The Bullish Case for Ethereum
And a breakdown of the upcoming Pectra upgrade
It's easy to be bearish on ETH right now. Since the market lows in early 2023, it has underperformed SOL by 6.8x, and ETH is down vs BTC by 47% over the past two years.
Time for a rebound?
The Bearish Case for Ethereum
The reasons for ETH's underperformance are open to debate, but in my opinion, a few important ones are:
Bitcoin is "digital gold" - a simple narrative easy to digest, especially for new retail users and institutions. In contrast, Ethereum's story is complex. The popular "digital oil" analogy is neither attractive nor accurate.
Solana is outpacing Ethereum: Solana is catching up to or sometimes surpassing Ethereum in active users, transaction volume, and mindshare.
Thus, BTC is a safer bet for crypto adoption, while Solana is a riskier (lower market cap) bet on smart contract adoption. Ethereum is squeezed in between.
Ethereum's modular approach with L2s fractures liquidity and complicates user experience.
Degens who bet on …