The Bull Case For Ethereum | Tom Dunleavy & Ryan Berckmans

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May 19, 2025

Ryan Berckmans, an ETH OG and community member, and Tom Dunleavy, Head of Venture at Varys Capital, delve into the bull case for Ethereum. They discuss Ethereum's notable pivot, value proposition, and the implications of Layer 1 and Layer 2 dynamics. The conversation highlights Ethereum's challenges and successes, as well as economic factors like block space pricing. They also explore future growth strategies and competition within the crypto landscape, offering insights into personal investment approaches in a rapidly evolving market.

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INSIGHT

Ethereum's Roll-Up Roadmap Evolution

Ethereum's roll-up centric roadmap faced delays due to late business development and complex L1 plus L2 scaling.
Success is now evident with major L2s growing, showing the strategy's eventual payoff.

INSIGHT

Valuing Ethereum by Secured Assets

ETH's value is linked to the total value secured by Ethereum, not transaction fees.
Market cap should reflect the assets the network economically secures across L1 and L2.

ADVICE

Right Timing for Roll-Up Roadmap

The roll-up centric roadmap started at the right time but required better support like interop and business development.
Aligning the narrative and ecosystem is key to maximizing Ethereum's potential.

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