Can Ethereum Still Win? | Roundup

Bullish

• $SOL— Solana is winning by being ahead of the shift toward practical commercial mindset in crypto, with teams that prioritize revenue and execution over ideology.

  • “I think the entire space has just moved towards like a much more like practical commercial mindset. And the teams that were ahead of that were Solana and Hyperliquid. And those are the teams that are doing best today, right?”

    Myles·13:04Hear it
• $HYPERLIQUID— Hyperliquid is outperforming by being ahead of the practical commercial mindset shift and getting rewarded for revenue generation alongside strategic accomplishments.

  • “I think the entire space has just moved towards like a much more like practical commercial mindset. And the teams that were ahead of that were Solana and Hyperliquid. And those are the teams that are doing best today, right?”

    Myles·13:04Hear it

  • “the hyperliquids of the world are getting rewarded in addition to all the other, you know, strategic, you know, things that they've accomplished.”

    Mike·14:09Hear it
• $ARB— Arbitrum is best positioned to become the 'Red Hat to Ethereum's Linux' by acting as the commercial layer that makes building on Ethereum easy for enterprises, capturing significant value in a $60B+ outcome.

  • “I think there's an opportunity. Honest I mean, I I think Arbitrum is the best suited to capture this, but I think Arbitrum is best suited to be the Red Hat to Ethereum's Linux at this point.”

    Mike·20:12Hear it

  • “Red Hat sold for $60,000,000,000. That'd be an amazing outcome at any l two valuation at the current moment.”

    Mike·24:05Hear it

  • “it's a huge opportunity for L2s. But I think it's almost the opposite positioning of so much You know, you really have to think pretty the opportunity is to take a risk”

    Mike·29:53Hear it
• $OP— Optimism is also well-suited to capture the Red Hat opportunity for Ethereum, positioning as the platform that makes enterprise building on Ethereum easy.

  • “I'm saying Arbitrum, but it could be optimism as well. Arbitrum just sprung to mind, but I think optimism is is well suited.”

    Mike·23:10Hear it

Bearish

• $ETH— Ethereum faces structural decline with leadership lacking urgency despite losing market share across payments and net new growth, talent exodus from the Foundation, and competitors beating them commercially. The 'still doing pretty well' attitude is fundamentally wrong when market share is declining.

  • “no. They're still doing pretty well. Like, that to me is the crux of the problem. Because if you do if you take that attitude, right, which is kind of, I think, been a lot of the leaderships of, like, okay, you guys are trying to push the urgency, like, look, we're still doing pretty well. And the reality is like, that's the wrong attitude to have when you're like net new activity, your, your market share is like less and less and less. Right? So, like, competitors are coming out and they are beating them on payments. We have competitors that are beating them on, like, in terms of, like, net new growth in the space.”

    Myles·0:01Hear it

  • “ETH is always just in general, I'd like, they've had a people and a culture, you know, I would say problem, for the past four, three or four years.”

    Myles·4:12Hear it

  • “the commercially minded factions that, you know, were put in place to really help get ETH back into, you know, being like competitive, you know, just kind of gotten shut down and pushed out. So that's the tough part. And if you just look at, like, you know, the the numbers from the game on the field, you know, they're losing kind of across the board even even in things that have seemed untouchable like RWAs.”

    Myles·5:58Hear it

  • “I think that the crops direction that Ethereum is moving in just places it pretty firmly in the in the Linux in the Linux camp. I think that's people have long used that as an analog for Ethereum, but I think that's pretty clearly what it is.”

    Mike·8:40Hear it

  • “There have been at least five pretty high profile departures within the last month alone.”

    Mike·3:30Hear it

  • “the talent to execute on those things is no longer there. Yeah. Right. Like a lot of the, a lot of the teams that even the ones that were building roll ups have now like gone to work on, you know, the the the new l ones of the world.”

    Myles·22:42Hear it

  • “all of those like, companies that actually owned the customer relationship are now launching their own infrastructure. Right? And they're taking those those relationships with them.”

    Myles·18:33Hear it
• $BTC— Bitcoin faces its own existential challenges and may get skipped in the next cycle relative to projects that are easier to underwrite given current valuations and growth prospects.

  • “Bitcoin has its own existential Bitcoin has its own prices coming up too.”

    Myles·32:49Hear it

  • “And I do wonder if just like the macro environment gets better for, like, you know, crypto assets broadly, if it just looks like past cycles again, where where Bitcoin and and ETH do catch, like, relative bids. Or if they both get kind of skipped relative to, like, you know, a lot of projects that are it's a lot easier to underwrite right now, especially given valuations and, like, relative, like, growth prospects.”

    Myles·33:05Hear it

Not investment advice.