Bullish on ETH: Eight Theses Shared by DeFi Enthusiast
2024-10-12

Seasoned pseudonymous DeFi commentator who goes by @FigoETH on X shares his reasons to be bullish on Ethereum ETHUSD in the long run. He indicates eight theses to debunk the anti-ETH FUD triggered by the upcoming launch of Uniswap's own blockchain.
Innovations, retail, big tech, dApps: Analyst on catalysts for ETH
The cryptocurrency audience should "stop whining" and acknowledge that Ethereum ETHUSD as technology and ecosystem only becomes greater over time. DeFi enthusiast @FigoETH explains which developments make him feel optimistic about the potential of the second cryptocurrency.
Personally think 90% of ETH people should stop whining and acknowledge that ETH is great and only becomes greater:
- Eigenlayer turbocharging innovation for ETH ecosystem (DA, oracles, trustless bridges for BTC / SOL, all kinds of other cool stuff)
- L2s like MegaETH boosting…— f1go.eth (@FigoETH) October 11, 2024
First, it's the number of innovations for Ethereum ETHUSD tech introduced by the rise of Eigenlayer's (EIGEN) restaking infrastructure: data availability layers, on-chain oracles, trustless bridges and so on. The next generation of L2 solutions will push throughput of Ethereum ETHUSD over 100,000 transactions per second and accomplish seamless interoperability with competing ecosystems outside EVM.
Then, the involvement of top-tier asset managers (Blackrock) and Web2 tech heavyweights (Sony, Samsung) in using Ethereum ETHUSD solutions only surges over time.
On the other hand, Coinbase keeps bringing retail customers to Ethereum ETHUSD, especially when on-chain transaction fees are low.
So do the mainstream dApps like Polymarket or Farcaster that have finally found a product-market fit and address "real-world" needs of internet users.
As covered by U.Today previously, as Uniswap (UNI) made headlines by launching its own blockchain on Optimism's OP Stack, some speakers turned bearish on ETH as an asset.
Ethereum ETHUSD still years ahead in L2s race
The opportunity to collect fees in UNI (and, therefore, in any other token for future protocols of this type) is a signal of the coming irrelevance of Ether as the main gas currency for DeFi.
Also, Ether critics are stressing that with lowered transactional activity, it fails to protect its deflationary status amid plunging burn rates. As such, it cannot rely on the "Ultra Sound Money" narrative any longer.
However, @FigoETH concludes that Ethereum ETHUSD is still years ahead of competition even on the L2s battlefield. As such, all fundamentals still look bullish in Q4, 2024.
Ethereum ETHUSD is changing hands at $2,444 with 1.3% overnight gains.