What is the reason for ETH's current state?

In my opinion, the fundamental reason is: the pie is gone.

To put it nicely, whether it's stocks or cryptocurrencies, what you're buying is not the present, but the future. Ultimately, what you're buying is just a painted pie.

We can see that after the Cancun upgrade, there isn't much pie left for ETH, only repeated self-comfort. Moreover, ETH feels more like an ugly daughter-in-law meeting her in-laws.

Previously, Ethereum still had pies to paint, with issues like low TPS and high GAS fees, the four kings were still building, there was the transition from PoW to PoS, and the Cancun upgrade had lowered the layer 2 gas fees. Then everything seemed ready, but in the end, the ecosystem still showed little growth.

It resembles the situation where you feel exhausted lately, have been sick for the past few days, and are in a bad mood. Finally, you pick a moment when everything seems ready, only to realize that it’s just you who isn’t doing well.

Of course, it's not wrong to criticize Xiao V, questioning why he stopped painting pies for everyone.

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