‘Quality of FUD Falling Off a Cliff:’ Ethereum Community Fights Misinformation
Ethereum advocates are fighting back against a wave of misinformation and FUD targeting the ecosystem. The attacks come as ETH has underperformed rival layer-1 blockchain tokens, sparking more crypto tribalism.
On Oct. 17, independent Ethereum educator and angel investor Anthony Sassano lashed out at Multicoin Capital co-founder Kyle Samani for posting “blatant misinformation.”
Ethereum FUD Escalates
Samani had earlier replied to a comment from Bitwise CIO Matt Hougan, who said, “Ethereum is the best contrarian bet in crypto right now.”
Samani, who has been on the Ethereum warpath, recently objected to this, claiming that it is a “$300 billion asset without a roadmap or value accrual model.”
Sassano pointed out that this statement was completely false, posting the widely shared Ethereum roadmap stating that Samani was “completely incapable of telling the truth.”
You literally just posted this tweet a few minutes ago – it’s blatant misinformation as Ethereum very clearly does have a roadmap (as attached).
You are completely incapable of telling the truth, aren’t you?https://t.co/KN1Air0Rku pic.twitter.com/xpUX7V3lHM
— sassal.eth/acc (@sassal0x) October 17, 2024
In an earlier post on X on Oct. 16, Sassano called out Samani and other venture capitalists, citing reasons they could be bitter about the Ethereum ecosystem.
“The reason Kyle Samani and other VCs are ‘bearish’ on Ethereum and L2’s is because they didn’t get into the various funding rounds.”
People should study this interaction & keep it top of mind whenever you see VCs fudding Ethereum
The reason Kyle Samani and other VCs are “bearish” on Ethereum & L2’s is because they didn’t get into the various funding rounds
That’s why their Ethereum fud often makes 0 sense pic.twitter.com/3Lmbvg4eJp
— sassal.eth/acc (@sassal0x) October 15, 2024
Meanwhile, fellow Etherean Ryan Sean Adams also mocked the FUD relating to Ethereum fees and revenue generation, stating that layer-2 demand was still increasing, making it more accessible to users by lowering costs.
On no Ethereum fees are going down!
Ethereum is doomed!
But wait…is that ETH-denominated TVL increasing…almost as if ETH is being used as money inside a burgeoning L2 economy now that transaction fees are 99% lower?
Couldn’t be.
Twitter told me ETH is dead. pic.twitter.com/4B4xbX70Wy
— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) October 16, 2024
Earlier this week, Layer2Roundup founder “Liam” said, “Is it just me, or is the quality of Ethereum FUD falling off a cliff,” before adding:
“It is public knowledge that Ethereum houses more developers, more apps, and more users than any other ecosystem.”
ETH vs Rivals
A lot of the Ethereum FUD stems from its ETH’s lackluster performance this year. The asset has only made a paltry 14% since the beginning of 2024, while its big brother, Bitcoin, has surged 60% over the same period.
ETH hasn’t moved much over the past 24 hours, trading at $2,636 at the time of writing. However, it has gained around 10% over the past week amid the broader market rally.
Ethereum remains down 46% from its all-time high, however, rival chain tokens such as Solana (SOL) are down a similar amount at 41%.
Cardano (ADA), which was once touted as an “Ethereum killer,” is down 89%, Avalanche (AVAX) is down 81%, while Aptos (APT) is 49% away from its all-time high. All of them have been outperformed by ETH despite the FUD.
The exception is Sui (SUI), which hit an all-time high of $2.35 on Oct. 13. However, its popularity is primarily driven by meme coin degens, whereas Ethereum is being adopted as a monetary software layer by big banks and financial institutions.
Ethereum also remains the dominant chain for DeFi and DEX activity, as reported by CryptoPotato this week.
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