Is ETH merely a fancy gas token at this point in time? That’s the million dollar question that’s been eating away at me and frankly should be keeping you up at night too. We've all been there, haven't we? Watching the cool kid (Ethereum) at the party struggle to keep up with the energy of the new kids (Solana, Cosmos). The tech is still seriously impressive, an engineering marvel in its own right, but the token doing so?

ETH Price: A Disconnect From Reality?

Let's be brutally honest: ETH's price action lately feels like watching a marathon runner trip over their own shoelaces. Alon Muroch, founder of SSV Labs, sees this "dangerous divergence" between Ethereum's tech and ETH's performance as a critical issue. And he's right. It is akin to designing a rocket ship and then failing to put fuel in the rocket. We can't ignore the elephant in the room: ETH is underperforming. Under $1800? Seriously? This isn’t hopium — it’s about acknowledging structural issues before they turn into a salmon crisis.

Now, I'm no doomsayer. Ethereum has some of the most amazing tech out there, between its roll-up-centric roadmap and just overall usage. But it’s still the undisputed leader of smart contract platforms, still willing to take the bets others are too chicken to make. But good tech alone doesn't cut it. We need to build an irresistible story. Speculators will need a strong incentive to lock up ETH outside of hoping it will go up in value.

Where's the ETH Love Gone?

Remember the ICO craze? DeFi summer? Those were drivers for ETH demand. Those days are gone. We need something new. It's like that band that had a massive hit single but then faded into obscurity because they didn't evolve. Ethereum is running out of time to change its value proposition, and in a big way.

Muroch’s vision of Ethereum being the “trust and security layer” for the whole new internet of value is exciting. Picture this as we build atop ETH, it becomes the foundation of this open and permissionless world. That's a future worth fighting for.

That’s where his idea of “based applications” comes in. Unlike other oracle solutions, these apps operate natively on Ethereum validators themselves, utilizing their security model to power oracle services, bridges, and data-availability solutions. And here's the kicker: they aim to provide value back to ETH holders.

Ethereum currently has the biggest, most diverse and most decentralized validator set of any network in the crypto space. That's a massive asset! Why not use that new-found security to focus on creating more revenue-generating services that serve everyone’s interests.

  • Based Applications: Directly use Ethereum validators for security.
  • EigenLayer: Relies on staked capital.

Muroch argues that based applications are significantly cheaper (95%) and more aligned with Ethereum's core values than alternatives like EigenLayer. Aim to build on what is unique to Ethereum. Or risk eroding their primary value by developing on them.

Time to Rally The Troops

It’s not simply about making ETH go “up.” It’s to ensure the long-term viability and relevance of Ethereum in a rapidly evolving landscape. It's about building a truly decentralized future, one where Ethereum isn't just a platform, but a fundamental pillar of the internet.

  • Developers: Start building "based applications." Explore the possibilities of leveraging Ethereum's security to create innovative services.
  • Community Members: Advocate for initiatives that prioritize ETH value accrual. Support projects that are building on Ethereum's core values.
  • Everyone: Question the status quo. Demand more from Ethereum. Don't let it become a relic of the past.

Let’s avoid Ethereum going the way of the Blockbuster of blockchains. Let’s reclaim the excitement, reshape the story, and show the world once more why Ethereum is the most important thing in existence.

Let's not let Ethereum become the Blockbuster of blockchains. Let's reignite the passion, rebuild the narrative, and remind the world why Ethereum still matters.