Mow: I Feel Sorry for Ethereum

Many rollups still rely on centralized sequencers, and massive staking pools of the likes of Lido continue to dominate the base layer (hence, centralization concerns are alive and well).

Ethereum is bleeding market dominance while struggling to defend its utility against other competitors.

Tom Lees multi-billion dollar catastrophe

Ethereums predicament is becoming painfully apparent on Wall Street.

Tom Lees firm, BitMine Immersion Technologies, is currently shouldering catastrophic paper losses.

The firms average acquisition cost sits around $3,850 per ETH. The firm is currently underwater to the tune of $8 billion in unrealized losses.

Despite a sharply dropping stock price, BitMine continues to stubbornly buy the dip.

A “smaller ship”

Amid the price depression and mounting criticism, Ethereum co-founder Vitalik Buterin recently introduced a new vision for the Ethereum blockchain.

Buterin is stepping out of the limelight, rejecting any aspirations of being the “eternal steward” of the network.

He has also explained that the Ethereum Foundation will be selling less ETH from now.

He also insists Ethereum must become “impressive” in more fundamental ways, focusing on bug-free code, resilient chain consensus, and higher decentralization.