Ethereum’s Biggest Debate Right Now Isn’t About the Network — It’s About ETH

[madtrader]

David Hoffman, co-founder of Bankless, says he sold his ETH because he no longer believes Ethereum’s growth will fully benefit the token itself. His comments are gaining attention because they challenge one of the ecosystem’s most popular narratives: that Ethereum’s success naturally drives ETH higher over time.

According to Hoffman, Ethereum has evolved into infrastructure that gives value back to the broader ecosystem instead of aggressively extracting it. Stablecoins, Layer 2s, DeFi protocols, and tokenized assets continue growing on Ethereum, but much of that economic activity is no longer directly boosting ETH demand the way earlier fee-burn narratives suggested.

The timing is notable as ETH trades near a major support zone while investors continue questioning Ethereum’s long-term value capture model. Even as Ethereum remains one of crypto’s most important networks, some longtime supporters are beginning to ask whether ETH itself is still the best way to bet on that future.

[bonk]

ethereum accidentally became so successful at supporting everyone else that investors

[bonk]

are now asking whether eth itself still captures enough value