Ethereum co-founder Joseph Lubin says the project’s development focus could have been behind the lag in ETH‘s price.
In a new interview with Milk Road, Lubin, the chair of SharpLink, a gaming company with an Ethereum treasury, notes that the ecosystem is focused on block space.
“The way the technology is built, it’s built out in the open with a lot of people bickering about a lot of great ideas and prioritizing them, and so that may look like there’s discord in the Ethereum ecosystem, or it just looks like we’re building and scrutinizing lots of different potential paths forward, so pretty healthy in general. When it gets to feel negative, is when price leads sentiment, so if for some reason, the price is lagging, if it’s lagging for a couple of years or three years, against big brother Bitcoin or little brother Solana, then people start to get stressed and they start pointing fingers.
So as I said before, we didn’t have as many applications as we would’ve liked to have, we didn’t have as many users as we would’ve liked to have. We had has much block space as we wanted because that was our goal, to build as much capacity as we could as fast as we could because we want to move the web onto Web3 and we want to move the entire global economy onto sounder, decentralized rails, so that they can take advantage of the much greater trust properties of Ethereum and decentralized trust in general.”
Lubin explains that the “glut” of block space and ETH led to a lack of demand. ETH accumulators are now focused on trying to “tighten up” the asset’s supply/demand dynamics, the Sharplink chair explains.
Follow us on X, Facebook and Telegram
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
