recognize the value within it.

On the other hand, the speculative vibe he emanates, coming from Wall Street, makes me doubt whether he has long-term goals and plans. The most typical example is his frequent predictions that Ethereum will reach a certain price point many months or even half a year later, and they are often very exaggerated price levels.

However, regardless of how the situation develops subsequently, I believe that the recent actions of the foundation and the sell-off by certain celebrities will ultimately only be noise in the historical development process of Ethereum.

Ethereum will continue to move forward, and the entire community will turn the page and continue to progress.

The head of SlowMist made two remarks on Twitter (details in Reference Link 2):

1 "Stablecoins, RWA, and these relatively mainstream products won't primarily operate on Ethereum, then there needs to be another public chain that is not only safe, sufficiently decentralized, and has mature infrastructure to support them; otherwise, it won't matter..."

I strongly agree with this view, and to take it further, I have an even more convinced opinion:

Based on the current crypto ecosystem, apart from Ethereum, no other smart contract public chain can support this ecosystem.

2 "I have my perspective: if Bitcoin fails, the Crypto industry will fail; if Ethereum fails, Crypto won't fail, but it will be very boring, all public chains similar to Ethereum (running smart contracts) will face a similar path to failure, and the entire industry will become very boring; yes, only the Crypto industry with Bitcoin will be very, very boring."

I also agree with this view but think it can be made clearer:

What kind of crypto ecosystem exists with only Bitcoin?

A digital collectible for everyone to worship?

I believe that this is absolutely not Satoshi Nakamoto's intention, nor the future of the crypto ecosystem.

If what we get is just a Bitcoin crypto ecosystem, then such a crypto ecosystem is utterly meaningless.

Human civilization needs not just a digital collectible, but a decentralized, censorship-resistant foundation that can safeguard dignity and boundaries in the AI era, and can support a civilization where AI and humans coexist.

Therefore, only Ethereum can support this future world; only Ethereum is the future of the crypto ecosystem.

Reference links:

1. https://x.com/eth_daily/status/2057662151314338065?s=46

2. https://x.com/evilcos/status/2057675467528995125?s=46

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