Bankless co-founder David Hoffman sold his entire Ethereum (CRYPTO: ETH) position and rotated into Zcash (CRYPTO: ZEC) and NEAR (CRYPTO: NEAR), saying ETH the asset has no clear path to being re-rated higher.
Hoffman Separates The Network From The Asset
Hoffman’s core argument is that Ethereum’s own roadmap is hurting ETH holders. Applications built on Ethereum capture most of the fees, while L2 networks take 97% margins from the rollup model.
That means ETH the asset has no clear way to go up even while the network keeps growing.
Former Ethereum Foundation member Hudson Jameson disagreed on the price outlook but agreed that separating the network from the asset is the right way to think about it.
He said the L2 fee issue is real but overstated, and that Ethereum’s biggest challenge is simply …
