Seasoned pseudonymous DeFi commentator who goes by @FigoETH on X shares his reasons to be bullish on Ethereum (ETH) in the long term. It points to eight theses to debunk the anti-ETH FUD sparked by the upcoming launch of Uniswap’s own blockchain.
Innovations, Retail, Big Tech, dApps: Analyst on Catalysts for ETH
The cryptocurrency public should “stop whining” and recognize that Ethereum (ETH), as a technology and ecosystem, is only growing over time. DeFi enthusiast @FigoETH explains what developments make him optimistic about the second cryptocurrency’s potential.
First, it is the number of innovations for Ethereum (ETH) technology introduced by the rise of the Eigenlayer Restoration Infrastructure (EIGEN): data availability layers, on-chain oracles, trustless bridges , etc. The next generation of L2 solutions will increase Ethereum (ETH) throughput to over 100,000 transactions per second and achieve seamless interoperability with competing ecosystems outside of EVM.
Next, the involvement of leading asset managers (Blackrock) and Web2 technology heavyweights (Sony, Samsung) in the use of Ethereum (ETH) solutions is only increasing over time.
On the other hand, Coinbase continues to attract retail customers to Ethereum (ETH), especially when on-chain transaction fees are low.
The same goes for consumer dApps like Polymarket or Farcaster, which have finally found product-market fit and meet the “real” needs of Internet users.
Related
As covered by U.Today previously, while Uniswap (UNI) made headlines by launching its own blockchain on Optimism’s OP stack, some commenters became bearish on ETH as an asset.
Ethereum (ETH) is still years ahead in the L2 race
The ability to collect fees in UNI (and, therefore, in any other token for future protocols of this type) is a signal of the coming irrelevance of Ether as the main gas currency for DeFi.
Additionally, critics of Ether point out that with reduced transactional activity, it fails to protect its deflationary status amid plummeting burn rates. As such, it can no longer rely on the “ultra-sound money” narrative.
However, @FigoETH concludes that Ethereum (ETH) is still years ahead of the competition, even on the L2 battlefield. So, all fundamentals still look bullish in Q4 2024.
Ethereum (ETH) changes hands at $2,444 with overnight gains of 1.3%.
