- John Deaton notes a sharp decline in Ethereum sentiment after nearly a decade in crypto.
- Long-time supporters are moving on from Ethereum to other projects.
- Kyle Samani’s critiques highlight dissatisfaction with Ethereum’s leadership and scaling challenges.
Ethereum (ETH), once hailed as the king of decentralized finance, is facing an unprecedented wave of criticism from its community.
Crypto attorney John Deaton, a prominent voice in the industry, has noted a significant drop in support for Ethereum in a post on X. He described the current sentiment as the lowest he has seen in his nearly nine years in the space.
“I’ve never witnessed ETH sentiment so low,” Deaton posted on X, referencing a growing trend of disillusionment among Ethereum’s former advocates. He emphasized that the criticism is not isolated, pointing to multiple high-profile figures expressing similar frustrations.
Kyle Samani Highlights Leadership and Scaling Issues
One of the most notable voices in this conversation is Kyle Samani, co-founder of Multicoin Capital. In a recent post, Samani shared his early admiration for Ethereum, which he credited as his entry point into crypto in 2016.
However, he revealed that his faith in the platform began to wane at Ethereum’s Devcon 3 in 2017, where he felt the leadership failed to address its most pressing issue: scaling.
Samani recalled attending Vitalik Buterin’s keynote presentation in Cancun, Mexico, with high hopes for a concrete scaling roadmap. Instead, he left disappointed by what he perceived as a lack of urgency and strategic direction.
“Not a single person in the Ethereum Foundation inner circles had the awareness to push for a concrete scaling plan,” Samani wrote. This marked a turning point for him, and seven years later, he believes little has changed in Ethereum’s leadership or priorities.
Scaling Challenges Persist Despite Ethereum 2.0
Ethereum has long faced criticism for its inability to scale effectively, leading to high gas fees and network congestion. While Ethereum 2.0 promises solutions through proof-of-stake and sharding, progress has been gradual, leaving users and developers increasingly frustrated.
These issues have driven many developers and users to explore alternative platforms that offer better scalability and lower costs. The dissatisfaction underscores the urgent need for Ethereum to deliver practical solutions to remain competitive in the rapidly evolving crypto space.
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