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Today's News Recap
Mixed Signals - Wyoming Governor backs away from Bitcoin reserve push while Mark Gordon suggests issuing a state stablecoin by July.
Signature In Sight - Resolution to kill IRS DeFi broker rule heads to Trump’s desk for signing.
Milestone Met - Ethereum edges closer to deploying Pectra on mainnet with successful Hoodi testnet upgrade.
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Two Bits
Ethereum is Here to Stay: Change My Mind
By: Mohamed Allam
Okay, I get it—Ethereum’s price hasn’t been looking too hot lately. It’s basically been stuck in the same range since 2021. And yeah, from a price perspective, it’s frustrating. But that doesn’t mean Ethereum is going anywhere. If anything, it might even be a solid entry point right now (NFA, of course).
The vibes on X and amongst fellow crypto monkeys are super bearish toward Ethereum, and I get where that comes from—but in my opinion, being bearish on Ethereum is basically being bearish on crypto as a whole. Here’s why, with some actual numbers to back it up:
🏆King of TVL: Ethereum dominates Total Value Locked (TVL). It holds 60% of the market share, which equals about $121.26B. Despite declining prices, that’s up from around 54% just a few months ago. For comparison, Solana sits at $6.28B and Binance Smart Chain at $8.32B—combined, that’s only a 10% share. Other chains just don’t come close.
💸High Revenue Numbers: When it comes to protocol revenue, Ethereum isn’t exactly crushing the TVL-to-revenue ratio, but it’s still putting up solid numbers with $1.15B in yearly revenue. Compare that to Solana’s $505.64M and Tron’s $606.21M. As Ethereum continues to get more efficient, that revenue number could start to look a lot better.
🧠 Smart Contract Papa: If you’re building in crypto, chances are you started with Ethereum. It’s the chain that made smart contracts mainstream. Solidity, the language most devs use to get started in Web3, was created for the Ethereum ecosystem. Ask any developer how they got into crypto, and they’ll probably say something like “yeah, I messed around with Solidity first” and probably still do.
📈Number of Protocols: There are 1,441 protocols built on Ethereum. Solana? Only 239. That number speaks for itself. Most developers go to Ethereum because it’s reliable, has tons of liquidity, and the dev tooling is familiar and well-supported.
🔧 Ethereum is Getting Better: Ethereum’s not perfect—but it’s improving. The Pectra upgrade is coming soon, and it’s set to change a lot with validator requirements and staking. Plus, gas fees? A few years ago I was paying like $80 per transaction—now we’re averaging around $0.71. Still higher than Solana’s $0.014, but way more manageable.
If I had to pick one thing Ethereum needs to level up, it’s leadership and narrative. The tech is solid. The numbers are solid. But the ecosystem needs better public presence, storytelling, and community leadership. Ethereum doesn’t have a loud, visible spokesperson that actually nows what needs to be said. That’s hurting it. With the right leadership, Ethereum could grow way faster. As it stands now—it’ll survive and keep growing, just not as fast as it could.
Just to be clear, I’m not saying other chains are trash. I like Solana and use it a lot. I’m bullish on Hyperliquid and see the potential. Each chain has its own strengths and use cases, and the crypto space has room for all of them.
But let’s not kid ourselves—if something ever really goes wrong with Ethereum, it’s going to be bad for the entire crypto industry. Ethereum isn’t just another chain it’s the backbone. If it fails, we’re all in trouble.
Source: IDK TBH found in my camera roll
That’s all for today, folks! This is just my opinion, but I would definitely love to hear what you guys think. Feel free to tell me I am completely wrong. I would love to hear the other side of the argument. Until next time!
