The poor sentiment around Ethereum ETH has less to do with its current poor economics (revenue) And more to do with the fact they’re widely perceived as becoming complacent / fumbling their winning position Most chains have orders of magnitude less TVL, daily fees, devs, and general activity than Ethereum L1 but they’re growing at a faster pace, shipping more quickly, and are cut throat in their strategy (no L2s are not Ethereum) Cheering ETH on as “ultrasound money” because users were burning billions in congestion fees, while doing nothing to support app builders or chain UX, is exactly why revenue has dropped and growth is stagnant now This has manifested itself in weird ways sentiment wise For example, Standard Chartered cut their ETH price forecast by 60% due to “declining revenue & increased competition” while at the same time predicting XRP price goes 5x before Trump leaves offices This is not about what network has sound economics, or what logically makes sense, it’s about momentum and growth, and ETH is nowhere near peak activity Thankfully in this case, Etheruem is not ossified and the EF can pivot away from what’s not working but the window of opportunity is closing