The Milk Road Show

The Biggest Ethereum Risk No One Wants to Admit w/ Aryan Sheikhalian

19 snips
Dec 8, 2025
Guest
Arian Shikilean
In this conversation, Aryan Sheikhalian, an investor at CMT Digital known for his sharp insights on crypto infrastructure, dives into the hidden risks of Ethereum. He discusses the implications of fragmented Layer 2 liquidity as a major threat and emphasizes the need for unified standards led by the Ethereum Foundation. Aryan also shares thoughts on how competing L2s might struggle under equal conditions and the essential role of institutional pilots in driving adoption. With a focus on future innovations, he theorizes about AI's evolving influence in the crypto space.
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INSIGHT

Ethereum As Trust Layer

  • Ethereum's role is shifting to a trust-rooting validation layer while execution moves to L2s.
  • This modular thesis can succeed only if tokenomics and unified standards evolve to preserve economic value.
INSIGHT

Upgrades Delay Risks Ecosystem Loss

  • Delays to roadmap upgrades like statelessness and code merkelization threaten unified L2 standards.
  • Fragmented upgrades risk losing execution and business to alternative ecosystems like Solana or Canton.
ADVICE

Foundation Should Lead Roadmap Convergence

  • The Ethereum Foundation must drive convergence on proofs, data structures, and standards across L2s.
  • Prioritize implementing roadmap items to give L2s clarity for unified liquidity and composability.
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