Author: David Hoffman, Source: Bankless, Translated by: Shaw Jinse Finance
About two years ago, Ryan and I spoke with Chris Burniske on the phone after we had just recorded a podcast episode with him.
In the cryptocurrency field, Chris has been a mentor to Ryan and me because we both entered the field to try to understand, classify, define, and model this inherently unknown industry.
He said something on the phone that neither Ryan nor I wanted to hear: " This cycle might skip Ethereum entirely ."
Ultimately, that's exactly how it happened. Leaving aside the debates about cyclical dynamics and timing, much of the on-chain activity over the past few years has been unrelated to Ethereum, and the price of Ether reflects this.
I think this is roughly how Bitcoin holders felt in 2021. Bitcoin performed exceptionally well during the NFT craze—it was seen by institutional investors as a tool to hedge against currency devaluation and government fiscal mismanagement. But in terms of retail market favor and on-chain activity, Bitcoin was considered an outdated cryptocurrency and was largely ignored .
You can't do anything on Bitcoin; all transaction activity is concentrated on Ethereum. In the last cycle, Ethereum was the absolute star.
The recent surge in cryptocurrency activity has mirrored this pattern, except this time Ethereum has been overlooked, with all activity focused on Solana . Notably, Bitcoin has also seen a significant resurgence in cultural influence and popularity.
Despite some much-needed fixes for Ethereum, overall market sentiment has failed to truly return to optimism —perhaps it has merely escaped despair. The Digital Asset Treasury (DAT) delivered a major victory for Ethereum in this cycle , even as we now suffer its negative consequences.
But all in all... it seems the era of skipping Ethereum is over.
Despite a slight decline in market share and growth momentum, Ethereum remains the undisputed number one smart contract chain. No other chain poses a threat to it. Moreover, unlike all other smart contract chains, only Ethereum has an origin story similar to Bitcoin's— a perfect initial coin offering (ICO), a chaotic start, and a completely non-corporate operating model for the Ethereum Foundation .
Ethereum possesses a characteristic that no other blockchain can replicate—in the ocean of high-performance smart contract chains… there will always be only one Ethereum.
In anticipation of 2026, Larry Fink's economist article on tokenization paved the way for Ethereum to experience a cultural renaissance similar to Bitcoin's after a cycle that didn't involve Bitcoin.
I remain cautiously optimistic... and there are many favorable factors that could emerge for Ethereum in 2026. Let's wait and see.
