Five core tensions
The research identified five core issues that influenced the perception of Ethereum. Many of these were related to Ethereum’s so-called narrative and how the Ethereum Foundation communicates publicly.
“Without price momentum or a simple story, Ethereum’s sophisticated vision feels brilliant but unreadable,” the researchers said, adding that the identity crisis becomes more apparent as the layer-1’s role is unclear, given that layer-2s capture users and activity.
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Researchers didn’t propose any solutions, but suggested starting discussions over how Ethereum’s leadership could be redefined, or how the ecosystem could measure success beyond just the price of ETH.
These included support for developers and builders, how to lead confidently without compromising neutrality, and how to communicate a clear, compelling vision without getting bogged down in technicalities.
Price is still the primary driver of narrative
Even if Ethereum is shipping on its long-term roadmap, “ETH’s flat price sends a different message,” the researchers found.
“In crypto, price is narrative, and a flatline is interpreted as stagnation.”
When tokens tied to newer ecosystems surge, they generate momentum and attract capital, talent, and attention, they said before concluding:
“Ethereum's fundamentals may be sound, but without price movement, that strength fades into the background.”
Now that Ether (ETH) has reached a new all-time high of $4,950 on Aug. 24, and momentum has shifted, some of those negative perceptions may have improved.
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