“FUD Quality Falling off a Cliff”: Ethereum Community Fights Misinformation

Ethereum advocates are fighting a wave of misinformation and FUD targeting the ecosystem. The attacks occur when ETH has underperformed rival Layer 1 blockchain tokens, leading to further cryptotribalism.

On October 17th, independent Ethereum educator and angel investor Anthony Sassano attacked Multicoin Capital co-founder Kyle Samani for publishing “blatant misinformation”.

Ethereum FUD is on the rise

Samani had previously responded to a comment by Bitwise CIO Matt Hougan, who said: “Ethereum is the best contrarian bet in crypto right now.”

Samani, who has been on the Ethereum warpath, recently spoke out against it, claiming it is a “$300 billion asset without a roadmap or model for accumulating value.”

Sassano pointed out that this claim was completely false, publishing the widely shared Ethereum Roadmap that claimed Samani was “completely incapable of telling the truth”.

You literally just posted this tweet a few minutes ago – it’s blatant misinformation, as Ethereum very clearly has a roadmap (as attached).

You are completely incapable of telling the truth, aren’t you? https://t.co/KN1Air0Rku pic.twitter.com/xpUX7V3lHM

— sassal.eth/acc (@sassal0x) October 17, 2024

In a pre-X post on October 16, Sassano called out Samani and other venture capitalists, citing reasons why they might be bitter about the Ethereum ecosystem.

“The reason Kyle Samani and other VCs are ‘bearish’ on Ethereum and L2 is because they didn’t get into the various funding rounds.”

People should study this interaction and keep it in mind whenever you see VCs using Ethereum

The reason Kyle Samani and other VCs are “bearish” on Ethereum and L2 is because they didn’t get into the various funding rounds.

This is why their Ethereum fud often makes no sense pic.twitter.com/3Lmbvg4eJp

— sassal.eth/acc (@sassal0x) October 15, 2024

Meanwhile, fellow Ethereum fellow Ryan Sean Adams also scoffed at the FUD surrounding Ethereum fees and revenue generation, stating that demand for Layer 2 was still rising, making it more accessible to to users by reducing costs.

No way Ethereum rates are going down!

Ethereum is doomed!

But wait… is this ETH denominated TVL increasing… almost as if ETH is being used as money within a growing L2 economy now that transaction fees are 99% lower?

It couldn’t be.

Twitter told me that ETH is dead. pic.twitter.com/4B4xbX70Wy

— RYAN SΞAN ADAMS – rsa.eth (@RyanSAdams) October 16, 2024

Earlier this week, Layer2Roundup founder “Liam” said: “It’s me, or the quality of Ethereum FUD is falling off a cliff,” before adding:

“It is public knowledge that Ethereum hosts more developers, more applications and more users than any other ecosystem.”

ETH vs Rivals

Much of the Ethereum FUD stems from the lackluster performance of its ETH this year. The asset has only made a paltry 14% since the start of 2024, while its big brother, Bitcoin, is up 60% over the same period.

ETH hasn’t moved much over the past 24 hours, trading at $2,636 at the time of writing. However, it has gained about 10% over the past week amid the broader market recovery.

Ethereum remains 46% below its all-time high, however, rival blockchain tokens such as Solana (SOL) are down a similar amount of 41%.

Cardano (ADA), once touted as an “Ethereum killer,” is down 89%, Avalanche (AVAX) is down 81%, while Aptos (APT) is 49% off its all-time high . All of them have been outperformed by ETH despite the FUD.

The exception is Sui (SUI), which hit an all-time high of $2.35 on October 13. However, its popularity is mainly due to meme currency degens, while Ethereum is being adopted as a monetary software layer by major banks and financial institutions. .

Ethereum also remains the dominant chain for DeFi and DEX activity, CryptoPotato reported this week.

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