Original - Odaily
Edit - 0xAyA
Is $2200 ETH expensive? At least Bankless founder Ryan Sean Adams doesn’t think so. On December 5, Ryan published a long article on the
In addition, Ryan also explained the strong fundamentals of Ethereum from many aspects, such as high price-to-earnings ratio, deflation, POS does not consume energy and will be loved by ESG investors, etc., and even believed that ETH has become the so-called digital gold .
The mood of the community was instantly ignited by this long article. Developers, VCs, researchers and other roles took turns to appear, and a big discussion was launched on this topic - it is also in a bull market, the BTC ecology is in full swing due to Inscription, and the ETH ecology is not only on the Inscription track. Apart from the eths, it seems a bit tepid, so what do the readers think of Ryans milk article?
Developer: Cost issues, mixed reviews
Ranked first in the comments section is Iron Forge Cloud CEOItalo Casas’s question: “As the only profitable chain, Ethereum’s current annual profit is US$2.7 billion, with a price-to-earnings ratio of 98 – slightly higher than Amazon’s 75 and lower than Zoom’s 153. But what does this have to do with me, a developer? Woolen cloth?
Ryan asked Italo why he was developing on expensive Layer 1, and the two got into a heated exchange about whether token costs affected innovation.
Ryan believes that development can be carried out on various Layer 2, and said that the price of ETH will not change the price of Ethereum block space; while Italo choked back, You can ask any developer and see if they Do you prefer ETH/SOL at $0 or ETH/SOL at $1,000?
Former Solana core developer@zen_llamaGiving his own take on Ryan’s argument: “The code on Ethereum (or rather, the functionality the code supports) makes its block space valuable. If the code is more expensive to deploy, then deploying would reduce the code, thus reducing the value of said block space, thereby increasing the price gap from the base value. I personally dont agree with Rollups as a scaling solution, but they make a lot of sense as a value capture solution for ETH assets, which It will bring revenue to different networks, which is why I think rollup is dangerous for ETH.
At the same time, he also pointed out: If it costs $20 to send $5, is it still attractive to build a payment application [on Ethereum]?
Former Coinbase engineer, Helius CEO@0x Mert_He mocked: Hey Ryan, Solana is 400 to 30,000 times cheaper than Ethereum and its L2s. I suggest you not post such fundamentally misunderstood tweets next time.
Supporters: Still optimistic and looking forward to the future
Among them, the founder of UniswapHayden Adamss answer represents the sentiments of most Ryan supporters. He said the value of ETH comes from developers building cool and useful things on top of it. It has a huge lead, so its very valuable. He also cited Uniswap as an example, saying Uniswap is a cool thing that people like to use, and is by far the largest value driver of Ethereum (about 25% of the block space + about 75% of the MEV).
Founder of The Daily Gwei@sassa l0 xHe said very optimistically: ETH will soar to more than 10,000 US dollars, leaving investors on the sidelines trapped in the quagmire of French currency and junk coins. In my opinion, we still need to clarify to people where the value of ETH is supported. This is crazy, but thank you for doing this!”
NFT developers@MrFwashereETH being too expensive to use is the same as saying no one drives in New York because the traffic is too busy.
user@YieldBouncerThe champagne was even opened: “The last time I remember Ryan writing something like this, ETH was at $400 and then the bull market came. Take off!”
BTC supporters fight back
Of course, Ryan’s comment section is also full of objections from die-hard Bitcoin supporters. Users@phyroooSaid: Ethereum has now fully implemented POS and no longer burns energy to generate block space... Well, it seems you dont understand that burning energy is Bitcoins defense mechanism.
user@danieleripollHe refuted Ryan’s point of view in another way: “The last time the BTC price was $40,000, the ETH price was $2,700. Now the ETH price is $2,200, while the BTC price is $41,500.”
Summarize
Regarding Ryans views, many viewers expressed their opinions one after another, creating a lively atmosphere of discussion. Some support Ryan’s view that Ethereum’s fundamentals are indeed strong and the price is not expensive. They point to Ethereum’s leadership in DeFi, NFTs, and blockchain applications, as well as its growing developer community and ecosystem.
However, there are some who have reservations about Ryans views. They expressed concerns about Ethereum’s scalability and transaction congestion issues, and also said that rising prices may affect developers’ incentives to innovate.
Regardless of the point of view, Ryan’s post brought the focus of attention and discussion slightly back to Ethereum. And can Ethereum continue to lead innovation in this bull market and solve the various challenges it faces as it has in the past? let us wait and see.
