The crypto community has been buzzing with jokes that Ethereum (ETH) is now a stablecoin. But as with any joke, there’s a grain of truth behind it. Its rate remains approximately the same from 2021. Why is Ethereum struggling to gain momentum? And what does this mean for the broader market?

A Roadblock to Altcoin Season

Traditionally, altcoin season kicks off with Ethereum leading the way. However, this time Bitcoin remains dominant, while Ethereum appears stuck in place. It’s not surprising that the whole crypto community is frustrated over the situation, not only ETH holders. The stagnation of ETH is preventing other altcoins from taking off. 

But the problem goes deeper than that. The crypto community grows increasingly sceptical about the Ethereum Foundation and its approach. They look at Ethereum's competitor – Solana, which achieves rapid transaction growth and performs well commercially. Against this background, Ethereum seems to be moving at a sluggish pace. 

Industry leaders have begun proposing solutions to address Ethereum’s slowdown, so the Ethereum platform had to respond. Vitalik Buterin announced a major restructuring of the Ethereum Foundation. However, the key developers have already left and have even started publicly criticizing it. For instance, Eric Conner claimed that Ethereum failed to maintain its leadership position. 

Regular ETH sell-offs by the Ethereum Foundation have been poorly perceived by the community. Vitalik Buterin is criticized for a vision that many see as disconnected from real-world competition and market demands. He is also accused of his focus on utopian projects instead of practical DeFi apps. Idealism prevails over pragmatism.

Vitalik is a brilliant tech mind, and communication is probably not his strongest skill. I know how hard it is to steer a large project with high expectations from all sides is no easy task. But ETH’s fundamentals remain strong, so let’s wish him best of luck.

#Ethereum #Buterin #ETH #crypto