“FUD quality fell off a cliff” Ethereum community fights misinformation

Ethereum supporters are fighting back against a wave of disinformation and FUD targeting the ecosystem. The attack comes as ETH is underperforming competing layer-1 blockchain tokens, sparking further crypto tribalism.

On October 17, independent Ethereum educator and angel investor Anthony Sasano slammed Multicoin Capital co-founder Kyle Samani for posting “blatant misinformation.”

Ethereum FUD escalates

Samani previously responded to Bitwise CIO Matt Hogan’s comment that “Ethereum is the best contrarian bet in crypto right now.”

Samani, who is at war with Ethereum, recently spoke out against this, claiming that it is a “$300 billion asset with no roadmap or value generation model.”

Sassano pointed out that this statement was completely false and posted a widely shared Ethereum roadmap stating that Samani was “absolutely incapable of telling the truth.”

You literally just posted this tweet a few minutes ago – this is clear misinformation as Ethereum clearly has a roadmap (as attached).

You are completely incapable of telling the truth. https://t.co/KN1Air0Rku pic.twitter.com/xpUX7V3lHM

— sassal.eth/acc (@sassal0x) October 17, 2024

In a previous post on X on October 16th, Sasano criticized Samani and other venture capitalists, citing reasons why they may be bitter about the Ethereum ecosystem.

“Kyle Samani and other VCs are ‘bearish’ on Ethereum and L2 because they were unable to participate in various funding rounds.”

People should study this exchange and keep it in mind whenever they see VC making fun of Ethereum

Kyle Samani and other VCs are 'bearish' on Ethereum and L2 because they were unable to participate in various funding rounds

That's why their Ethereum failures often don't make sense pic.twitter.com/3Lmbvg4eJp

— sassal.eth/acc (@sassal0x) October 15, 2024

Meanwhile, fellow Etherean Ryan Sean Adams also scoffed at the FUD surrounding Ethereum's fees and revenue generation, saying demand for Layer 2 is still increasing and lowering costs is making it more accessible to users. said.

Onno Ethereum fees are going down!

Ethereum is doomed!

But wait…TVL denominated in ETH is increasing… Now that transaction fees are down 99%, is it as if ETH is being used as money within the burgeoning L2 economy?

That can't be true.

It was said on Twitter that ETH is dead. pic.twitter.com/4B4xbX70Wy

— Ryan San 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’s no secret that Ethereum houses more developers, more apps, and more users than any other ecosystem.”

ETH vs rival

Much of the Ethereum FUD is due to ETH's lackluster performance this year. The asset has only risen 14% since the beginning of 2024, while its big brother Bitcoin has soared 60% in the same period.

ETH has not moved much in the past 24 hours and is trading at $2,636 at the time of writing. However, it has risen about 10% over the past week, reflecting the broader market rally.

Ethereum is still down 46% from its all-time high, while rival chain tokens like Solana (SOL) are down a similar amount, 41%.

Cardano (ADA), once touted as the “Ethereum killer,” is down 89%, Avalanche (AVAX) is down 81%, and Aptos (APT) is 49% off its all-time high. Despite FUD, they are all performing better than ETH.

The exception is Sui (SUI), which hit an all-time high of $2.35 on October 13th. However, its popularity is mainly driven by the meme coin Degen, while Ethereum has been adopted by major banks and financial institutions as a currency software layer. .

According to a report, Ethereum remains the dominant chain for DeFi and DEX activity. crypto potato this week.