0xResearch The State of Ethereum Today | Analyst Round Table
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Jan 16, 2025 Dive into the intricate dynamics of Ethereum's market, from ETF influences to its role as a medium of exchange. The analysts explore the balance between Layer 1 and Layer 2 solutions, discussing the implications for scalability and community engagement. They also tackle Ethereum's evolution amidst competition and regulatory challenges. As tensions in the community rise, they express cautious optimism about Ethereum's growth, highlighting innovative concepts like booster roll-ups that could reshape the landscape.
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Ethereum's Bull Case
- Ethereum's bull case hinges on its potential as money or a store of value, driven by demand and narratives.
- Demand is influenced by factors like ETFs and a clear narrative, but its role as "world computer" remains uncertain.
Ethereum's Revenue and Value
- Ethereum's declining REV raises questions about its value proposition beyond cash flows.
- The focus shifts back to its "moneyness," but the drivers for this remain unclear, unlike Bitcoin's established store of value narrative.
L2s and ETH Moneyness
- Ethereum's push towards L2s might hinder its "moneyness" as the base asset becomes less visible.
- L2s using stablecoins for gas further abstracts ETH, potentially impacting its monetary premium.