Ethereum

2024

Ethereum advocates are fighting back against a wave of misinformation and FUD targeting the ecosystem.&nbsp;The attacks come as ETH has underperformed rival layer-1 blockchain tokens, sparking more crypto tribalism.
On Oct. 17, independent Ethereum educator and angel investor Anthony Sassano lashed out at Multicoin Capital co-founder Kyle Samani for posting “blatant misinformation.”
<h2 id="ethereum-fud-escalates">Ethereum FUD Escalates</h2>
Samani had earlier replied to a comment from Bitwise CIO Matt Hougan, who&nbsp;<a href="https://x.com/Matt_Hougan/status/1846631047859261634" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said,</a> “Ethereum is the best contrarian bet in crypto right now.”
Samani, who has been on the Ethereum warpath, recently objected to this, claiming that it is a “$300 billion asset without a roadmap or value accrual model.”
Sassano pointed out that this statement was completely false, posting the widely shared Ethereum roadmap stating that Samani was “completely incapable of telling the truth.”
<blockquote class="twitter-tweet">
 You literally just posted this tweet a few minutes ago – it’s blatant misinformation as Ethereum very clearly does have a roadmap (as attached).
 You are completely incapable of telling the truth, aren’t you?<a href="https://t.co/KN1Air0Rku" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">https://t.co/KN1Air0Rku</a> <a href="https://t.co/xpUX7V3lHM" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/xpUX7V3lHM</a>
 — sassal.eth/acc (@sassal0x) <a href="https://twitter.com/sassal0x/status/1846749248005591161?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 17, 2024</a>
</blockquote>
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In an earlier post on X on Oct. 16, Sassano called out Samani and other <a href="https://cryptopotato.com/crypto-vc-giant-a16z-founders-donate-5m-to-trump-super-pac/" data-wpel-link="internal" rel="noopener noreferrer nofollow">venture capitalists</a>, citing reasons they could be bitter about the Ethereum ecosystem.
<blockquote>
 “The reason Kyle Samani and other VCs are ‘bearish’ on Ethereum and L2’s is because they didn’t get into the various funding rounds.”
</blockquote>
<blockquote class="twitter-tweet">
 People should study this interaction &amp; keep it top of mind whenever you see VCs fudding Ethereum
 The reason Kyle Samani and other VCs are “bearish” on Ethereum &amp; L2’s is because they didn’t get into the various funding rounds
 That’s why their Ethereum fud often makes 0 sense <a href="https://t.co/3Lmbvg4eJp" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/3Lmbvg4eJp</a>
 — sassal.eth/acc (@sassal0x) <a href="https://twitter.com/sassal0x/status/1846309941612892433?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 15, 2024</a>
</blockquote>
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Meanwhile, fellow Etherean Ryan Sean Adams also mocked the&nbsp;<a href="https://cryptopotato.com/ethereum-ico-whale-sells-19000-eth-worth-over-47m-amid-market-fud/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">FUD</a> relating to Ethereum fees and revenue generation, stating that layer-2 demand was still increasing, making it more accessible to users by lowering costs.
<blockquote class="twitter-tweet">
 On no Ethereum fees are going down!
 Ethereum is doomed!
 But wait…is that ETH-denominated TVL increasing…almost as if ETH is being used as money inside a burgeoning L2 economy now that transaction fees are 99% lower?
 Couldn’t be.
 Twitter told me ETH is dead. <a href="https://t.co/4B4xbX70Wy" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/4B4xbX70Wy</a>
 — RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) <a href="https://twitter.com/RyanSAdams/status/1846631395222777911?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">October 16, 2024</a>
</blockquote>
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Earlier this week, Layer2Roundup founder “Liam” <a href="https://x.com/daddysether/status/1846033545351049247" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">said</a>, “Is it just me, or is the quality of Ethereum FUD falling off a cliff,” before adding:
<blockquote>
 “It is public knowledge that Ethereum houses more developers, more apps, and more users than any other ecosystem.”
</blockquote>
<h2 id="eth-vs-rivals">ETH vs Rivals</h2>
A lot of the Ethereum FUD stems from its ETH’s lackluster performance this year. The asset has only made a paltry 14% since the beginning of 2024, while its big brother, Bitcoin, has surged 60% over the same period.
ETH hasn’t moved much over the past 24 hours, trading at $2,636 at the time of writing. However, it has gained around 10% over the past week amid the broader market rally.
Ethereum remains down 46% from its all-time high, however, rival chain tokens such as Solana (SOL) are down a similar amount at 41%.
Cardano (ADA), which was once touted as an “Ethereum killer,” is down 89%, Avalanche (AVAX) is down 81%, while Aptos (APT) is 49% away from its all-time high. All of them have been outperformed by ETH despite the FUD.
The exception is Sui (SUI), which hit an all-time high of $2.35 on Oct. 13. However, its popularity is primarily driven by meme coin degens, whereas Ethereum is being adopted as a monetary software layer by big banks and financial institutions.
Ethereum also remains the dominant chain for DeFi and DEX activity, as <a href="https://cryptopotato.com/ethereum-remains-dominant-dex-chain-despite-dominance-dip-coingecko/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> by CryptoPotato this week.
The post <a href="https://cryptopotato.com/quality-of-fud-falling-off-a-cliff-ethereum-community-fights-misinformation/" rel="noopener noreferrer nofollow">‘Quality of FUD Falling Off a Cliff:’ Ethereum Community Fights Misinformation&nbsp;&nbsp;</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

‘Quality of FUD Falling Off a Cliff:’ Ethereum Community Fights Misinformation

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